Inspiring A Climate of Trust: Integrated Annual Report 2022

Integrated Annual Report 2022
Inspiring
a Climate
of Trust
Contents
GROUP OVERVIEW WHO GOVERNS US
Our Group Operations 2 Board of Directors 126
Our Awards 4 Senior Management Team 133
BUSINESS REVIEW Profile of Senior Management Team 134
Chairman’s Statement 6 HOW WE ARE GOVERNED

Executive Vice Chairman’s Statement 10 Corporate Governance
Overview Statement 142
How We Create Value 14
Audit Committee Report 156
Our Strategy 16
Risk Management
Market Landscape 20 Committee Report 162
Five-Year Financial Highlights 24 Statement on Risk Management
Key Indicators 26 and Internal Control 164
Group Financial Position 27 Statement of Directors’ Interests 170
Group Financial & Segmental Shareholdings of Senior
Performance Highlights 28 Management Team 171
Segmental Performance 29 Other Information 172
Group Quarterly Results 30 FINANCIAL REPORTS
Financial Calendar 31 Directors’ Report 174
Management Discussion Financial Statements 180
and Analysis 32
– Group Business Review 33 GROUP’S MATERIAL PROPERTIES
– Group Financial Review 44 Group’s Material Properties 296

– How We Manage Our Risk 46 SHAREHOLDERS INFORMATION
Corporate Information 50 Shareholders Information 301
SUSTAINING SUSTAINABILITY NOTICE
Our Sustainability Journey 52 Notice of Annual General Meeting 304
– Delivering Excellence 62 Proxy Form
– Caring for the Environment 70
– Creating Value for Our Employees 90
– Developing Sustainable
Communities 104
– TCFD Content Index 115
– GRI Content Index 118
Cover Rationale
Inspiring a Climate of Trust
Aspiring to be climate-resilient, we are conducting our
business responsibly with sustainability at the core of our
strategy. As a Trusted. brand, we create sustainable value for
our stakeholders and lead the way as a responsible steward of
the environment. This is in line with our commitment to building
vibrant and thriving communities, bringing people closer to
nature as well as conserving our earth for generations to come.
Today, we move forward with a focus on making positive

impacts on the environment and society, with a clearly defined
ESG pathway as we accelerate our TCFD journey. This reflects
our commitment towards inspiring a climate of trust.
Vision Trusted... to safeguard

About This Report our environment
Reporting Principles We consider the impact of our actions,
and Framework endeavour to create sustainable value
IOI Properties Group Berhad’s (“IOIPG”) for our surroundings and to safeguard
Integrated Annual Report is an evaluation our environment; contribute to
of the Group’s financial and non-financial the preservation of our earth for
performance for the Financial Year 2022 generations to come.
(“FY2022”) and it provides an insight into Trusted... to build
how we create value for our stakeholders,
Mission Statement sustainable communities
leverage on opportunities and mitigate We strive to create vibrant and thriving
risks. This report also marks our fourth Trusted... to deliver
We perform our best, prioritise our communities through positive impacts,
year of the Integrated Reporting journey. responsible actions and sustainable
Driven by our commitment to transparency customers, and demand quality
excellence in everything we do. management of our operations.
and good corporate governance
practices, we have continued to improve Trusted... to build confidence
the quality of disclosures to allow We consistently deliver products and
our stakeholders to perform a fair services that exceed expectations.
assessment of our performance. This
report is guided by the Integrated Trusted... to innovate
We constantly strive to innovate our Core Values
Reporting Framework. This report is
also prepared in accordance with the products and services, enriching INTEGRITY
recommendations of the Task Force on lives and delivering emotional without which nothing we do matters
Climate-related Financial Disclosures connections with our customers.
QUALITY
(“TCFD”). It is also aligned with the Trusted... to conduct our as the basis of our reputation
local reporting requirements, such business with integrity
as the Malaysian Code on Corporate INNOVATION AND CREATIVITY
We are guided by strong values
Governance, the Main Market Listing to unlock value by breaking boundaries
of ethics and integrity to safeguard
Requirements of Bursa Malaysia the interests of all stakeholders at COMMITMENT AND PASSION
Securities Berhad and the Malaysian all times. to excel in all that we do
Financial Reporting Standards.
Trusted... to empower COST EFFECTIVENESS
Forward-Looking Statements our people to achieve the desired results without
In this Report, we have used forward- Our success lies in our people, compromising on cost efficiency
looking statements to express the Group’s the champions of value creation,
PEOPLE FIRST
objectives, strategies and performance. whom we nurture and support to
to unleash potential of our People
These statements should not be achieve their aspirations, enabling
construed as a guarantee of future collaboration and teamwork towards TEAMWORK
operating or financial results considering shared goals. to drive our Vision forward together
the potential risks and uncertainties
that can arise from unforeseen events
beyond the Group’s control.
Our Awards
02 Group Overview IOI Properties Group Berhad
Our Group Operations
The Group is committed to deliver sustainable

long-term returns with our impressive portfolio
of signature property developments and prime
property assets. Aspiring to make a positive
difference in people’s lives, our property strategies
are focused on achieving sustainable growth.
THE PEOPLE’S
REPUBLIC OF CHINA
MALAYSIA
SINGAPORE
Regional Presence
MALAYSIA SINGAPORE THE PEOPLE’S
REPUBLIC OF CHINA
Penang Seascape, Sentosa Cove
IOI Park Bay, Jimei @ Xiamen
Selangor Cape Royale, Sentosa Cove
IOI Palm City, Jimei @ Xiamen
Negeri Sembilan Cityscape @ Farrer Park
IOI Palm International
Malacca South Beach Parkhouse, Xiang’an @ Xiamen
Johor The Trilinq
IOI Central Boulevard Towers

Integrated Annual Report 2022 03
Locations of
Operations
in Malaysia
PENANG
1 Desaria, Sungai Ara
SELANGOR
2 Bandar Puchong Jaya &

Bandar Puteri Puchong
3 16 Sierra, Puchong South
4 IOI Resort City, Putrajaya
5 Bandar Puteri Bangi

1 6 Warisan Puteri Sepang
NEGERI SEMBILAN
7 Bandar IOI, Bahau
MALACCA
8 Ayer Keroh
JOHOR
9 Bandar IOI Segamat

2
3 4 10 Taman Lagenda Putra
5
6 7
11 Bandar Putra Kulai
12 I-Synergy
13 Taman Kempas Utama

9
8
14 The Platino
10
11 12
13
14
Main Airport
North-South Expressway
East Coast Expressway

04 Group Overview IOI Properties Group Berhad
Our Awards
IOIPG was named as one of the Top 10 Developers in the BCI Asia
BCI Asia Awards 2020/2021.
Awards
2020/2021 This award recognises the top architectural firms and developers
that had the greatest impact on the built environment in
Southeast Asia.
IOIPG was honoured with the Company of the Year Award for
Sustainability the category of “Excellence in Community & COVID-19 Support“
& CSR Malaysia at the Sustainability & CSR Malaysia Awards 2021 by CSR Malaysia.
Awards 2021
This award recognises outstanding corporations for sustainability
and CSR achievements in boosting the socio-economic and
environmental transformation of Malaysia.
The Edge Property

Excellence At The Edge Property Excellence Awards 2021, IOIPG was
Awards 2021 conferred the Top 10 Property Developers Award. Winners
are ranked based on quantitative and qualitative attributes.
IOIPG emerged as one of Malaysia’s Most Preferred Graduate

Employers in 2022 at the Graduates’ Choice Award for the
Graduates’ fourth consecutive year. The Graduates’ Choice Award, which
Choice Award is 100% voted by university students, recognises excellence in
the graduate recruitment landscape across industries.
IOIPG was ranked Top 3 in the Property Developer category

while IOI City Mall ranked 5th in the Shopping Malls category.
Kincentric Special
Recognition Award
for Commitment This award recognises leading organisations worldwide for its
to Engaging commitment to engaging leadership. This recognition shows
Leadership IOIPG’s commitment to create value for our employees.
ASEAN Le Méridien Putrajaya and Four Points by Sheraton Puchong

Tourism were awarded the ASEAN Tourism Standards Award under
Standards the ASEAN MICE Venue Standards category. It is one of
Award seven tourism standards under the auspices of ASEAN National
Tourism Organisations.
SGBC-BCA South Beach (Singapore) received the Urban Renewal Award at the
Leadership in SGBC-BCA Leadership in Sustainability Awards 2022. This award was
Sustainability co-organised by the Singapore Green Building Council (SGBC) and the
Awards 2022 Building and Construction Authority (BCA). It celebrates exemplary
green building projects that demonstrate a keen focus on sustainability
and adaptive reuse of an existing building/space, recognising its
heritage yet pursuing a form to best reflect its new purpose.
StarProperty StarProperty Awards 2022 – Real Estate Developer recognises

Awards 2022 property developers who have contributed to the growth of
– Real Estate the nation’s real estate industry.
Developer
At the awards, IOIPG won the StarProperty All-Stars Award,
The Family-Friendly Award (Landed) Beyond Greater KL and
The Starter Home Award (Landed).
Tripadvisor
Certificate of
Excellence Le Méridien Putrajaya received the Certificate of Excellence 2022
2022 by Tripadvisor. This recognition has been the mark of quality for
hotels since 2010.
Putrajaya Marriott Hotel, Le Méridien Putrajaya and Four Points by

Agoda Sheraton Puchong received recognition from Agoda for excellent
Customer customer reviews.
Review Awards
2022 The Agoda Customer Review Awards is judged based on genuine
customer reviews across five criteria comprising location, service,
cleanliness, facilities and price.
06 Business Review IOI Properties Group Berhad
Chairman’s Statement
The Group will stay

agile in navigating
these turbulent times
with a readiness to
capture any potential
opportunities that may
arise. Our prudent and
professional approach
is deeply rooted in our
core values of being
a Trusted. partner to
all stakeholders.
Datuk Tan Kim Leong

Independent Non-Executive Chairman
Group Revenue
RM2.59b
Profit Before Tax
RM1.10b
Dear Valued Stakeholders, as economic activities resumed. The Growth in the country’s economy is
stronger growth reflected a normalisation expected to be driven by domestic
The past year has continued to be of economic activity as the country demand, improving consumer sentiment
a challenging period even as the eased into the endemic phase. The and a rebound in tourism-related
economies around the world gradually construction sector registered a 2.4% sectors. Nonetheless this growth
recover from the COVID-19 pandemic. growth in Q2 2022, while the real estate momentum has been countered by
The economic recovery was tempered subsector continued to improve due to a convergence of headwinds from
by the conflict in Ukraine, intermittent a recovery in property transactions. the conflict in Ukraine, rising interest
coronavirus containment measures in rates in Malaysia and globally, continued
the People’s Republic of China (“PRC”) Property Market Recovers in supply chain disruptions and the PRC’s
and widespread inflationary pressures Singapore While Restrictions zero-COVID-19 policy.
affecting many countries. Persist in PRC
While we anticipate a return to normalcy,
The Singapore economy expanded by
Amidst an uncertain operating the Group is ready to navigate this period
4.4% in Q2 2022 from the previous year.
environment, we stayed committed of dynamic yet trying circumstances
Real estate sector grew 11.7% in Q2 2022
to driving the vision of IOI Properties with the experience gained from
compared to a year ago, mainly due
Group (“IOIPG”) forward and focusing the past two years. We will stay agile,
to improved performance of the private
on our long-term goal to build a strong innovative, and endeavour to invest
residential property segment. In Q2 2022,
and reliable brand. We continue to in innovative technology to maximise
the number of sales transactions of
strive to deliver products and services operational efficiency and profitability.
private residential property increased
that meet expectations and adapt to Despite of challenges faced, we are
by 27.5%, while prices of private
a dynamic market through continual optimistic that demand will continue to
residential property rose by 3.5% on a
innovation, while safeguarding interests be there particularly for properties in
quarter-on-quarter basis respectively.
of stakeholders. locations with good connectivity and
In the PRC, the economy grew by accessibility that are supported by
Conflict & Inflation Curtailing 0.4% in Q2 2022 compared to 4.8% in amenities and facilities.
Global Economy the preceding quarter. Growth was
moderated due to the re-imposition Strengthening Financial Earnings
Post-pandemic global growth momentum
continued to moderate in Q2 2022. The of lockdowns during an outbreak of The Group’s revenue increased by
positive momentum was nevertheless the pandemic in the early part of the 4.1% in FY2022 to RM2.59 billion.
dampened by the conflict in Ukraine quarter. Economic growth subsequently Profit before tax also increased to
and prolonged lockdowns in the PRC, picked up in the later part of the quarter, RM1.10 billion, compared to RM1.08 billion
which exacerbated the global supply with the reopening of the economy and in FY2021. This was largely attributable
chain disruptions resulting in escalating policy support from the government. to higher profit contribution from
commodity prices and inflationary However, the PRC’s intermittent property investment segment as a
pressures on goods and services implementation of lockdowns and a result of market recovery and the gain
globally. The elevated inflation has slowing property market is anticipated disposal of a subsidiary. The Group’s
weighed on household incomes and to weigh on economic growth. property development revenue of
consumption, leading to slower economic RM2.10 billion was driven by the
growth in major economies from New Challenges in dynamic sales and marketing campaigns
the United States to Europe as Post-Pandemic Era of the Group launched in Malaysia.
demand and sentiments weakened. The post-pandemic recovery brought
Our property investment business
with it a different set of challenges as
segment contributed a revenue of
Reopening of the Economy the world transitions into the endemic
RM364.25 billion, which was 27.1%
Bolstered Sentiments in Malaysia phase of COVID-19. In Malaysia,
higher than FY2021. This was driven
Growth in the Malaysian economy the border’s reopening since
by the commencement of recurring
continued in Q2 2022 as the government early April has resulted in pent-up
leasing income from IOI Mall Xiamen
began to roll back COVID-19 containment demand and bolstered consumer
and improvement in mall operations
measures and reopened international sentiments and encouraged recovery
following the reopening of the economy
borders, bolstering domestic demand in tourism-related industries.
and International borders into Malaysia.
The hospitality and leisure business of these changes on the stakeholders best, which in turn drives positive
segment was our hardest-hit sector and the Group. Hence, in FY2022, organisational outcomes.
during the pandemic, but marked an a materiality assessment was conducted
impressive turnaround in performance and the revised material sustainability The initiatives to drive a strong
as the world transitioned into the issues were reviewed and approved by culture within the organisation are
endemic phase. the Board. always anchored to our Vision and
Core Values. We endeavour to be
Total revenue increased by 35.3% We achieved a significant milestone a Trusted. organisation to all our
to RM113.09 million due to higher this year by embarking on our stakeholders including our people.
occupancy rates from robust domestic climate-reporting journey through the We continuously measure our people’s
demand pursuant to the relaxation of adoption of the Task Force for Climate engagement through the Voice of
travel restrictions and reopening of Related Financial Disclosures (“TCFD”) Employees Survey to hear the pulse
international borders. Recommendations. To kick-start of the organisation and put in place
our journey, we have developed a appropriate action plans to improve
Overall, the Group registered total comprehensive climate action plan to their engagement and experience.
assets of RM39.50 billion, and cash operationalise our climate priorities. We have put in place the necessary
and cash equivalents of RM2.35 billion. The Group will take this opportunity framework, tools and programmes
A net gearing ratio of 0.47 in FY2021 to identify, assess and manage the in order to drive a high-performance
has increased to 0.71 in FY2022 due to impact of climate change and its culture. In unleashing our people’s
acquisition of Marina View in Singapore. associated risks and opportunities potential, a series of development
The Group has proposed a first and final on its business and strive to enhance programmes are implemented to
dividend of 4.0 sen per ordinary share, current disclosure in accordance with enhance leadership and technical
which translates to 32% of our total the TCFD recommendations. competencies. Implementing
earnings attributable to shareholders a sustainable succession planning
and a total payout of RM220.25 million. This reflects our commitment and career planning is important to
to be a Trusted. organisation in us and with that in mind, a new talent
Upholding Governance by safeguarding the environment and management framework has been
Building a Climate of Trust building sustainable communities. introduced to build talent bench
In recent years, the global standards strength and develop a succession
Looking ahead, we aspire to be a
and public expectations related to pipeline in a more structured, holistic
beacon of inspiration and lead by
the environmental and social aspects and continuous manner.
example in strategically aligning our
of sustainability have been rapidly
aspirations with global initiatives such
evolving. The impact of climate change, STEPPING UP TO SEIZE
as the New Urban Agenda and Paris
environmental degradation and EMERGING OPPORTUNITIES
Agreement which is in support of UN
threatened social well-being has been
Sustainable Development Goals that Accelerating Digital
on the increase. This has resulted in
aims to create positive impacts for the Transformation
greater expectations by regulators and
environment and society. Over the years, embracing digitalisation
investors for businesses to continually
improve on their Environmental, Social is one way the Group has sought to
Building a Strong optimise business processes and
and Governance (ESG) performance,
Corporate Culture improve customer engagement. We are
accelerating a shift towards a greener
and more resilient economy. Thus, it has We spend substantial time and resources cognisant of the rise in digitalisation
become crucial for us to take action and in cultivating a strong corporate culture during the pandemic, since a key benefit
implement initiatives to embed ESG into that reflects our identity and objectives of technology is enabling contactless
the Group’s businesses. as a business entity. Corporate culture movement for health and safety
is central to everything we do at IOIPG. reasons. We will implement the IOI
As the Board continues to enhance its It underscores the effort to attract and Offices mobile application at Puchong
corporate governance in response to retain the right talent, while enabling Financial Corporate Centre ("PFCC")
the latest developments, we intend to them to grow their career in the Group. followed by IOI City Towers among
meet the expectations and needs of A strong corporate culture also motivates others. This mobile application will
stakeholders by assessing the impact and engages our people to be their enhance communication between
tenants and the building management of residential and hotel components, us to continue to achieve resilience
as well as enable contactless visitor which will not only enlarge the income and tenacity throughout this past
check-in and pre-renovation application stream from our property development, financial year. To all our valued
among other functions. Additional but also from the Group’s hospitality shareholders, customers, business
features will be made available in the and investment property segment. associates and financial institutions,
future as we continue to enhance our we thank you for your continued
tenant experience. ACKNOWLEDGEMENT unwavering support to the Group.
On behalf of the Board, I would like to
Furthermore, we have another digitalisation While the past financial year has been
express our gratitude to Tan Sri Dato’
effort, namely IOIShopz, an online challenging, the lessons learned from
Sri Koh Kin Lip, a Senior Independent
e-commerce mobile application in which tackling those challenges and other
Non-Executive Director who resigned
customers can make purchases and unprecedented circumstances allowed
from the Board on 30 November 2021,
redeem reward points and e-vouchers. the Group to emerge in a better-prepared
for his service and invaluable contributions.
It also provides logistics, after-sales and position. With a renewed focus in our
I would also like to welcome the
other follow-up services for products pursuit to maintain IOIPG’s competitive
redesignation of Ms Lee Yoke Har as a
purchased on the mobile application. advantage as an integrated developer
Non-Independent Non-Executive Director
in diversified geographical locations,
on 1 July 2022. I am grateful to my fellow
Optimising Assets Portfolio we are confident in facing economic
board members for their commitment,
With an established track record spanning challenges, continuing to deliver value and
sound advice and guidance.
four decades as well as a geographically emerge stronger in the next financial year.
diversified portfolio covering Malaysia, I would also like to take this opportunity
Singapore and the PRC, the Group is to extend my appreciation to the
optimistic in forging a positive trajectory management and staff for their Datuk Tan Kim Leong
in business growth. The pandemic- dedication and hard work that enabled Independent Non-Executive Chairman
related disruptions have spurred us to
improvise on growth strategies while
building resilience. This has equipped
us with the agility to take advantage
of shifting market and economic
conditions and consumer preferences.
The Group will continue to leverage on

its diversified portfolio to capitalise on
its various sustainable income streams
as it weathers cyclical headwinds. We
will continue to review and optimise our
portfolio of assets through operational
efficiency, to drive long-term value
creation. While we embark on this,
we are also cognisant of the need to
exercise discipline and pursue our
growth ambitions with prudence to
maintain a stable financial position.
As part of our plans to continue to have

a diversified product launch pipeline, the
Group recently expanded our overseas
property development portfolio with
the acquisition of Marina View land in
Singapore. The land parcel located
within Singapore’s central business
district is intended for the development
IOI Central Boulevard Towers, Singapore
Executive Vice
THE FINANCIAL YEAR
UNDER REVIEW
FY2022 was a year when we faced the
unpredictability and uncertainties of
post-pandemic recovery, coupled with
other marked operating environment
challenges. The world economy
continued to experience persistent
supply-chain disruptions – initially from
the global pandemic lockdowns and
subsequently from the Russia-Ukraine
conflict – in addition to labour market
challenges, ongoing interest rate hikes
and mounting inflationary pressures.
Against these challenges, I am pleased

to inform that the Group has continued
to deliver resilient financial results. Our
strategy of leveraging on geographical
diversification by operating in Singapore,
the People’s Republic of China (“PRC”)
and Malaysia, as well as operational
diversification of having three core
businesses of property development,
investment property, and hospitality
and leisure, have enabled us to spread
our operating risk. This has allowed
us the agility to tap and capitalise on
opportunities from the differing segments.
The operating environment
PROPERTY DEVELOPMENT
and consumption behaviours
Borrowing Costs on the Rise
have changed considerably In Malaysia, borrowing costs began
since the pandemic. To navigate to increase as Bank Negara Malaysia
gradually raised its benchmark
through these challenging times, Overnight Policy Rate from a record
we will continue to leverage low of 1.75% in March 2022 to 2.50% in
September 2022. Globally, inflationary
our experience, strength and pressures have continued to climb, mainly
agility to quickly adapt to this contributed by elevated commodity
prices, strong demand conditions and
new environment. supply chain disruptions. This has led to
monetary policy tightening by central
banks, with some adjusting at a faster
Lee Yeow Seng pace, to reduce inflationary pressures.
Executive Vice Chairman
Attractive Promotion and an outdoor amphitheatre to serve lockdowns at major cities in the
to Stimulate Sales residents within the township and past year to control the spread of
To counter the challenges posed by surrounding areas. the disease. To encourage spending,
a rising interest rates environment, e-vouchers offering promotions
Mitigating Rising Material Costs were distributed to shoppers through
the Group has leveraged on its digital
marketing capabilities and aggressive WeChat. In addition, advertisements and
During these challenging times, the
promotion campaigns to drive sales of promotional videos were uploaded on
Group recognises that rising material
our mid-priced range of products to TikTok and online delivery platforms to
costs may further burden homebuyers.
cater to market demand. We have also drive brand awareness for our tenants.
To strike a balance of maintaining
offered sales packages with attractive To support our tenants when dine-in
quality whilst having a sustainable
financing aid under selected projects to was not possible and to encourage
margin, the Group has implemented
assist homeowners with their purchase. online food delivery, the mall also
Industrialised Building System
The projects that were marketed include provided designated spots to facilitate
(a construction technique whereby
Almyra Residence and Palmyra Residence delivery pick-ups.
components are prefabricated off-site
(Bandar Puteri Bangi), Ayden and Alanis ready for installation at the point Furthermore, as part of our tenant
(Warisan Puteri Sepang), Clio 2 Residences of construction) and incorporated retention strategy for the office segment,
and Conezión Residences (IOI Resort creative home designs in our property flexible and short-term tenancy options
City). The promotional activities include development projects. We will continue was offered. To attract new tenants,
providing free stamp duty on the to focus on offering products that are we made available partial or fully fitted
memorandum of transfer, as well as competitively priced whilst keeping in office units as rental options. Renovation
a 12-month extension of warranty or line with market demand and trends. relief was also provided to enable tenants
defect liability period. For strata properties,
to move in efficiently and effortlessly.
buyers would also enjoy an exemption PROPERTY INVESTMENT
of up to two years on their maintenance
Pragmatic Tenant Integrated Shopping Experience
fee payment.
Retention Strategy The opening of IOI City Mall Phase 2
To further drive sales, we also sought Due to the financial challenges faced with approximately 1.0 million sq ft
to tailor our product offerings to meet by retail and office tenants during of NLA has positioned IOI City Mall
prevalent market sentiment, such as the periods of movement restrictions to be one of the largest malls in
launching developments at attractive where business activities were disrupted Malaysia. With the addition of more
price points that feature quality products rental relief assistance of approximately than 300 retail outlets, it has bolstered
and supported by amenities and facilities. RM28.9 million for FY2022 was offered to IOI City Mall as an attractive shopping
The Group will endeavour to keep assist our tenants in these trying times. and dining venue. Phase 2 also features
abreast of current market trends and a 3S Proton service centre, offering a
offer innovative solutions to alleviate the To retain occupancy and mitigate the comprehensive range of sales, services,
challenges faced by property buyers. negative impact arising from weakened and spare parts. Customers can enjoy
footfall in our malls, rental assistance a seamless experience by dropping
Recognising the importance of improving schemes such as deferred payment off their vehicles for servicing and
customer experience through better schedules, shorter renewal durations maintenance while enjoying the
service quality and customer engagement, and waivers of late payment interest conveniences offered by the mall
we launched a new IOI Sales Galleria were extended to our tenants. Our malls without having to travel elsewhere.
and show village in the Group’s flagship also implemented safety measures such
development in Bandar Putra Kulai, as temperature screening, ensuring For our malls in Malaysia and Xiamen,
Johor. The sales gallery and show village adherence to wearing face masks at our PRC the use of License Plate Recognition
was designed to promote show units premises and providing hand-sanitisers, (“LPR”) technology at carparks provides
featuring attractive products designs in compliance with the government’s a seamless entry and exit in addition
and new home concepts as well as safety protocols during periods of to improving parking lot management.
highlight an array of amenities in our movement restriction. With this, mall tenants and customers
integrated developments, such as can make payments easily as the
golfing, shopping, education, dining, In the PRC, economic activities have system supports a variety of cashless
entertainment and healthcare. The been disrupted by intermittent payment options.
new sales gallery also has F&B outlets
Executive Vice Chairman’s Statement
To promote online shopping, IOI Shopz Singapore will achieve a Green Mark by company policies to quarantine
was introduced. Through this platform, Platinum certification once the themselves before returning to the
patrons can consolidate orders from development is completed. workplace, which gave rise to the need
multiple outlets with the flexibility of for longer hotel stays, which we were
selecting drive through pick-up, HOSPITALITY AND LEISURE able to capture by extending our long
store pick-up or delivery. Our cardless The reopening of the economy presented stay rates.
loyalty programme, Club IOI, rewards opportunities for the tourism and
members with points and other special For retail segment clients, the pent-up
hospitality sector to capitalise on the
privileges from selected IOI entities and demand for domestic travel was addressed
pent-up travel demand.
participating merchants. This programme by offering competitive rates based on
also offers special rates for carpark, Enhancing Hospitality market demand. We offered flexible
dining, hotel accommodation and Experiences through Digitalisation cancellation policies such as zero-fee
golfing. Members also enjoy rebates cancellations to clients who cancel
on their next property purchase from For our hotels under Marriott International, bookings with at least 24-hour notice.
IOI Properties Group. hotel guests can check-in online via
the Marriott Bonvoy application. Upon We also capitalise on Marriott Bonvoy,
confirmation of check-in, mobile hotel Marriott International’s loyalty programme,
Technology, Customisation to
keys, or digital keys, are delivered to which has a strong database of corporate
Bolster Office Segment in Malaysia
the guests’ mobile phones offering and leisure clients. Through this
The Group has equipped our office programme, members receive updates
easy access to guest rooms and other
buildings with the latest technology to and offers via emails or through the
facilities. Digital in-room dining menu
enhance tenants’ experience. In terms mobile application. Members are
is offered as part of our initiatives to
of new applications and systems, we encouraged to book directly through
encourage going paperless.
endeavour to move towards digitising Marriott Bonvoy and enjoy attractive
our work processes to ensure better benefits such as exclusive discounted
and timely service delivery to our tenants.
Capturing Pent-Up
Domestic Demand rates, free room upgrades and late
For example, in our office buildings at checkout. Such digital marketing
the Puchong Financial Corporate Centre During lockdown, our hotels have
initiatives allowed us to stay connected
(“PFCC”), the visitor management system continued to engage with clients by
with potential clients and contributed
has been upgraded to utilise QR code making virtual sales calls to update our
positively to our hotel business.
for visitor entry in addition to a cashless corporate clients on current offers and
car parking system. packages available. We also provided
LOOKING INTO THE FUTURE
food delivery from hotel offsite catering
We provide flexibility to our office services to clients who were attending Due to the rapidly changing economic
tenants in terms of workplace designs virtual meetings from homes. This has environment, the Group will focus on
by customising the office space according enabled our hotels to better understand ensuring its property development
to the tenant’s space requirement. For the working policies of our corporate projects progress and complete in a
PFCC specifically, we are working on clients, i.e., whether they were working- timely manner, while we continue to
providing fully furnished small offices from-home, or on a hybrid working offer competitively priced and quality
with sizes ranging between 1,500 to arrangement. When domestic travel products with creative designs and
2,500 square feet. This will enable restrictions were lifted, we were able to sustainability features, well suited to
potential tenants to move in with minimal pivot and capture demand by offering market demand.
hassle of going through the engagement relevant services and packages that
Properties in well-connected locations
of interior designers, contractors and catered to the needs of our clients.
and supported by amenities and facilities
even the lengthy process of fitting out
Furthermore, we targeted our marketing at attractive price points will continue to
the unit.
efforts on essential services providers appeal to prospective buyers. Combined
In view of growing awareness on such as pharmaceutical and healthcare, with the Group’s efforts to create value
ESG, the Group aims to position our IT, courier services, fast-moving consumer in our integrated developments, the
office buildings towards achieving green goods, financial services, and engineering Group is well-positioned to continue
building certifications. Our office towers industries. These industries were allowed to create shareholder value. With
in IOI Resort City, IOI City Tower 1 and 2 to operate at full capacity and to the Group’s remaining landbank of
are Green Building Index certified, travel during lockdown. Many of these approximately 9,000 acres, we have
while IOI Central Boulevard Towers in corporate travellers were also required the depth and strength to continue
thriving in an increasingly competitive
IOI Mall Xiamen
environment while phasing new will continue to be in demand. This is

product launches according to expected to contribute positively to our
prevailing market demand. hotels’ performance.
For retail segment, we are optimistic ACKNOWLEDGEMENTS

on better performance due to increase
Notwithstanding the uncertainties
in traffic footfall with the return of
we encountered, I am proud that we
domestic and international tourists.
have shown our mettle and produced
Staying current and continuing
a resilient performance in the financial
to innovate in the post pandemic
year under review. I wish to express my
environment will be key to business
heartfelt gratitude to the management
success and continuity. The past two
team and our valued employees. Your
years have equipped us with the agility
steadfast commitment has been integral
to capitalise on opportunities arising
to our growth and success. I also want
from changes in economic environment
to express my appreciation to the
and consumer preferences
Board for their continued guidance and
As the world begins to adopt an counsel. The Board has been an anchor
endemic stance and global vaccination that steadied our course and guided us
rates continue to increase, easing of as we navigated the year. Lastly, I would
travel restrictions is expected to spur like to thank all stakeholders, including
a steady recovery in the hospitality customers, business associates,
and leisure segment. We have begun financial institutions, and shareholders.
exploring new markets such as the Thank you for placing your trust in us,
Middle East and India, which offer and for your unwavering support
opportunities for our hospitality and through a year of ups and downs as we
leisure businesses. We anticipate the strived to deliver excellence and create
Meetings, Incentives, Conferences, value for stakeholders.
Exhibitions (MICE) business to return to
on-site meetings and physical events,
with hybrid meeting facilities which Lee Yeow Seng
provides an additional layer of flexibility, Executive Vice Chairman
How We Create Value
Our value creation centres around

the vision of being Trusted. We seek Transforming our capitals
to be a good steward of our capitals,
Our business
managing them strategically to generate
value for all stakeholders, as well as value
for the future sustainability of the Group. en t Pro
pe
m
op
rt
el
yI
Property Dev
nve
Our capitals
stment
Sustainability
Financial Capital
Our long-established relationships with customers, business
partners and other stakeholders allow us to effectively Ho ur
e
spi is
maximise on the financial resources available to generate t a lit y & L e
stable and rewarding returns.
Manufactured Capital
It represents our property developments, retail and
office properties, as well as hospitality and leisure assets We ensure that sustainability is deeply embedded in our
that enable us to carry out our operations seamlessly, corporate strategy across our business developments.
while delivering excellent customer experiences. This approach allows us to focus on our purpose to
create the lasting impact we pursue.
Human Capital Please refer to the Sustainability Report from pages 51
to 125.
The competencies, capabilities and motivation of our
employees help differentiate us from our competitors and Property Development
allow us to build Trusted. relationships with all stakeholders.
Hence, we are constantly investing in our employees to Backed by solid legacy of over four decades, IOIPG
create a strong and dedicated work force. has a strong track record of delivering well-planned
signature integrated developments in Malaysia,
Intellectual Capital Singapore and PRC.
We continue to invest in the Group’s technical know-how, Property Investment
processes and systems that gives us a competitive advantage.
We will build on this knowledge base to drive innovation The Group’s diversified asset portfolio comprises
and productivity. retails malls and office buildings located at strategic
areas with high-growth potential, as well as excellent
Natural Capital accessibility and connectivity.
We seek to use renewable and non-renewable resources
in the most efficient and responsible way possible in order Hospitality & Leisure
to safeguard natural capital for our future generations.
We own and operate a collection of prestigious hotels
and golf courses in Malaysia, offering world-class
Social & Relationship Capital services and hospitality that continues to deliver
The Trusted. relationships we have with all of our stakeholders excellence in products and services, reinforced by
including our communities, business partners, regulators a strong IOIPG brand.
and employees are essential for our business sustainability. Please refer to the Group Business Review section from
pages 33 to 43.
Underpinned by: Robust Corporate Governance Framework

Value we create for stakeholders Value created in

relation to our capitals
Financial Capital
Net Assets Cash Holdings
Trusted by customers for product excellence RM20.61 billion RM2.35 billion
Delivering products and services excellence that exceeds expectations in
order to achieve long-term business growth and the desired outcome of
being a Trusted. brand. Profit Before Tax
RM1.10 billion
Overall customer satisfaction score amongst homeowners:
Malaysia 75% Xiamen 70% Manufactured Capital
Cases of substantiated complaints recorded for
0 NLA* Retail NLA* Office
breach of data privacy
3.28 million sq ft 3.21 million sq ft
QLASSIC score:
Clio 2 83% Aralia 83% Total Hotel Rooms
1,241
Sierra 3B 81% Cello 1 83%
Trusted by future generations to safeguard the environment Human Capital

Deploying renewable and non-renewable resources in the most effective
and efficient manner to minimise waste and to reduce carbon emissions. 2,559
Employees#
Solar power generated 4,662MWh/year
Number of trees planted Group-wide which are in
the IUCN Red List as Near Threatened, Vulnerable 685
Intellectual Capital
or Endangered 5-Year Digital
Transformation
Trusted by the nation to develop sustainable communities Plan
Creating long-term positive impact through community investments,
community development programmes and other community initiatives.
Natural Capital
COVID-19 Rental Relief Assistance RM103.2 million^
Remaining
Upgrading road infrastructure at Bandar Puteri
RM91.2 million^ Landbank
Puchong to improve traffic flow and connectivity
approximately
9,000 acres
Trusted by employees to build a positive working environment
Providing a safe and collaborative work environment, while building
an engaging and inclusive corporate culture that is conducive for Social & Relationship Capital
high performance.
Universities,
Number of health and safety training hours School Buildings
13,723 hours
(employees & contractors) and Facilities
Gender diversity (% of female employees in RM99.66 million^
40%
the workplace)
Number of fatalities 0
* Net Lettable Area

# As at 31 August 2022
^ As at 30 June 2022 ^ As at 30 June 2022
Our Strategy
People & Culture
Strategic thrusts
Showcased through our people, IOIPG’s culture of trust and mutual respect is central to our ability to create
value. Our people are guided by our Core Values of integrity, quality, innovation and creativity, commitment
and passion, cost effectiveness, people first and teamwork.
Progress achieved in FY2022
• Implemented a new Performance Management e-system • Introduced a new Talent Management Framework for
as an enabler to facilitate the revamped performance IOIPG to identify and develop high-potential talents in
management process, which encourages two-way order to build succession pipeline in a structured manner.
communications between the line manager and • Increased IOIPG’s brand visibility as an Employer of Choice
the subordinate. through various initiatives including participation in awards,
• Instituted a comprehensive learning needs exercise by career talks at universities, initiatives to increase our social
conducting Learning Needs Workshops to gauge learning media presence among others.
needs of the business. • Introduced the corporate uniform to create a sense of
• Implemented a series of training programmes to improve belonging and to augment the Team IOI spirit.
the leadership and technical competencies of our people.
Our focus next year
• Elevate the employee experience in the workplace. • Augment the Team IOI employer brand.
• Build talent bench strength and succession pipeline • Driving a learning-oriented organisation.
through structured review, identification and
development interventions.
Associated principal risks
Health, safety and security risks

Integrated Developments
Our integrated commercial and residential enclaves create signature urban spaces that foster social
integration and sustainable lifestyles. Through our well-designed amenities and superior connectivity,
we bring people together and strengthen the social fabric where we operate.
• Upgrading works worth RM91.2 million at Lebuh Puteri, • Launched IOI City Mall Phase 2 on 25 August 2022 with
which included IOI Rio City Interchange to help improve an addition of 1 million sq ft of net lettable area (NLA),
accessibility and ease traffic flow. making IOI City Mall the largest mall in Malaysia,
enhancing the lifestyle offerings within IOI Resort City.
• Completed upgrading works within the Town Park at
Bandar Puteri Puchong.
• Continue ongoing development of the first Moxy Hotel • In Malaysia, we will focus on affordably priced residential
in Malaysia offering a new and different concept within developments that integrates lifestyle and work.
the Group’s signature integrated development of • Expedite construction at IOI Central Boulevard Towers,
IOI Resort City. Singapore, a Green Mark Platinum certified development.
• Develop Transit-Oriented Development (TOD) at 16 Sierra, • Develop affordable landed residential properties in Johor.
Bandar Puchong Jaya and Bandar Puteri Puchong.
• Include a Central Park in the master planning of
• Incorporate innovative technologies in IOI Rio commercial IOI Resort City.
developments such as vehicle license plate recognition
• Continue the ongoing integrated development of
(VLPR), Bluetooth mobile credential for turnstile and
IOI Rio in Bandar Puteri Puchong.
lifts among others.
• Reduce carbon emission at IOI Rio in Bandar Puteri Puchong
via a walkable development complete with dedicated cycling
lanes, walking paths and links to the LRT station.
Read more about our efforts to enhance connectivity within

our developments in Delivering Excellence section from
pages 68 to 69.
Market risk
Project management risk
Financial risk
Geopolitical risk
Our Strategy
Sustainable Design Principles & Practices
Strategic thrusts
IOIPG integrates green design features into our building and township developments with surrounding
ecosystems, conserving urban biodiversity and fostering harmonious co-existence between humans
and nature.
Progress achieved in FY2022
• Commenced work on a 10-acre Central Park at lOl Resort • Installed energy saving features and water-efficient fittings
City which will offer a communal space that will enable the at our managed properties.
community to thrive with nature. Valuable species of trees • Utilised IBS (Industrialised Building System) whereby
(with reference to the IUCN Red List) will be conserved. structural components are prefabricated in the factory and
• Utilised system formwork which allows for multiple reuse then transported to the site to be assembled, resulting in
and its material is recyclable. reduced sitework and material wastage.
• Installed solar panels at IOI Rio, Bandar Puteri Puchong
and IOI Sales Galleria in Kulai, Johor.
Read more about our environment-friendly designs in Caring for the Environment section from pages 74 to 88.
Our focus next year
• Continue to implement more initiatives to reduce water • Continue to implement IOIPG's climate action plan in
and energy consumption intensity, as well as emissions support of TCFD recommendation.
intensity in our developments. • Continue to execute the concepts of sustainable living
• Continue to pursue green building certification for and smart cities using IOI Rio as a testbed.
all future investment properties.
Read more about our climate action plan in Caring for the Environment section from pages 71 to 74.
Associated principal risks
Environmental risk
Read more about our environmental targets in Caring for the Environment section from pages 70 to 89.
Technology
As digital convenience and options evolve with customer expectations, IOIPG continues to explore and
implement leading-edge digitalisation and process improvements to enhance the experiences of our
customers and deliver the highest standards of service excellence.
• Introduced electronic Vacant Possession (eVP), a digitalised • Continuous improvement of e-market platform.
process that provides customers with a unified platform to • In FY2022, IOIPG also signed a memorandum of
facilitate property handover. With eVP, customers are able understanding (“MOU”) with Huawei to explore cloud-based
to schedule the handover anytime, anywhere that is solutions as part of the digital transformation within
convenient to them. the Group.
• Implementing IOI Offices mobile application with touchless • Enhancement of IOIShopz, an online ecommerce mobile
visitor check-in using QR code. Pre-registration allows tenants application enabling customers to purchase products and
to submit necessary application forms with supporting redeem reward points. We will provide logistics, after-sales
documents for verification prior to renovation works. More and other follow-up services for any products purchased or
features will be added to allow tenants to publish promotion point redemption via this app.
notifications and advertise via the mobile application.
Cybersecurity risk
Market Landscape
Market Scenarios Overview
Rising inflationary pressures, increase

Subdued Property of interest rate and the end of the Home
Ownership Campaign have led to potential
Market in Malaysia homebuyers being affected by affordability
issues and financial difficulties, thus
resulting in a soft property market and
persistent overhang problems. Meanwhile,
Link to Strategy the sharp increase in construction cost has
resulted in pressure on profit margins
and the acute shortage of foreign
People & Integrated labour has affected the progress on
Technology
Culture Developments
ongoing projects.
Office demand has risen in 2022

Office Market in resulting from post-pandemic economic
recovery coupled with the easing of
Singapore on a Positive restrictions such as social distancing
at the workplace among others.
Recovery Trajectory Barring adverse external shocks such

as a global recession or an energy crisis,
Link to Strategy the real estate market is expected to
continue growing in 2022.
People & Integrated Sustainable Design

Technology
Culture Developments Principles & Practices
The People’s Republic of China (“PRC”)

Strict Lockdowns Negatively adoption of the zero-COVID policy
has led to a decline in footfall in malls
Impacting Retail Market in PRC across PRC. This has been further
exacerbated by a push towards online
shopping during the lockdown.
Link to Strategy
People & Integrated

Technology
The nation is transitioning into the

Hospitality, Leisure and endemic phase with the cessation
of Movement Control Orders and
Retail Market in Malaysia

further relaxation of travel restrictions,
allowing the hospitality, leisure,
Gradually Recovering
and retail sectors to stage a recovery.
Link to Strategy
People & Integrated

Technology
Impact Our Responses
Risk We will shift the focus of our housing launches to

The majority of IOIPG’s revenue is driven by the property development target the owner occupier and mid-price affordable
segment and profit margins are under pressure. market segments. Meanwhile, we will continue to
utilise technology to reduce cost of operations and
Opportunity construction which decreases reliance on foreign labour.
Malaysia has achieved a very high vaccination rate (>80.0%), which augurs
well for the nation’s economic recovery. Moreover, potential homebuyers The Group will continue with geographical diversification
may look to property purchase as a hedge against inflation. by tapping into other markets beyond Malaysia. We will
also leverage on our digital marketing capabilities and
conduct more aggressive campaigns to drive sales of
our range of products.
Risk We will continue to focus on developing Grade A

The increase in popularity of hybrid working arrangements may lead to lower offices in the central business district to meet the
demand for office space as more people are working from home. demand for quality office spaces.
Opportunity The Group will also look at redesigning workplaces

At IOI Central Boulevard Towers, leasing activities have received strong response to cater for new hybrid working requirements which
from reputable multinational companies in anticipation of its completion in will enable flexibility, mobility and collaboration at
2023, as the demand grows for newer, and high-quality spaces. the workplace.
The technology sector continues to drive office demand in Singapore. We will also focus on developing more green
With the support of the Singapore Government through tax and funding buildings and incorporating sustainability elements
incentives, these technology companies are shifting their regional into our projects as more tenants are gearing
headquarters to Singapore. towards their sustainability agenda.
Risk The Group will continue to provide rental relief

Strict operating procedures and movement controls implemented by the assistance to tenants, while adopting appropriate
Chinese government will negatively impact our mall operations in Xiamen. and relevant marketing strategies to drive
footfall into the malls. We are also exploring the
Opportunity omnichannel approach with tenants to capture both
By working closely with our tenants, we can combine the strengths of the offline and online consumer demand. We will
online commerce and in-store capabilities and technologies to offer continue to improve the tenant mix in our malls to
a customer-first experience. This will allow us to mitigate the impact of ensure a dynamic and varied retail mix for shoppers.
the lockdowns on our mall operations in Xiamen.
Risk We will adopt active and pragmatic tenant retention

Any potential tightening of restrictions due to rising COVID-19 cases will strategies to maintain occupancy rates. Our aim is
have a negative impact on overall hotel and mall occupancy as well as rental also to focus on digital marketing and innovative
rates. Further risks to consumer demand and the economic outlook may solutions to provide better value propositions for
arise from persistent inflation, central bank’s monetary tightening and a mall tenants and hotel guests.
potential global economic downturn.
We will practise right-pricing strategies, using insightful
Opportunity market intelligence and building business case for
The hotel management will work closely with the business guests, as the corporate new and existing corporate accounts by their value
segment has contributed significantly to our hotel operations through long-stay production. The Group will also seek to maintain the
room nights during the lockdowns. In addition, there is also a strong pent-up consistency in experience for food and services at
demand for leisure travel and coupled with robust domestic demand, this our hotels to sustain our hospitality reputation.
should lead to increased occupancy rates.
ICM, the largest mall in Malaysia being a destination
The retail sector is also recovering and the outlook for this sector is expected mall offers a wide choice of F&B, retail and activities,
to improve in the near term, providing ample opportunities for us to making it different from the other shopping malls within
capitalise on. the vicinity of Putrajaya and its surrounding areas.
Market Landscape
Market Scenarios Overview
Digital transformation is here to stay,

Creating New Opportunities and with it comes a heightened need
to digitalise and innovate processes
Through Digitalisation in the real estate industry.
Link to Strategy
People &
Technology
Culture
As awareness rose globally, tenants,

Increasing Focus on hotel guests and consumers
are increasingly demanding for
Sustainability and property and businesses to embrace
sustainability. There is also a rising
ESG Considerations demand from shareholders for
sustainable business practices as
businesses are more resilient if they
manage ESG risks and opportunities
well. As the shift towards a greener
economy intensifies, the Malaysian
government and regulatory bodies
Link to Strategy
are requiring Malaysian corporates
to implement climate-friendly and
People & Sustainable Design sustainable practices.
Culture Principles & Practices
As the nation began transitioning

Evolving Needs of into the endemic phase in April 2022,
employees are gradually returning
Office Tenants to the workplace. Most companies
have also firmed up their workplace
policies with regard to flexible work
arrangements. In line with a rising
Link to Strategy trend of hybrid work arrangement,
there is a need for office spaces
to evolve and adapt to changing
Sustainable Design
tenancy needs.
Principles & Practices
The shifts in retail concepts and

Transformation of business models for tenants such as
the adoption of online-to-offline (O2O)
the Retail Experience strategies have transformed the
retails experience.
Link to Strategy
Integrated
Technology
Developments
Impact Our Responses
Risk We have introduced License Plate Recognition (LPR),

A higher level of digitalisation will increase the Group’s exposure to a cashless and ticketless system, at IOI City Mall. The
cybersecurity risks. Group also rolled out IOI Shopz, an online e-commerce
platform. Further enhancement of the IOI Support
Opportunity app is under way, with additional functions such
Digital solutions can enhance consumer experiences and improve as electronic vacant possession (e-VP), whereby
the operational efficiency of our employees. customers are able to schedule the handover
anytime, anywhere that is convenient to them.
As part of plans to mitigate the Group’s cybersecurity

risk exposure, we have migrated and implemented
solutions on robust cloud computing platform and
established extensive access controls.
Risk IOIPG will align our overall strategy and sustainability

Integrating sustainability in business operations is a journey and the efforts to comply with evolving regulatory guidelines.
Group will need to strive to meet evolving regulatory requirements and We will prioritise the integration of green building
increasing stakeholder demands. design into our developments and continue to adopt
the Low Carbon Cities Framework in our developments,
Opportunity while adopting the TCFD recommendations. We
Link to Strategy
Sustainability-focused developments can create new business opportunities continue to educate our employees and business
and boost long-term value of our properties as consumers are willing to partners on the importance of sustainability and
People &pay a “green premium”. environmental responsibility.
Technology
Culture
All employees including senior management are
accountable for Group ESG performance and this
is reflected in the annual performance appraisal
which is linked to their remuneration.
Read more about our KPIs on sustainability in
Our Sustainability Journey section on page 53.
Risk We will incorporate technology to enhance the

A challenging market because there is a mismatch of office demand and experience of our tenants. The Group also works on
supply, largely due to the incoming newly completed buildings, while creating a good ecosystem within our developments
increasingly more companies are embracing the hybrid work arrangement where the office buildings are located, as the future
as part of organisational agility. workplace will focus on both the physical and mental
well-being of employees, which is essential for
Opportunity increased productivity and improved performance.
Demand for green buildings will rise in tandem with greater importance
placed on sustainability by all stakeholders. This will create an opportunity
for our GBI certified office buildings.
Risk We will focus on data and analytics to gain insights

Lower occupancy rates and rental revenue when tenants do not renew into customer sentiments and behaviour.
leases or default on rents.
Opportunity
We will be able to maintain occupancy rates and improve footfall in our
malls by supporting tenants who are keen to ride on the relevant retail
trends, such as omnichannel retailing that is redefining the role of
brick-and-mortar stores.
Five-Year Financial Highlights
Financial Year Ended 30 June (RM’000) 2022* 2021* 2020* 2019 2018
RESULTS
Revenue 2,590,332 2,488,611 2,116,346 2,197,514 2,668,745
Segment operating profit 1,039,827 894,101 932,060 850,351 803,659
Property development costs and inventories written down (171,215) (108,852) (27,855) – –
Fair value gain/(loss) and impairment loss on investment properties 48,924 (71,061) (138,575) 93,356 160,695
Share of result of an associate 2,124 34,973 19,622 2,005 3,193
Share of results of joint ventures 164,741 249,581 141,846 103,174 (33,875)
Profit before interest and taxation 1,084,401 998,742 927,098 1,048,886 933,672
Net interest income 8,360 34,429 49,995 68,936 52,440
Net foreign currency translation gain/(loss) on borrowings and deposits 10,012 44,829 (30,289) (31,862) 29,495
Profit before taxation 1,102,773 1,078,000 946,804 1,085,960 1,015,607
Taxation (414,704) (414,687) (438,165) (425,530) (237,493)
Profit for the financial year 688,069 663,313 508,639 660,430 778,114
Attributable to:
Owners of the Company 686,735 660,209 504,695 661,290 753,636
Non-controlling interests 1,334 3,104 3,944 (860) 24,478
ASSETS
Property, plant & equipment 3,054,120 1,530,672 1,421,979 1,265,538 1,167,505
Land held for property development 9,076,819 5,170,325 4,847,658 4,642,164 4,508,568
Investment properties 15,778,422 14,895,545 14,334,703 13,672,410 12,891,488
Interests in joint ventures 4,390,152 4,434,207 4,379,375 5,012,119 4,951,641
Property development costs 568,462 2,223,706 3,129,002 3,567,548 3,467,800
Inventories 3,051,666 2,412,152 2,133,507 2,047,991 2,106,832
Cash and cash equivalents 2,351,084 1,848,208 1,471,985 1,576,885 2,683,320
Other assets 1,230,644 918,091 965,628 934,547 941,884
Total assets 39,501,369 33,432,906 32,683,837 32,719,202 32,719,038
EQUITY AND LIABILITIES

Total shareholders’ equity 20,452,612 19,558,369 18,782,218 18,834,461 18,309,595
Non-controlling interests 157,958 160,339 155,401 159,122 166,603
Total equity 20,610,570 19,718,708 18,937,619 18,993,583 18,476,198
Borrowings 16,816,658 11,010,111 10,895,176 11,326,461 11,953,066

Other liabilities 2,074,141 2,704,087 2,851,042 2,399,158 2,289,774
Total liabilities 18,890,799 13,714,198 13,746,218 13,725,619 14,242,840
Total equity and liabilities 39,501,369 33,432,906 32,683,837 32,719,202 32,719,038
FINANCIAL RATIOS
Basic earnings per share (sen) 12.47 11.99 9.17 12.01 13.69
Diluted earnings per share (sen) 12.47 11.99 9.17 12.01 13.69
Interest cover (times) 3.31 3.30 3.03 2.82 3.02
Net dividend per share (sen) 4.00# 2.00 1.50 3.00 5.00
Dividend payout ratio (%) 32.07 16.68 16.36 24.98 36.53
Net assets per share (RM) 3.71 3.55 3.41 3.42 3.33
Gross gearing ratio (%) 0.82 0.56 0.58 0.60 0.65
Net gearing ratio (%) 0.71 0.47 0.50 0.52 0.51
Return on average shareholders’ equity (%) 3.43 3.44 2.68 3.56 4.12
Return on average capital employed (%) 1.96 2.04 1.51 1.95 2.33
* Adoption of IFRIC Agenda Decision on MFRS 123 “Borrowing Costs” since 1 July 2019.
# Proposed first and final dividend to be approved by the shareholders at the forth coming Annual General Meeting.
Revenue (RM'000) Profit Before Interest and Taxation (RM'000)
2,590,332 1,084,401
2,668,745
2,590,332
2,488,611
2,197,514 1,084,401
2,116,346 1,048,886
998,742
927,098 933,672
2022 2021 2020 2019 2018 2022 2021 2020 2019 2018
Shareholders’ Equity (RM'000) Net Assets Per Share (RM)
20,452,612 3.71
20,452,612
19,558,369
18,782,218 18,834,461 3.71
18,309,595 3.55
3.41 3.42 3.33
2022 2021 2020 2019 2018 2022 2021 2020 2019 2018
Key Indicators
Profit Before Taxation Earnings Per Share Gross Dividend Per Share
RM1.10 billion 12.47 sen 4.00 sen*

RM1.08 billion (2021) 11.99 sen (2021) 2.00 sen (2021)
Net Assets Per Share Share Price Market Capitalisation
RM3.71 RM1.00 RM5.51 billion

RM3.55 (2021) RM1.12 (2021) RM6.17 billion (2021)
* Proposed first and final dividend to be approved by the shareholders at the forthcoming Annual General Meeting.
600
450
300
150
-150
-300
-450
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2021 2022
IOI Properties Group Berhad FTSE Bursa Malaysia Bursa Malaysia Property
Group Financial Position
Assets
1,230,644 15,778,422 918,091 14,895,545
Other assets Investment Other assets Investment
2,351,084 1,530,672
properties properties
Cash and cash equivalents Property, plant and equipment
3,051,666 1,848,208
Inventories Cash and cash equivalents
2022 2,412,152 2021

3,054,120 Inventories
Property, plant Total (RM'000) Total (RM'000)
and equipment
39,501,369 33,432,906
4,434,207
4,390,152 Interests in
joint ventures
Interests in
joint ventures
9,645,281 7,394,031
Land held for property development Land held for property development
and property development costs and property development costs
Equity and Liabilities

157,958 20,452,612 160,339 19,558,369
Non-controlling interests Total shareholders' Non-controlling interests Total shareholders'
equity equity
2,074,141 2,704,087
Other liabilities Other liabilities
2022 2021
Total (RM'000) Total (RM'000)
39,501,369 33,432,906
16,816,658 11,010,111
Borrowings Borrowings
Group Financial & Segmental

Performance Highlights
In RM’000 unless otherwise stated 2022* 2021* 2020* 2019 2018
FINANCIAL PERFORMANCE
Revenue 2,590,332 2,488,611 2,116,346 2,197,514 2,668,745
Segment operating profit 1,039,827 894,101 932,060 850,351 803,659
Property development costs and inventories written down (171,215) (108,852) (27,855) – –
Fair value gain/(loss) and impairment loss on investment properties 48,924 (71,061) (138,575) 93,356 160,695
Share of result of an associate 2,124 34,973 19,622 2,005 3,193
Share of results of joint ventures 164,741 249,581 141,846 103,174 (33,875)
Profit before interest and taxation 1,084,401 998,742 927,098 1,048,886 933,672
Net interest income 8,360 34,429 49,995 68,936 52,440
Net foreign currency translation gain/(loss) on borrowings and deposits 10,012 44,829 (30,289) (31,862) 29,495
Profit before taxation 1,102,773 1,078,000 946,804 1,085,960 1,015,607
Taxation (414,704) (414,687) (438,165) (425,530) (237,493)
Profit for the financial year 688,069 663,313 508,639 660,430 778,114
SEGMENT ANALYSIS
Property Development
Sales (unit) 2,765 2,509 2,270 2,126 2,128
Sales value 1,930,368 2,300,132 1,839,328 1,930,052 1,876,769
Revenue 2,101,915 2,109,585 1,638,453 1,634,582 2,141,272
Segment operating profit 901,803 790,063 773,758 612,986 571,349
Property Investment
Assets under management# 5,081,045 4,121,789 4,289,660 4,283,618 4,248,528
Net lettable area (’000 sq ft)^ 7,127 6,536 6,495 6,481 6,696
Average occupancy rate (%) 66 62 63 60 59
Rental yield (%) 6 6 7 8 8
Revenue 364,247 286,690 320,796 354,960 326,214
Hospitality & Leisure

Number of hotels (unit)# 4 4 4 4 4
Number of rooms (key) 1,241 1,241 1,241 1,241 1,241
Occupancy rate (%) 16-53 26-64 51-78 65-81 61-92
Revenue 113,094 83,565 150,070 198,017 190,023
Segment operating (loss)/profit (29,194) (29,815) (10,260) 22,624 28,533
Other Operations
Revenue 11,076 8,771 7,027 9,955 11,236
# Excluded assets that are currently under construction.

^ Excluded vacant lands and car parks.
Segmental Performance
Revenue Segment Operating Profit/(Loss)

11,076 2,101,915 6,289 901,803
Other Operations Property Other Operations Property
Development Development
113,094 (29,194)
Hospitality & Leisure Hospitality & Leisure
364,247 160,929
Property Investment
2022 Property Investment
2022
Total (RM'000) Total (RM'000)
2,590,332 1,039,827
Property Development Property Investment
Sales Unit Revenue (RM’000) Segment Operating Profit (RM’000)
2,765 364,247 160,929

Sales Value (RM’000)
1,930,368
Hospitality & Leisure
Revenue (RM’000) Segment Operating Loss (RM’000)
Revenue (RM’000) 113,094 (29,194)

2,101,915 Other Operations
Segment Operating Profit (RM’000) Revenue (RM’000) Segment Operating Profit (RM’000)
901,803 11,076 6,289

Group Quarterly Results
In RM’000 unless otherwise stated 30 Sep 2021 % 31 Dec 2021 % 31 Mar 2022 % 30 Jun 2022 %
Revenue 431,773 16.7 704,826 27.2 737,791 28.5 715,942 27.6

Operating profit 212,889 20.5 255,220 24.5 306,279 29.5 265,439 25.5
Property development costs written down – – – – (111,031) 64.8 (60,184) 35.2
Fair value (loss)/gain on investment properties – – (98,412) (201.2) – – 147,336 301.2
Share of result of an associate 605 28.5 378 17.8 569 26.8 572 26.9
Share of results of joint ventures 36,224 22.0 58,933 35.8 21,277 12.9 48,307 29.3
Profit before interest and taxation 249,718 23.0 216,119 20.0 217,094 20.0 401,470 37.0
Net interest income/(expense) 11,883 142.1 11,546 138.1 (3,441) (41.2) (11,628) (139.0)
Net foreign currency translation (loss)/gain
on borrowings and deposits (882) (8.8) 5,227 52.2 1,451 14.5 4,216 42.1
Profit before taxation 260,719 23.6 232,892 21.1 215,104 19.5 394,058 35.8
Taxation (52,178) 12.6 (107,620) 26.0 (155,084) 37.4 (99,822) 24.0
Profit for the financial year 208,541 30.3 125,272 18.2 60,020 8.7 294,236 42.8
Attributable to:
Owners of the Company 208,813 30.4 125,724 18.3 59,718 8.7 292,480 42.6
Non-controlling interests (272) (20.4) (452) (33.9) 302 22.7 1,756 131.6
208,541 30.3 125,272 18.2 60,020 8.7 294,236 42.8
Earnings per share (sen)

Basic 3.79 2.29 1.08 5.31
Diluted 3.79 2.29 1.08 5.31
Segment Revenue and Segment Profit Before Interest and Taxation
In RM’000 unless otherwise stated 30 Sep 2021 % 31 Dec 2021 % 31 Mar 2022 % 30 Jun 2022 %
SEGMENT REVENUE
Property development 363,235 17.3 571,628 27.2 605,905 28.8 561,147 26.7
Property investment 59,157 16.2 96,652 26.5 99,673 27.4 108,765 29.9
Hospitality and leisure 7,550 6.7 33,115 29.3 30,050 26.6 42,379 37.4
Others 1,831 16.5 3,431 31.0 2,163 19.5 3,651 33.0
431,773 16.7 704,826 27.2 737,791 28.5 715,942 27.6
SEGMENT PROFIT BEFORE

INTEREST AND TAXATION
Property development 232,375 27.4 257,814 30.4 171,712 20.2 186,617 22.0
Property investment 38,640 13.7 (37,013) (13.1) 61,276 21.7 219,177 77.7
Hospitality and leisure (22,239) 42.4 (5,553) 10.6 (15,905) 30.3 (8,789) 16.7
Others 942 15.0 871 13.8 11 0.2 4,465 71.0
249,718 23.0 216,119 20.0 217,094 20.0 401,470 37.0
Financial Calendar
Financial Year End Announcement Payment of First

of Results and Final Dividend
(Subject to shareholders’
June
1st Quarter approval at the 10th AGM)
30 November Declaration
25
2022 November
2021
8
2022
General Meeting 2nd Quarter
Notice of AGM February Book Closure
25
October November
7 2022
23
2022 2022
3rd Quarter
AGM May Payment
25
November December
8 2022
2
2022 2022
4th Quarter
August
22
2022
Management Discussion
and Analysis
CEO’S INTRODUCTION
The nation’s transition towards
endemicity augurs well for all of our
business segments as the resumption
of all economic activities continues
to revitalise market and economic
conditions to pre-pandemic levels.
We anticipate a continued recovery
within the property industry backed by
rising levels of consumer confidence
and the reopening of domestic and
international borders.
In light of these encouraging signs,

we remain committed to maintaining
strong financial performances and
long-term sustainable growth through
increased contributions from all
business segments. The Group will
continue to launch new products and
complete ongoing projects as well as
increase retail and office space net
lettable area. This will further bolster
IOIPG’s earnings among these
respective segments.
Beyond our borders, the Group has

responded strongly to challenges
arising from the strict operating
We remain committed to procedures and movement controls
implemented by the government of the
maintaining strong financial People’s Republic of China (“PRC”),
which has affected our mall operations
performances and long-term in Xiamen, PRC. In response, we have
sustainable growth through adopted an active and pragmatic
tenant retention strategy to maintain
increased contributions from occupancy rates.
all business segments. We firmly believe in the importance
and value of trust to maintain the
confidence of our stakeholders. This is
Dato’ Voon Tin Yow reflected in the Group’s commitment
Chief Executive Officer to consistently deliver innovative,
high-quality products and quality
service. As a Trusted. brand, this
commitment has been instrumental
towards our success as one of the
leading property developers in Malaysia.
Overall, this year has laid bare the

importance of having a balanced and
well-diversified business that also cares
deeply for the environment. We remain
steadfast in navigating through domestic
and global challenges, positioning
ourselves well to seize emerging
opportunities across the property value
chain. This is to ensure we continue to
create value for all our stakeholders.
At the same time, we remain resolute in
minimising the impact of our business
activities on the environment and
contributing to the preservation of our
earth for the benefit of future generations.
GROUP BUSINESS REVIEW

OUR BUSINESS
IOIPG is among the largest publicly listed
developers in Malaysia with a history
dating back more than four decades.
The Group’s three core businesses
are in property development, property
Gems Residences, IOI Resort City
investment, and hospitality and leisure.
Renowned for developing sustainable
townships in sought-after locations in
Malaysia, our signature developments In Singapore, IOI Central Boulevard In Singapore, IOIPG holds a 49.9%
include IOI Resort City, Bandar Puteri Towers, an iconic office and retail stake in JW Marriott Hotel Singapore
Puchong, Bandar Puchong Jaya, 16 Sierra, development in the Marina Bay financial South Beach. The Group also has
Bandar Puteri Bangi, Warisan Puteri and business district is currently under two hotels under construction namely
Sepang and Bandar Putra Kulai. In the construction. IOIPG also has a 49.9% Moxy Putrajaya in IOI Resort City and
international front, the Group has stake in South Beach, a fully integrated the Sheraton Grand Hotel in Xiamen,
carved out a presence in Singapore and mixed-use development in Singapore. with the latter scheduled for completion
the PRC. IOIPG has a total development In PRC, the development of IOI Palm City in the fourth quarter of 2023.
landbank of approximately 9,000 acres. in Xiamen, which includes a hotel,
boutique offices and shop lots, is IOIPG’s diverse portfolio of properties
Beyond property development, IOIPG progressing well. across Malaysia, Singapore to PRC enables
also builds and manages a range of the Group to capture opportunities
investment properties from retail malls, IOIPG’s hospitality and leisure segment available in these markets, while
office buildings, hotels, to golf courses. comprises four-star and five-star hotels mitigating the risks of operating in
Our investment properties have a total (excluding Joint Venture projects) a single market.
net lettable area (NLA) of 9.9 million sq ft, offering a total of 1,241 keys and two
consisting of 7.2 million sq ft already golf courses located in Klang Valley and Our unwavering emphasis on always
in operation in Malaysia and PRC Johor. Our collection of hotels and golf putting customers first also allows us
and 2.7 million sq ft currently under courses in Malaysia includes Putrajaya to focus on delivering product and
construction in Malaysia, Singapore Marriott Hotel, Palm Garden Hotel, service excellence which helps solidify
and PRC. Our investment portfolio Putrajaya, a Tribute Portfolio Hotel, the Group’s reputation built over the
includes IOI City Mall, IOI Mall Puchong, Le Méridien Putrajaya and Palm Garden decades. Furthermore, the Group is
IOI Mall Kulai, One and Two IOI Square, Golf Club in IOI Resort City; Four Points constantly adopting an innovative
Puchong Financial Corporate Centre, by Sheraton Puchong in Bandar Puteri approach towards value enhancement
IOI City Tower 1 and 2, Conezión and Puchong and IOI Palm Villa Golf and on products and services that cater
IOI Mall Xiamen, PRC. Country Resort in Bandar Putra Kulai. to evolving market conditions.
Management Discussion and Analysis
SEGMENT BUSINESS HIGHLIGHTS chain and dampen economic activities. We launched the electronic Vacant
As a result of these factors, our property Possession (eVP) process, a digitalised
Property Development sales in PRC were affected, including process that provides customers with
Market Review that of IOI International Parkhouse. a unified platform to facilitate property
Transitioning into an endemic As our target market comprises handover. The handover process was
phase in Malaysia mainly first-time property buyers, smoothened significantly as customers
they were easily affected by negative were able to schedule the handover
In the beginning of FY2022, IOIPG had
market sentiments. at their own convenience. We also
to operate in a challenging environment
launched a “Vendor Directory” through
due to the COVID-19 pandemic. Segment Overview the IOI Support mobile application,
However, the Group remained steadfast in
Throughout the year, we recorded which is available to all residents. The
overcoming challenges as Malaysia began
continuous improvement in our online directory contains a comprehensive
its transition into endemicity. Following a
performance in the Malaysian property list of contact details for contractors,
successful nationwide vaccination effort,
segment, resulting from the reopening suppliers, or renovators, as well as
accompanied by a full lifting of movement
of all economic sectors within the the different types of services offered.
restrictions, economic activities have
country. This has enabled the positive This offers a hassle-free experience
resumed across Malaysia. All states have
contribution of revenue and operating for our residents in search of a
transitioned into Phase 4 of the National
profits within the business segment. particular vendor.
Recovery Plan, with less restrictive
Meanwhile, in response to the
measures governing business operations. In order to lower construction costs
recovering demand in the property
Consumer sentiment has improved, and to solve the issue of labour
market, the Group has launched
resulting in a higher demand for property. shortage, we implemented the
initiatives and organised activities
to incentivise potential homeowners Industrialised Building System (IBS)
Rising costs affecting profitability
to purchase our properties. in our ongoing developments. In IBS
Our property development business construction, building components
has been affected by the rising costs of We launched IOIXtend, a promotional can be prefabricated in a controlled
construction due to the spike in prices campaign that ran from April to July environment. Apart from reducing
of commodities and labour shortage. 2022. This promotion allows for an construction time, this results in a more
A combination of factors such as rising extended 12-month warranty that covers efficient use of raw materials and reduces
interest rates, surging food and petrol leakages from embedded plumbing reliance on manual labour.
prices, and increased cost of living, and cabling, providing buyers with
have eroded the purchasing power of much needed peace of mind when Beyond our borders, the island republic
consumers. This has contributed to the purchasing their dream homes. of Singapore has begun its transition
decline in the affordability of housing, towards a COVID-19 resilient nation
which dampened property sales, In August 2022, we teamed up with and with the gradual easing of safe
resulting in a shift in demand towards Affin Bank Bhd to provide financing management measures, the construction
more affordable housing. Hence, the solutions to homebuyers through the of IOI Central Boulevard Towers has
need to strike a fine balance between Affin Home Step Fast/i loan on a wide resumed and is gathering momentum.
raising property prices to mitigate rising range of properties located within However, the competitive labour market
cost and ensuring affordability. our integrated developments in the in the construction sector and supply
Klang Valley. The loan allows prospective chain disruptions have caused logistical
Property market slowdown in PRC buyers to enjoy low monthly repayments hold-ups and extended lead times; and
In PRC, the property market was for the first five years. this continue to pose challenges to
impacted by the debt crisis faced by the project’s progress. Nevertheless,
Chinese property developers, PRC’s Recognising the importance of the project team remains determined
Zero-COVID policy, as well as the digitalisation, we introduced several to ensure the timely completion of
prolonged Russian invasion of Ukraine, digital initiatives to enhance the experience IOI Central Boulevard Towers in 2023.
which continues to disrupt global supply of our customers during the year. On the leasing front, about 30% of the
lettable space has been successfully

leased out.
Meanwhile, the South Beach Consortium

(“SBC”) has clinched the Urban Renewal
Award at the SGBC-BCA Leadership in
Sustainability Awards co-organised by
the Singapore Green Building Council
(SGBC) and the Building Construction
Authority (BCA). The award seeks to
acknowledge building projects that
have demonstrated a keen focus on
sustainability and adaptive reuse of an
existing building or space, recognising
its heritage but still pursuing a form to
best reflect its new purpose. An integral
aspect of South Beach’s development
was the conservation and restoration
of four heritage military buildings and
interspersing them with conserved
mature trees. Sustainable features
such as photovoltaic cells were installed
for the generation of solar power in
order to achieve optimal building
performance solutions.
South Beach Tower, the office component

of the South Beach development, is
currently running at 98% occupancy
rate, despite the keen competition it
is facing. To gain a competitive edge,
South Beach has been proactively
engaging its tenants earlier, to start
the negotiation process on their lease
renewal. This is in anticipation of
tenants right-sizing their real estate
footprint in response to the lifestyle
pattern shift of employees working
from home more frequently, as well as
ongoing economic uncertainties.
In Xiamen, PRC, construction of the

residential development in IOI Palm City
has been completed in FY2021.
We expect our developments in the
PRC to continue contributing positively
to IOIPG’s financial performance in the
next financial year. South Beach, Singapore
OUR PORTFOLIO Negeri Sembilan Within Bandar IOI Segamat, construction

In the coming financial year, we plan is progressing well for various freehold
Klang Valley single-storey terrace houses such as
to launch 84 units of affordable
In the year under review, the Group Ruby, Jati and Iberis, as well as one and
homes in Bahau, Negeri Sembilan.
completed a total of 350 units of Stellar a half storey terrace houses of Lavenda 2.
We will also carry out more aggressive
Suites at Bandar Puteri Puchong in
marketing efforts concurrently, such
Selangor. Stellar Suites is a freehold
as the Rent-To-Own campaign, to sell Singapore
transit-oriented development located The construction of IOI Central Boulevard
existing stocks of shop offices and light
only 50 metres away from the Bandar Towers is in progress and is expected
industry units.
Puteri LRT Station. It offers SOVO office to be completed in 2023. Meanwhile,
suites and retail shops at a prime area Other completed projects during the our mixed residential cum hotel
in a vibrant integrated development. year include 70 units of affordable development site at the Marina View site
The Group also completed construction homes located at Bandar IOI Bahau is currently undergoing comprehensive
for Clio 2, a serviced apartment located that were fully sold. site preparatory work which includes
within the well-planned 788-acre soil investigation, services detection,
freehold township of IOI Resort City in Johor topographical surveys, and hoarding
Putrajaya. The thoughtfully designed works to ensure the site is ready for
Demand for landed properties, in
tri-towers are well connected to major development. Earlier in 2021, we were
particular single-storey terrace houses,
cities in the southern part of Klang successfully awarded the Government
remained robust for the Group’s new
Valley, including Cyberjaya, Kajang, Land Sales (GLS) tender with a closing
products launched from RM447,900. The
Bangi, and the KL City Centre, through bid of RM4.7 billion. We have also obtained
sales for the new launch of two-storey
an established network of highways. Provisional Planning Permission from
cluster houses priced from RM799,000
In addition, Avens 2, consisting of 159 the Urban Redevelopment Authority
was also encouraging.
units of double-storey terrace homes (URA), a requirement for development
located within 16 Sierra at the Puchong In FY2022 at Bandar Putra Kulai, we have and building works.
South township was completed in successfully delivered vacant possession
FY2022. Well connected through major for Cello 1, comprising 120 units of PRC
highways such as SKVE, MEX and LDP, single-storey houses that are 99%
the peaceful and serene living space The residential portion of the IOI Palm
sold and Aralia comprising 73 units of City was completed in FY2021. Of the
offered by Avens 2 is very much sought- high-end double-storey houses. Within
after by homebuyers, which is reflected 992 units that were launched, 936 units
the same integrated development, have been sold, amounting to an overall
in its 99% take-up rate. we also completed the construction take up rate of 94% as demand for the
of 32 units of Semi-D Factories. project was strong given the scarcity of
Meanwhile, construction is progressing
well for The Strata 2, a sold-out villas in Xiamen. There are also 1,712 car
Another completed project is Victory,
development located at Bandar Puteri park bays for sale at IOI Palm City at a
a freehold 3-storey shop office project
Bangi. Construction is also ongoing at price tag of approximately RM200,000
comprising 9 units located in Kempas
Alanis, an affordable service apartment; per bay.
Utama, Johor Bahru. The Group also
and Arena Xchange, a commercial completed construction of 60 stratified
development; both located at Warisan The construction of IOI Palm International
shop-offices at Platino Avenue, a Parkhouse has been completed in FY2022.
Puteri Sepang. Another project under low-density new business hub in
construction is Gems Residences, IOI Palm International Parkhouse also
Skudai, Johor. has 419 car park bays which are open
an upmarket condominium, located at
IOI Resort City in Putrajaya. for sale.
During the year, projects that are under
construction in Kulai, Johor include
Penang Crystal, a double-storey cluster houses
IOIPG will continue to focus on located in Taman Lagenda Putra. At
unlocking the value of the Group’s Bandar Putra, construction is ongoing
inventory in Penang through the sales for various landed terrace houses such
of D’Zone Condominium and Cypress as Cello 2 and Marvela; Merpati Indah
Villa semi-detached houses. apartments and detached factories at
I-Synergy industrial park.
The Group’s ongoing property development projects (excluding investment-based development)
Original Remaining Remaining

Year of Development Development Estimated Estimated
Development’s Land Size Land Size Gross Value Gross Value
Developments Commencement (Acres) (Acres) ’billion ’billion
Ongoing
Bandar Puchong Jaya, Selangor 1990 930 8 RM4.2 RM0.5
IOI Resort City, Putrajaya 1995 & 2016 358 293 RM17.7 RM14.9
Bandar Putra Kulai, Johor 1995 5,680 3,498 RM9.4 RM5.4
Bandar IOI Segamat, Johor 1995 607 87 RM1.8 RM0.5
Bandar Puteri Puchong, Selangor 2000 930 142 RM17.1 RM12.0
Taman Lagenda Putra, Kulai, Johor 2006 225 22 RM0.7 RM0.1
Taman Kempas Utama, Johor Bahru, Johor 2007 294 33 RM2.9 RM0.8
16 Sierra, Puchong South, Selangor 2008 548 183 RM8.3 RM5.6
Desaria, Sungai Ara, Penang 2013 27 5 RM0.4 RM0.2
IOI Palm City, Xiamen, PRC 2014 21 0.3 RMB7.1 RMB0.3
Bandar IOI, Bahau, Negeri Sembilan 2014 283 21 RM0.6 RM0.2
Bandar Puteri Bangi, Selangor 2014 345 206 RM7.0 RM5.4
Warisan Puteri @ Sepang 2014 336 186 RM4.3 RM3.4
i-Synergy, Senai, Kulai, Johor 2015 507 265 RM1.9 RM1.8
IOI Palm International Parkhouse, Xiamen, PRC 2018 6 1 RMB2.3 RMB1.1
BC Industrial Park 2021 325 325 RM2.1 RM2.1
Marina View 2022 1 1 SGD2.6 SGD2.6
Completed joint venture projects
Seascape @ Sentosa Cove, Singapore 2008 4 – SGD0.8 SGD0.3
Cape Royale @ Sentosa Cove, Singapore 2010 5 – SGD1.4 SGD1.4
Key Information – Property Development (excluding joint ventures projects)
2022* 2021* 2020* 2019 2018
Units of property sold 2,765 2,509 2,270 2,126 2,128

Total sales (RM’000) 1,930,368 2,300,132 1,839,328 1,930,052 1,876,769
Revenue (RM’000) 2,101,915 2,109,585 1,638,453 1,634,582 2,141,272
Operating profit (RM’000) 901,803 790,063 773,758 612,986 571,349
Property Sales Mix by Price Range
2022 2021
Price Range RM’000 % RM’000 %
Below RM250,000 31,984 2 16,736 1

Between RM250,000 and RM500,000 464,107 24 370,402 16
Between RM500,000 and RM750,000 439,655 23 312,023 13
Between RM750,000 and RM1,000,000 239,924 12 266,755 12
Between RM1,000,000 and RM1,500,000 117,120 6 284,479 12
Between RM1,500,000 and RM2,000,000 54,161 3 231,591 10
Above RM2,000,000 583,417 30 818,146 36
Total 1,930,368 100 2,300,132 100
Property Investment An increased focus on ESG compliance

Market Review in the workplace
Our Portfolio Shifting consumption behaviour
As global investors increasingly push
the ESG agenda, MNCs are under
The pandemic has transformed pressure to comply with tightening
consumption habits, with customers sustainability requirements, including
prioritising speed and convenience. Hence, the physical spaces they operate in.
Mall the traditional brick-and-mortar retail Companies are exercising more scrutiny
businesses are now facing competition and selecting offices and buildings
• IOI City Mall
from online shopping and popular with sustainability as well as health and
– Net Lettable Area: 2.5 million sq ft
food delivery applications. In response, wellness features. Energy efficiency is
physical retailers have begun investing also a key consideration as it leaves
• I OI Mall Puchong in omnichannel platforms to provide
– Net Lettable Area: 902,000 sq ft behind a smaller carbon footprint.
a seamless online-to-offline experience We see a rising demand for newer
for customers. More retail stores are and more sustainable buildings in
• IOI Mall Kulai equipped with click-and-collect services
– Net Lettable Area: 264,000 sq ft the years to come. Furthermore,
and are also allowing customers to going hybrid and going green are
have the option of placing online increasingly being viewed through a
• IOI Mall Xiamen, PRC orders directly at the physical stores. common lens. There is an opportunity
– Net Lettable Area: 639,000 sq ft
A flight-to-quality trend is underway to create a hybrid workplace rooted
in the Malaysian office market in sustainability that will appeal
to sustainability-focused tenants.
The Malaysian office market continues
Office
to be driven by tenants, who are Segment Overview
• Puchong Financial taking advantage of a higher supply
Retail
Corporate Centre to negotiate for lower rentals. Flight-to-
quality remains a dominant theme, as The Movement Control Order (MCO) 3.0
– Four 12-storey to 21-storey imposed by the Malaysian government
purpose-built office buildings tenants are looking for properties that
deliver the best value for their money and greatly affected shopping mall
– Net Lettable Area: 883,000 sq ft operations at the beginning of FY2022.
can meet their evolving requirements
for a hybrid work set-up. There is still During the lockdown period, the Group
• One IOI Square and Two IOI provided rental relief to support our
demand for physical office space due
Square in IOI Resort City, Putrajaya tenants. This is part of our pragmatic
to concerns about the potential impact
– Two 12-Storey purpose-built tenant retention strategy, and this has
of remote working on productivity,
office towers allowed us to optimise our occupancy
employee engagement and corporate
– Net Lettable Area: 434,000 sq ft rates throughout the lockdown.
culture. Tenants are also growing more
selective with preference for quality In September 2021, the restriction
• IOI City Tower 1 and IOI City offices, which has been known to measures were subsequently relaxed,
Tower 2 in IOI Resort City, Putrajaya help attract and retain talent. We also and led to an increase in consumption.
– Two office towers observed significant movements by the Our malls have seen a brisk recovery in
– Net Lettable Area: 968,000 sq ft local technology companies expanding footfall due to strong pent-up demand,
their office footprint outside of the city resulting in record quarters for the
• Conezión in IOI Resort City, centre. The technology industry has malls’ footfall and revenue. The Phase 2
Putrajaya witnessed exponential growth during construction of IOI City Mall was also
– Net Lettable Area: 925,000 sq ft the pandemic, and this has accelerated completed, with the official opening on
a demand for high-quality office spaces. 25 August 2022. This has added an
additional 1 million sq ft, bringing the The coverage of CLUB IOI was also Office
total of NLA to 2.5 million sq ft, making expanded to IOI Mall Puchong, increasing The Malaysian office market continues
IOI City Mall the largest mall in Malaysia. its access to a total of 3 shopping malls to be affected by the prolonged
(including IOI City Mall and IOI Mall pandemic. As part of the Group’s efforts
In PRC, IOI Mall Xiamen was successfully Kulai). We are also leveraging on online to support our office tenants, we have
opened to the public in October 2021 platforms to attract consumer attention introduced several tenant support
with an occupancy rate of 92.2%. There and develop our own fanbase. We initiatives. We granted rental relief,
were initial concerns to launch against have created our own TikTok account staggered rental rates, short term
a backdrop of economic uncertainties to post interactive videos and hold live tenancy and flexible terms to help our
and turbulence in the aftermath of the broadcasts to improve our malls’ online tenants during such challenging times.
COVID-19 outbreak. However, we are exposure and convert our online We also granted rebates to several
pleased with the performance of the viewers into walk-in customers. office tenants.
mall since its launch. During the initial
opening phase, we received a total of IOI Mall Xiamen partnered with tenants to To improve the experience of our office
460,000 customers, with total sales train them to build their own live broadcast tenants, we adopted several initiatives
amounting to RMB24.3 million and platforms and online communities to such as the Carpark Cashless System,
an average daily volume of 115,000 help them improve customer loyalty allowing them to pay with their credit
customers. The sales performance of and generate sales. We also supported cards/debit cards. We also upgraded
the restaurants at IOI Mall Xiamen our tenants by sharing the latest news the Visitor Management System,
were particularly noteworthy, with the on their promotions and branding allowing our tenants to keep track of
performance of 6 restaurant brands campaigns on our IOI official fan page those who visit their business premises,
ranking 1st in PRC in their respective on WeChat, which has contributed to providing both security and peace
franchises, and 30 restaurant brands their sales performance. of mind.
ranking 1st in the Fujian province. The
resounding success of the mall was
not left unnoticed and was recognised
through the receipt of the “Annual Most
Popular Commercial Real Estate Award”
at the Xiamen Real Estate Oscar of
Xiamen Evening Press 2021, and the
“Annual Experiential Landmark Award”
in Yingshang 2021 PRC Experiential
Commercial Real Estate (Pioneer) Event.
On the digital front, we have embraced

the use of digital initiatives in our retail
business. The Group believes that online
platforms and mobile applications
complement our business and helps
to enhance the experience of our
retail customers. CLUB IOI, an online
e-commerce mobile application that
also functions as a cardless loyalty
programme, has received numerous
enhancements during the year to
improve customer experiences.
IOI Rio at Bandar Puteri Puchong

Our Portfolio
Hotels & Golf Courses
• Putrajaya Marriott Hotel

– 488 guest rooms
• Four Points by Sheraton Puchong

– 249 guest rooms
• Palm Garden Hotel, Putrajaya,

a Tribute Portfolio Hotel
– 151 guest rooms
• Le Méridien Putrajaya
– 353 guest rooms
• JW Marriott Hotel Singapore Putrajaya Marriott Hotel

South Beach
– 634 guest rooms (49.9% stake)
Hospitality and Leisure The rising popularity of staycations
• Palm Garden Golf Club
Market Review With international travel grinding to a
– 18-hole golf course
halt during the pandemic, the domestic
Emerging from the shadows of
staycation trend emerged and boomed
• I OI Palm Villa Golf and the pandemic
in popularity. The easing of movement
Country Resort Hospitality occupancy rates remained restrictions by the Government encouraged
– 18-hole golf course soft during the year under review as domestic travel and further boosted
the rising COVID-19 infections led demand for domestic tourism. Through
to the extension of the Government’s a well-defined market segmentation
Movement Control Order (MCO 3.0) process, our hotels were able to ride
under the National Recovery Plan in on the staycation trend and achieved
Malaysia. Many hotels continued to healthy sales by targeting domestic
offer quarantine services to support travellers looking for a holiday experience
the accommodation needs of medical closer to home. We were able to ensure
frontliners, self-isolation guests and our competitiveness in the market by
essential travellers. However, Malaysia’s maintaining a competitive flexible rate
high vaccination rate among the and cancellation policy to drive sales.
population has enabled the government In addition, we were able to stay
to progressively relax the movement connected with our guests to build
restrictions imposed on economic confidence and drive domestic demand
and social activities, including inbound towards our hotels prior to the easing of
and international travels. The golf movement restrictions. Our sales were
tourism sector is also primed for further bolstered by the leisure and
a post-pandemic boost, with golfer corporate business contributions from
traffic expected to increase significantly Marriott International Travel Program
as international golf travellers frequent (Marriott Bonvoy), which offer member-
the golf courses again. exclusive rates and benefits.
The resurgence of business travel countries such as Singapore, Thailand and was an uplift in rates and revenue as
and events Indonesia. We focused on corporate the hotel was able to leverage on the
As Malaysia transitions towards an travelling as a key focus area for the hotel Singapore Airshow week to capture
endemic phase, the easing of measures business due to high pent-up demand, sales in February 2022.
for international travellers and business following two years of movement and
events in Malaysia will help boost the travel restrictions. Besides focusing Meanwhile, in Xiamen, PRC the ongoing
Meetings, Incentives, Conferences and on corporate travellers, our hotel construction of Sheraton Grand Hotel is
Exhibitions (“MICE”) industry. The hotels management has explored the potential slated for completion in the fourth
hosted smaller scale events due to of new markets including the Middle East quarter of 2023.
the strict healthcare protocols imposed and India for leisure and group travels.
The golf industry business was also not
on the MICE sector. Pre-packed coffee spared by the COVID-19 pandemic but
In Singapore, the island republic has
breaks and bento lunches became a there have been slow yet steady signs of
opened its international borders in a
norm during this period to ensure the recovery. As one of Malaysia’s top public
safe and calibrated manner in April 2022.
safety and well-being of the guests. Our golf courses, Palm Garden Golf Club’s
Since then, JW Marriott Hotel Singapore
hotels also targeted corporate travellers golf rounds and banqueting revenue
South Beach has experienced a surge in
from less impacted industries such as saw marginal gains from between
demand and has continued to perform
pharmaceutical and healthcare, IT, courier October 2021 and January 2022.
well. The tourist arrivals in Singapore
services, Fast-Moving Consumer Goods However, this performance was
have also rebounded to 1.5 million in
(FMCG), financial services, and engineering hampered by the advent of the high
the first six months of 2022, compared
by providing special rates for longer number of COVID-19 cases due to the
with 119,000 arrivals during the same
stays to optimise occupancy rates and reopening of state and international
period in 2021. In 2021, JW Marriott
capture a larger pool of customers. borders, and an extended spell of
Hotel Singapore South Beach served as
Segment Overview a Stay-Home Notice (SHN) dedicated bad weather in the ensuing months
facility from July 2021 to 6 December which resulted in cancellations
Rapid hotel closures, either temporary and postponement of golf rounds,
2021. After being released from its SHN
or permanently, in 2020 and 2021 tournaments as well as the use of
obligations in December 2021, there
underscored the impact of the COVID-19 our ballroom and meeting rooms.
pandemic on the hospitality segment.
However, with the swift resumption
of business and new hotel openings,
we saw signs of improving sentiments
within the sector. Therefore, the Group
capitalised on the opportunity to add
Palm Garden Hotel to the Group’s
international brand portfolio, and it
became part of Marriott International’s
Tribute Portfolio following a strategic
conversion. With this latest addition,
Marriott International will manage six
hotels for IOIPG – four existing hotels
in Malaysia (Le Méridien Putrajaya,
Putrajaya Marriott Hotel, Four Points
by Sheraton Puchong and Palm Garden
Hotel, Putrajaya, a Tribute Portfolio
Hotel) and two new hotels under
construction (Sheraton Grand Hotel, IOI
Palm City, Xiamen and Moxy Putrajaya).
When the country’s border reopening

was announced and travel lanes between
countries opened, we identified countries
with similar travel policies as our target
markets, particularly neighbouring Sheraton Grand Hotel, IOI Palm City, Xiamen
OUTLOOK AND PROSPECTS In the next financial year, we will focus Furthermore, the Chinese government
on enhancing our value proposition to has introduced a series of stimulus
Property Development improve the profitability of our property measures and increased infrastructure
Malaysia’s economy has been on a development projects. To achieve this, spending to fuel economic growth and
strong recovery path since the opening the Group will be launching products meet targeted Gross Domestic Product
of borders in April 2022. It is projected with higher margins corresponding to the growth. We believe the demand for
that the recovery will extend into the maturity of its landbank and infrastructure property in Xiamen, PRC will remain
second half of 2022, though at a slower of its integrated developments. strong over the long-term. This is largely
pace tempered by global headwinds. driven by continuous urbanisation into
The Group remains vigilant of the ongoing Meanwhile in the PRC, we anticipate 2nd tier cities such as Xiamen, the Chinese
macroeconomic and sectoral concerns continued government supported traditions and customs for home
caused by rising inflation, supply chain measures to stabilise the property ownership, and the influx of young talent
disruptions and interest rate hikes. market. Signs of improvement in the looking to settle down in Xiamen after
However, we are optimistic that we are housing market have emerged after graduating from Xiamen University.
well-positioned to deliver positive results. the Chinese government unveiled
measures including the reducing of The property market slump in PRC
We will continue to drive sales of mortgage rates, subsidising property has also provided an opportunity for
our mid-priced range of products purchases, and reducing down the Group to demonstrate our financial
by leveraging on the Group’s digital payments. The property market has ability in showcasing actual housing
marketing capabilities and aggressive also been bolstered by the easing of units and attracting potential buyers
promotional campaigns. With the pandemic restrictions in PRC through for IOI Palm City and IOI International
resumption of construction activities the relaxation of controls on intercity Parkhouse. At a time when local
that were previously disrupted by the travels, while the quarantine period for developers are grappling with the
lockdowns, we will be able to continue international arrivals was reduced by debt crisis and struggling to resolve
our progress for ongoing developments 50% to seven days. We foresee further their stalled and delayed projects,
and expedite the delivery of vacant relaxation of COVID-19 restrictions. we have the financial strength to
possession of our projects. ensure timely completion and delivery
of our housing projects.
IOI City Mall, IOI Resort City

Property Investment Signature Offices in the fourth quarter international hotel chains after the
of 2023, we expect an increase in pandemic, taking comfort in the brand
Retail footfall to our mall. This will be a boost assurance on hygiene measures that
Across our retail malls, rising inflation to retain existing tenants and attract are aligned with global standards.
is expected to have a negative impact new tenants with stronger and more Furthermore, due to pent-up demand,
on performance as customers become established brand presence. consumers are more willing to spend
more price sensitive amidst decreased extra for premium rooms for comfort
sentiments. As part of our plans to Office and privacy, for both leisure and
mitigate this impact, we will strive to business trips. As such, our hotels
In the office segment, we envisage that
further rationalise our cost structure to will continue to upsell premium rooms
the growing adoption of hybrid working
mitigate the impact, via more efficient and increase our average room rates.
arrangements by companies will affect
and effective use of resources, such Our hotels also promote “Stay & Work”
the demand for office space. On the
as deploying new technologies and packages to those who seek a
other hand, demand for green buildings
accelerating digitalisation. refreshing change of scenery and
is projected to increase as companies
are placing more focus on ESG compliance. require high speed internet access.
In PRC, we are optimistic that the retail
market will regain its vibrancy when Meanwhile, in the near term, rents will
For the MICE business, we noted that
the PRC government opens its borders likely remain under pressure as office
event organisers are planning for single
and further relaxes movement control supply continues to outpace demand
occupancy rooms instead of booking
restrictions. In anticipation of the with the completion of some major
twin sharing rooms for health and safety
resulting increase in consumption projects in the year ahead.
reasons. Events may also require more
demand, we seek to capitalise on our function spaces as a general session
Moving forward, we have major upgrading
major target group of family-oriented may cascade into different breakout
plans in the pipeline for older office
customers to drive sales as the market sessions that involves more rooms.
buildings in our portfolio. We recognise
strengthens gradually. Once our other Hotels that have the capacity to provide
the need to enhance the quality of our
integrated development projects which sufficient guest rooms and appropriate
office spaces to stay relevant in this
includes hotels and offices, are completed, function spaces will benefit from these
competitive market segment. In keeping
we will also be able to cater to a broader requests. In the next two years, the MICE
with our digital transformation aspirations,
spectrum of customer profiles such as business will likely see more in-person
we will also digitalise various building
tourists and business executives. attendance and the hybrid element will
services to enhance the tenants’
experience. We will also continue our accommodate an increase in attendance,
Although the consumer behaviour and which will then contribute towards the
spending habits in PRC are constantly efforts to offer fitted offices in anticipation
of an increase in market demand for hotels’ incremental revenue.
evolving, we are confident that shopping
malls remain irreplaceable. The mall is office spaces. This approach will allow us
Meanwhile, we are anticipating a
not only a place where people do their to increase occupancy at a faster rate.
rebound in the golf tourism sector,
shopping, we will continue to differentiate To further boost our competitiveness,
having previously struggled to perform
ourselves as a welcoming space that the Group has also budgeted for the
during the pandemic. With international
delivers experiences. We seek to provide funding of fit-out costs to selected
travel picking up momentum amidst the
space for friends and family to celebrate tenants, which will be amortised over
reopening of borders, international golf
special occasions and share experiences the tenancy period.
travellers are expected to return to
that online shops cannot replicate. We the golf courses. In anticipation of this
believe the brick-and-mortar stores will be Hospitality and Leisure increased demand, we have secured
especially appealing after a prolonged The pandemic has left an indelible mark several local travel agents to facilitate
period of lockdown measures resulting on us, changing our travel behaviour the bookings and reservations of these
from the COVID-19 pandemic. and habits. For instance, we observed international golfers and have already
that booking lead times have been received international bookings
Looking ahead, we are anticipating a shortened and travellers are more since May 2022. The post-pandemic
subway station of Line 6 connecting our inclined to plan for last minute trips continuation of professional golfing
mall with Xiamen Island to be operational to take advantage of the lifting of events and tournaments will further
in 2024. Coupled with the opening of travel restrictions. The preferences of boost the performance of the golf
Sheraton Grand Hotel and IOI Palm City consumers have also shifted towards tourism sector.
GROUP FINANCIAL REVIEW Property development cost written The Group has total cash outflows of
The Group recorded a revenue of down in value of RM171.22 million in the RM5.25 billion from investing activities
RM2.59 billion and profit before taxation current year was attributable to certain in FY2022, mainly for the acquisition of
(“PBT”) of RM1.10 billion for the financial residential developments in IOI Palm a parcel of leasehold land at Singapore’s
year ended 30 June 2022 (“FY2022”). International Parkhouse, Xiang’an. Marina View for RM4.71 billion. The
The Property Development segment The Group also recognised a fair value Group recorded net cash inflows of
(“PD segment”) remains the key driver gain on investment properties of RM5.04 billion from financing activities
of our operations and accounted for RM48.92 million, driven by a strong in the current year, which was utilised
81% (FY2021: 85%) of the Group’s recovery in the retail market in Malaysia. for the said new land acquisition.
total revenue, whilst the revenue from
The Group registered total assets of The Group’s Net Interest Cover was
Property Investment, Hospitality &
RM39.50 billion, shareholders’ equity 3.31 times for FY2022. The Group
Leisure and Other segments accounted
of RM20.45 billion, and total liabilities manages its capital structure and
for the remaining 14% (FY2021:12%)
of RM18.89 billion in FY2022. Gross optimises debt and equity mix to create
and 5% (FY2021: 3%) respectively.
borrowing as of 30 June 2022 stood value for shareholders. We actively
Revenue from Malaysian operations
at RM16.82 billion, an increase of monitor our operating cash flows, debt
accounted for 76% (FY2021: 64%) of
RM5.81 billion from FY2021. The maturing profile, and the availability
the total revenue, with the remaining
additional borrowing was mainly of funding against our overall debt
24% (FY2021: 35%) contributed by
utilised for the acquisition of a new site position to ensure all operating,
PRC operations.
in Marina Bay. Correspondingly the investing, and financing requirements
The Group’s revenue in FY2022 was Group’s gross gearing ratio rose from as well as the loan covenants imposed
4% higher than FY2021. This was mainly 0.56 in FY2021 to 0.82. Whereas the by the financial institutions are met.
attributable to the Property Investment Group’s net gearing ratio was 0.71 in
FY2022, compared with 0.47 in FY2021. The Group continues to maintain a
segment with the onset of recurring
The Group’s net assets value of RM3.71 record of annual dividend payment
leasing income from IOI Mall, Xiamen
per share for FY2022 was slightly to our loyal shareholders. A proposed
following its business commencement
higher than RM3.55 per share recorded first and final single tier dividend of
on 28 October 2021. The increased
in FY2021. 4.0 sen per ordinary share amounting
revenue was also due to an improvement
to RM220.25 million in respect of the
in mall and hotel traffic in Malaysian
The Group continues to maintain a financial year ended 30 June 2022 to
operations following the reopening of
healthy cash flow position. Cash and be approved by the shareholders at the
the economy and international borders
cash equivalents stood at RM2.35 billion forth coming Annual General Meeting of
into Malaysia.
as at 30 June 2022, up by RM502.88 million the Company. This represents a dividend
After excluding net foreign currency or 27% from FY2021. Cash generated payout ratio of 32% of total earnings
translation gain on foreign denominated from operations was RM1.59 billion attributable to the owners of the Company.
borrowings and deposits, fair value for FY2022, which was 14% or
adjustment on investment properties, RM192.40 million higher than FY2021. Operations Review
and property development costs written This was mainly attributable to higher
proceeds received from the sales of
Property Development
down in value, the Group registered a
completed units. However, net cash Property development continues to be
PBT of RM1.22 billion in FY2022, slightly
generated from operating activities was the key driver of revenue and operating
higher than FY2021’s RM1.21 billion.
RM694.29 million in FY2022, which was profit of the Group. The Group
The higher PBT was mainly as a result of
RM324.46 million lower than FY2021. has recorded total property sales of
better financial performance from the
This was mainly due to the settlement RM1.93 billion (FY2021: RM2.30 billion)
Property Investment segment, although
of land appreciation tax and corporate and revenue of RM2.10 billion for
this was mitigated by a lower share of
income tax during the financial year FY2022. Development projects in
associate and joint ventures profits
pursuant to the completion of the last Malaysia contributed 72% (FY 2021:
compared against the preceding
phase of residential development in 58%) of the Group’s revenue, followed
financial year.
IOI Palm City, Jimei. by 28% (FY 2021: 41%) from our
development projects in Xiamen, PRC.
The Group’s Total Assets
RM39.50b
The Group’s Shareholders’ Equity
RM20.45b
Proposed Dividend
4.0 sen
per ordinary share
IOI Palm City, Xiamen
The revenue contribution from Property Investment The Group recorded a total fair value
Malaysian operations of RM1.52 billion The Group posted a total revenue gain of RM48.92 million on investment
in FY2022 was RM297.57 million or of RM364.25 million and operating properties in FY2022, mainly attributable
24% higher than FY2021. The revenue profit of RM160.93 million in FY2022, to the retail sector following the strong
increase was mainly driven by higher predominantly driven by the contribution recovery in our mall operations.
sales of completed units in both of the retail sector which accounts
Klang Valley and Johor, as a result for 83% of the Group’s total Property Hospitality & Leisure
of our dynamic sales and marketing Investment revenue. The Group registered a total revenue of
campaign during the year. The Group’s RM113.09 million, up by RM29.53 million
PRC operations registered revenue of As a whole, the current financial year’s or 35% when compared with FY2021.
RM586.14 million in FY2022, mainly revenue and operating profit for Operating loss narrowed to RM29.19 million
contributed from IOI Palm City projects. Property Investment was recorded in FY2022, from RM29.82 million in FY2021.
at RM77.56 million or 27%, and
The segment recorded operating RM31.42 million or 24% higher than The segment’s improved financial
profit of RM901.80 million in FY2022, FY2021 respectively. The better financial performance in FY2022 was mainly
which was RM111.74 million or 14% performance in FY2022 was largely driven by the increase in hotel
higher than the previous financial year. due to the business commencement occupancy rates, supported by robust
The higher operating profit was largely of IOI Mall in Xiamen in October 2021, domestic demand following the easing
contributed by a RM85.98 million gain which contributed approximately of travel restrictions and reopening
on disposal of a subsidiary that owned 11% to the total Property Investment of international borders. Nonetheless,
259.1 acres of plantation land. The revenue. This was further bolstered the better showing was partly impacted
improved operating profit was also by the improvement in mall traffic by RM6.42 million on amortisation of
bolstered by the Malaysian operations. in Malaysian operations following a leasehold land on the newly acquired
the reopening of the economy and site at Marina Bay.
international borders into Malaysia.
How We Manage Our Risk

Effective management of risks is crucial to the long-term and sustainable growth of the Group. We have identified and outlined
below, the key risks that are critical across all business segments, with our mitigation measures, for the financial year under review.
The risk movement symbol indicates the movement of the risk rating from FY2021 to FY2022, after taking the implemented
risk mitigating measures into account.
Further elaboration on our Enterprise Risk Management Framework can be found in the Statement on Risk Management and Internal Control from
pages 164 to 169 of this Annual Report.
Key Risks How It Affects Us
Health, The Group recognises the risk of being impacted by injuries, COVID-19, or fatality to workers related
Safety and to working conditions and safety.
Security Risk
This may lead to significant loss of productivity and performance as a result of potential accidents,
injuries, casualties and stop work orders imposed by authorities.
In the transition to the endemic phase, the Group remains vigilant in ensuring preventive measures
and actions are continued.
Market Risk The Group recognises the potential market risks triggered by COVID-19, and the increased
global inflationary pressures causing changes in purchasing behaviour, which has weaken the
demand in property market as consumers divert spending toward more essential purchases.
With the re-opening of international borders in April 2022, the Group anticipates the Hospitality &
Leisure segment to recover to pre-pandemic levels.
Geopolitical The Group recognises the increasing significance of geopolitical risk as the world grows increasingly
Risk interconnected due to rapid advances in communications, accessibility and rise of globalisation.
The Group acknowledges that impact may come from various possibilities such as economic
volatility, uncertainties relating to foreign policies, political conflicts and trade wars.
The Russia-Ukraine conflict continues to have an impact on global economic markets resulting in
higher energy costs and supply chain bottlenecks around the world.
Risk Movement
Increase Decrease Maintain

Risk Movement Mitigating Measures Capitals Impacted
• The Group has developed extensive Health and Safety policies and • Human Capital
procedures, as well as increased monitoring of workplace safety compliance. • Financial Capital
• In combating the COVID-19 pandemic, the Group is actively updating the • Manufactured
SOPs to ensure that these are in line with the latest government policies. Capital
In addition, investments in technology and equipment to support and
allow alternative working arrangements, as well as enhanced health
precautionary measures have been put in place to ensure continuous
work delivery and enhanced productivity.
• Continuous monitoring on the stringent implementation of COVID-19
SOPs to ensure minimal business disruption.
• The Group has introduced campaigns with innovative payment schemes • Financial Capital
to ease the financial burden of consumers. • Manufactured
• New product development is subjected to rigorous market research Capital
and feasibility, a thorough review and approval process, as well as the
development of a compelling business case before the launch of
new products.
• Continuous assessment and alignment of strategies to market conditions
are carried out to ensure that current market needs and requirements
are addressed.
• The Group closely monitors political changes and economic developments, • Financial Capital
for both local and global environment, and undertakes appropriate action • Manufactured
plans to ensure operations remain uninterrupted. Capital
• Continuous assessment and alignment of strategies to market conditions
are carried out, taking new foreign policies and regulations implemented
by the government into account.
Key Risks How It Affects Us
Operational Operational risks arising from day-to-day operations, are inevitable in any business activities
Risk to achieve the Group’s strategic goals. Hence, effective risk management and internal control
systems, coupled with the right human competencies, are critical in ensuring that these risks
are managed accordingly.
The Group acknowledges such needs and continuously seeks to implement enhancements and
improvements in order to remain resilient.
Cybersecurity With the increased reliance placed on the use of Information & Technology systems, the Group
Risk recognises the need to ensure that these systems are protected from any external threats such as
system intrusions, breaches, cyber attacks, unauthorised access, malware or any other forms of
threats to the Group.
Environmental Global warming, climate change and extreme weather changes have led to significant adverse
& Climate impact on the environment, and could continue to threaten the health and safety of our communities,
Change Risk flora and fauna.
As part of climate-related risks, the Group is exposed to physical risks (storms, floods and other
extreme weather events) and transition risk (inability to comply with regulatory requirements and/or
meet market expectations relating to climate change).
In view of the criticality of this risk, the Group’s business operations are guided by our Sustainability
Strategic Framework anchored on the Group’s core purpose of Creating a Sustainable Future.
Financial Risk The Group recognises the potential risk of cash flow liquidity, fluctuations in interest rates, foreign
exchange risk due to international operations and credit risk exposure to external counterparties.
Risk Movement Mitigating Measures Capitals Impacted
• Standard operating policies and procedures are in place and continuously • Financial Capital
reviewed and updated to reflect changing risk or address operational • Manufactured
deficiencies. Instances of non-compliances with such policies and Capital
procedures are reported by the Group Internal Audit.
• Human Capital
• Senior management team hold regular management meetings to discuss
• Intellectual Capital
and resolve operational issues.
• Harness greater operational efficiency across the value chain to increase
productivity and reduce costs.
• Increased adoption of technology and digitalisation to improve
operational efficiency.
• Suitable and qualified vendors are engaged for periodic maintenance • Financial Capital
and support services. • Human Capital
• The Group engages service providers for appropriate security • Intellectual Capital
solutions such as firewalls, anti-spam measures and periodic updates
of security patches.
• Application Access Right SOP has been implemented to ensure
authorised personnel is granted with the appropriate access rights.
• The Group has implemented comprehensive backup and recovery
measures for critical applications.
• Sustainability is embedded in our business strategies as well as • Natural Capital

management and operational approach to risks and opportunities. • Social and
This is outlined in the Group’s Sustainability Policy and Framework. Relationship
• The Group has established a dedicated Sustainability Steering Committee Capital
which steers the Group’s sustainability strategy, reviews policies and • Financial Capital
material sustainability matters, and monitors sustainability performance.
• Our Sustainability principles include organising business strategies for
long-term sustainable business growth, ensuring value creation for
stakeholders and preventing further erosion to the environment, in order
to shape a future for the coming generations.
• The Group has engaged suitably qualified consultants to advise on
the mounting global pressure on corporations to take urgent action to
address climate change and specifically on how to adopt the Task Force
on Climate-Related Financial Disclosures (“TCFD”) framework.
More details on how we address climate change and take climate action can be
found from pages 71 to 74.
• The Group has put in place the financial risk management policies as • Financial Capital
disclosed in Note 39 to the Financial Statements from pages 262 to 277 • Manufactured
to manage the respective financial risks. Capital
Corporate Information
Audit Committee Auditors
Board of Directors DATUK LEE SAY TSHIN* PricewaterhouseCoopers PLT

Chairman Chartered Accountants
Level 10, 1 Sentral
DATUK DR TAN KIM HEUNG* Jalan Rakyat
DATUK TAN KIM LEONG
CHAN CHA LIN* Kuala Lumpur Sentral
Independent 50706 Kuala Lumpur
Non-Executive Chairman
Governance, Nominating and
Remuneration Committee
Tel +60 3 2173 1188
Fax +60 3 2173 1288
DATUK DR TAN KIM HEUNG*
LEE YEOW SENG Chairman Registrar
DATUK LEE SAY TSHIN* Tricor Investor & Issuing House
Services Sdn Bhd
CHAN CHA LIN* Unit 32-01, Level 32, Tower A
LEE YOKE HAR Vertical Business Suite
Risk Management Committee Avenue 3, Bangsar South
Non-Independent
Non-Executive Director CHAN CHA LIN* No. 8, Jalan Kerinchi
Chairman 59200 Kuala Lumpur
DATUK DR TAN KIM HEUNG* Tel +60 3 2783 9299

DATO’ LEE YEOW CHOR Fax +60 3 2783 9222
DATUK LEE SAY TSHIN*
Non-Independent
Non-Executive Director Administration and
Whistleblowing Committee Polling Agent
DATO’ LEE YEOW CHOR KPMG Management &
Chairman Risk Consulting Sdn Bhd
DATUK LEE SAY TSHIN
Level 10, KPMG Tower
Independent DATUK DR TAN KIM HEUNG*
8, First Avenue, Bandar Utama
Non-Executive Director 47800 Petaling Jaya
CHAN CHA LIN*
Selangor Darul Ehsan
Company Secretary
Tel +60 3 7721 7118
DATUK DR TAN KIM HEUNG CHEE BAN TUCK Fax +60 3 7721 3399
Independent (SSM PC 202208000217)
(MIA 24078)
Non-Executive Director Legal Form and Domicile
Registered Office and Public Limited Liability Company
Principal Place of Business
CHAN CHA LIN Level 29, IOI City Tower 2
Incorporated and Domiciled in
Independent Malaysia
Lebuh IRC, IOI Resort City
Non-Executive Director 62502 Putrajaya
Stock Exchange Listing
Wilayah Persekutuan (Putrajaya)
Malaysia Main Market of Bursa Malaysia
Tel +60 3 8947 8888 Securities Berhad
Fax +60 3 8947 8909
Stock Code
5249
Website
www.ioiproperties.com.my
* Independent Non-Executive Directors

Sustaining
Sustainability
At IOIPG, we design and build developments that are
climate-resilient and resource-efficient, with the
aim of creating shared values and positive impacts
for our stakeholders.
#ioisustain
Sustainability Report 2022

52 Sustaining Sustainability IOI Properties Group Berhad
Our Sustainability Journey
Sustainability is integral to the SCOPE OF REPORTING

Group, and this is reflected in our The IOIPG Sustainability Report 2022 covers our performance
in relation to the economic, environmental and social (“EES”)
corporate vision, mission and core benchmarks from 1 July 2021 to 30 June 2022 with
values centring on building trust. comparative historical data where available. The previous
report was published in September 2021.
We firmly believe that by fulfilling The scope of reporting covers all the Group’s operations,
our sustainability commitments, namely property development, property investment, and
hospitality & leisure business spanning all geographical
we will reinforce the trust that locations from Malaysia, Singapore to Xiamen, the
we have established with all People’s Republic of China (”PRC”).
our stakeholders. The report seeks to present an overview of IOIPG’s

sustainability journey to keep stakeholders posted on the
progress we made in FY2022. This report has been prepared
During the year under review, in accordance with Bursa Malaysia Main Market Listing
we refreshed our approach to Requirements and with reference to both Global Reporting
Initiative (“GRI”) Standards 2021 and TCFD Framework.
sustainability in order to ensure Please refer to the TCFD Content Index from pages 115 to 117 and
our sustainability agenda stays the GRI Content Index from pages 118 to 125 for the full list of
relevant to our business and

disclosures referenced in this report.
stakeholders. For instance,

we conducted a materiality FEEDBACK
IOIPG welcomes our stakeholders to share opinions
assessment to review the validity and feedback with us.
and priority of the Group’s material Please contact us at:
matters. We also developed Group Corporate Sustainability Department
a climate action strategy IOI Properties Group Berhad

Level 29, IOI City Tower 2,
as well as a roadmap aligned Lebuh IRC, IOI Resort City,
62502, Putrajaya, Malaysia.
with the recommendations of the
Task Force on Climate-related Tel: +603-8947 8888
Fax: +603-8947 6634
Financial Disclosures (TCFD). Email: corpcomm@ioigroup.com
OUR ESG PERFORMANCE

Our commitment towards sustainability is evident in our
performance in global sustainability ratings. In 2022, IOIPG
received a rating of A in the MSCI ESG Ratings* assessment.
* The use by IOIPG of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein,
do not constitute a sponsorship, endorsement, recommendation, or promotion of IOIPG by MSCI. MSCI services and data are the property of MSCI or
its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
SUSTAINABILITY GOVERNANCE The SSC is supported by the Sustainability Council,

The Board of Directors oversees IOIPG’s sustainability comprising business unit heads and cross-functional
governance. The Sustainability Steering Committee (”SSC”) is representatives who are heads of departments and subject
chaired by the Chief Executive Officer (”CEO”), with assistance matter experts. Collectively, the SSC and the council will
from the Head of Group Corporate Sustainability. make informed decisions and implement strategies that
will contribute towards achieving the Group’s sustainability
The SSC, made up of the senior management team across objectives. Furthermore, all employees, including senior
our key business functions, has the oversight of climate-related management, are responsible for the Group’s ESG
risks and opportunities. The committee is tasked with reviewing performance, which is reflected in the annual performance
policies and material matters, while monitoring the Group’s appraisal that is linked to remuneration.
sustainability performance.
Sustainability Governance Structure
Group
Chairman Corporate Committee
(CEO) Sustainability Members
Head
Sustainability
Sustainability
Board Steering
Council
Committee
Subject
Business Operation
Matter
Unit Heads Heads
Experts
With the Board’s leadership and guidance, the sustainability the Group’s general business principles, management systems
strategies are cascaded down and executed by the respective and other standard operating procedures and best practices
business units and departments. These strategies complement that are constantly reviewed and revised.
Focus Areas Policies and Management System
• Code of Conduct and Business Ethics

• IOIPG Supplier Code of Conduct
Economic
• Whistleblowing Policy
• Sustainability Policy
• Energy Policy
Environment • Waste Management Policy
• Group Health and Safety Policy
• Safety & Health Management System
• Quality Management System
Social
• Quality Policy
• IOIPG Anti-Bribery and Anti-Corruption Policy
SUSTAINABILITY POLICY
Our Sustainability Policy outlines our commitment to practices and standards designed to promote environmentally and socially
responsible operations, with an aim to enhance the well-being of everyone whose lives we touch, including our employees and
local communities. This also reflects the Group’s Vision, Mission and Core Values in building trust, while contributing towards
economic growth and safeguarding the planet for our future generations.
Delivering product and service En

ic excellence by focusing on vi
om innovative business strategies, ro
work processes, and responsible
on
green products that have
nm
Creating awareness
Ec
positive impacts on the
en
amongst our employees, environment and society.
customers and business
t
partners on commitment
towards sustainability and
encouraging them to
support and participate in Striving to achieve a sustainable
responsible environmental long-term balance between
and social-economic
01 02 preserving nature and meeting
practices. business goals by minimising
negative impacts towards
biodiversity and climate change.
07 IOIPG 03
Complying with
Sustainability
applicable legislations,
standards and codes Policy Embracing green and
of practices including environmental practices
work ethics, health We are committed to: that focus on energy
and safety, and efficiency, water
labour practices. conservation, material
management and
06 04 resource use
optimisation, reduction
of GHG emissions, waste
Cultivating a minimisation and
05 conducive work pollution abatement.
Continuing our community environment that
initiatives and delivering our focuses on building
commitment towards community relations with our
development through employees, ensuring
volunteerism programmes, a safe workplace and
philanthropic activities, and a healthy workforce,
collaborative programmes. encouraging the growth
of our employees, and
providing fair and equal
opportunity in employment
for all employees.
Social
STAKEHOLDER ENGAGEMENT Feedback from different groups of stakeholders are

We are constantly engaging our stakeholders to spur generated through various channels and platforms,
long-term growth in the Group’s business while meeting providing opportunities for the Group to improve and
operational needs. This process allows us to better understand fine-tune our strategic decision-making process, and
the evolving needs of our customers, guests and business to achieve better decision outcomes.
partners, and enable inclusive decision-making. This helps
manage perceptions and address any shortcomings. We also constantly communicate to our internal
stakeholders on sustainability matters in order to
We are aware that executive decisions have an impact ensure that best practices are deeply embedded within
on the Group as a corporate entity as well as our stakeholders. the organisation.
Stakeholder Engagement Methods

Stakeholders Area Of Interest Our Commitment Method Of Engagement
Investors • Group financial performance We aim for sustainable long-term growth and • Meetings
• Business strategies and returns by providing the best of products and • Annual General Meeting (”AGM”)
operational efficiency services to customers, rewarding shareholders with • Financial reports and announcements
• Governance stability sustainable value, fulfilling a duty to the community • Press releases and advertisements
and sustainability while safeguarding the environment and contributing
• Risk management towards nation-building.
Customers/ • Product affordability We seek to uphold our brand promise and strive for • Public engagement events
Tenants and quality products and services excellence. We value all feedback • IOIPG social media platforms
• Support services from customers and tenants, seeking to continuously • Loyalty programmes (Club IOI)
• Engagement opportunities improve from them. The feedback is also a way for us • Digital community engagement platforms
and experience to maintain the highest quality in security and safety • Customer feedback channels and
• Safety and security of practices across our managed properties and service hotline (IOI Support System,
managed properties township developments. IOI Community)
• Customer/tenant satisfaction surveys
Employees • Personal and professional We seek to retain talent by providing a rewarding • Meetings
capacity-building career journey for our people, in both professional and • Workshops and training
• Career advancement personal development that will help them achieve their • Employee appraisals
• Competitive remuneration goals and realise their full potential. We pride ourselves • IOIPG internal engagement platforms
benefits in promoting a safe and healthy workplace culture that • Employee engagement activities
• Employee health and safety is open and inclusive. • Town halls
Business • Supply chain management We keep strong working relationships with all suppliers, • Meetings
Associates/ • Cost reduction/savings business partners and service providers. • Workshops and training
Vendors/ • Procurement practices • Performance appraisals
Consultants • Business ethics and We require all partners and suppliers to adhere to our
compliances business principles, such as the Code of Conduct and
Business Ethics, IOIPG Anti-Bribery and Anti-Corruption
Policy, and IOIPG Supplier Code of Conduct.
Authorities / • Regulatory compliance As a responsible corporate citizen, we support • Meetings
Regulators/ • Environmental management government initiatives and comply with regulations • Emails and letters
Government and compliance governing our industry. The same compliance principle • Inspections
Agencies • Security and safety is extended to all suppliers and business partners.
management
Media • Market presence We maintain a healthy working relationship with the media • Press release/Media invites
• Reputation as a channel of communication with the communities. • Meetings
• Corporate responsibility We engage the media periodically, providing timely and • Public events
accurate information to uphold our corporate responsibility. • Networking sessions
Residents’ • Security measures at We strive to deliver excellence in products and services • Meetings
Associations/ development projects to the communities in our developments. We utilise the • Public engagement events
JMBs • Facilities management customer feedback management system and grievance • IOIPG social media platforms
• Community investment mechanism for continual improvement and to satisfy • Customer feedback channels and
the needs of customers and our communities. service hotline (IOI Support System,
IOI Community)
• Loyalty programmes (Club IOI)
Local • Economic investments for IOIPG invests in infrastructure, education and welfare • Surveys
Communities/ local welfare to improve community well-being as we continue to • Public events
Civil Society • Infrastructure enhancement build sustainable developments. • IOIPG social media platforms
Organisations • Community programmes and • Strategic partnerships
events for social development
MATERIALITY ASSESSMENT We have included stakeholder feedback in our

A materiality assessment was conducted in August 2021 to materiality assessment process, enabling us to translate
establish the material matters deemed most important to the risks and opportunities into tangible and intangible values.
Group and its stakeholders. This assessment was conducted The various views of stakeholders are then taken into
through a materiality assessment workshop with internal consideration in the Group’s decision-making especially
stakeholders who are subject matter experts. They provided regarding EES risks and opportunities that may emerge. We
valuable insight on the priorities of external stakeholders, continue to monitor the prioritised matters, with reference to
drawing on their extensive experience in analysing gaps, sustainability standards and peer practices in similar sectors.
obtaining information and feedback through engagement
activities such as focus group discussions, site visits The newly identified Materiality Matrix and the sustainability
and meetings. charter was validated by the SSC and the Board of Directors.
IOIPG Materiality Matrix

High
Health, Safety
and Well-being
Compliance
Customer
Importance to Stakeholder
Anti-Corruption
Satisfaction
Employee and Privacy
Climate Change Management
Innovation
Economic Performance
Community
Investment
Waste and
Effluent
Biodiversity Supply Chain Management
Materials
Water
Low Importance to IOIPG’s Business High
Legend
High priority Medium priority Low priority Economic Environment Social

Economic Performance Customer Satisfaction and Privacy

Economic value generated and distributed to the Maintaining meaningful customer relationships,
community including the indirect economic delivering products and services excellence to
impacts that are a result of such distributions. exceed customer expectations and safeguard
customer data privacy to build customer
trust and confidence.
Anti-Corruption Materials
Ensuring transparency Components used as
and guarding inputs in our developments,
against various specifically the practice and
forms of corruption. commitment to responsible
sourcing and management
of materials.
Compliance Material Innovation

Adherence to relevant laws
and guidelines governing Sustainability Using innovation and
technology to continually
our business, as well as
efforts undertaken in Matters create positive impacts to the
environment and well-being of
assessing the anticipated the society. Innovation includes
environment and social new design, technology,
impacts of our activities. services and processes.
Water Biodiversity
Consumption and efficiency of water Managing the potential impacts
usage from our business operations. of our business on biodiversity.
Waste and Effluent Community Investment

Management of effluent, Voluntary community
hazardous and engagement and
non-hazardous waste activities to create a
disposed from our positive social impact.
operations.
Supply Chain Management Employee Management

Ensuring a robust The overall management and
supply chain that is aligned fair treatment of employees
with our policies and practices including addressing human
in the delivery of quality rights, labour practices,
products and services through promoting employee
the management of the growth and development,
environmental and social and being an inclusive
impacts of our supply chain. employer that embraces
diversity at the workplace.
Climate Change Health, Safety and Well-being

Management and reduction of greenhouse gas into Maintaining a safe work environment and culture through
the atmosphere. This includes the considerations of the focused and continued investments to anticipate,
impacts of climate change, as well as how the company recognise, evaluate and control hazards arising in
contributes to achieving global climate-related targets or from the workplace that could impair the health
through energy and emissions reductions. and well-being of employees, workers and customers.
SUSTAINABILITY work culture, and Developing Sustainable Communities

FRAMEWORK & STRATEGY with initiatives beneficial to society. We will achieve
We have outlined the Sustainability Strategic Framework these goals by addressing the material sustainability
based on the core objective of Creating a Sustainable Future, matters and designing initiatives that are aligned to our
and are guided by IOIPG’s Vision, Mission and Core Values. sustainability strategic themes.
The framework is further interpreted within our Sustainability
Policy which acts as our business operating guideline to help The Sustainability Policy also outlines the actions for each
mitigate risks and enhance the positive impact of our business Sustainability Goal to align the Group’s business strategies
on the economy, environment, and society. to the objective of generating long-term sustainable
growth for IOIPG and lasting impact for future generations.
We have four sustainability goals namely Delivering Excellence Our business strategy takes into account EES-related
in products and services, Caring for the Environment with risks and opportunities through the Group’s Enterprise
green practices, Creating Value for Our Employees through Risk Management (”ERM”).
Core Purpose: Creating a Sustainable Future

Strategic Pillars Focus Areas Goals Material Matters
Delivering • Compliance
1 Excellence • Customer
Satisfaction and
Products & Privacy
Economy
Services • Supply Chain
Excellence Management
IOIPG Vision, Mission and Core Values
• Anti-Corruption
• Innovation
Caring for the • Climate Change

Environment • Water
2 • Waste & Effluent
Sustainability Policy
Environment • Materials
Green • Biodiversity
Efforts
Creating Value • Employee

for Our Employees Management
3 • Health, Safety
Social and Well-being
Work
Culture
Developing • Community
Sustainable Investment
4 Communities • Economic
Performance
Community
Initiatives
SUSTAINABILITY GOALS
Frequent and thorough engagement in the identification,
monitoring and mitigation of EES-related risks and The Sustainability Goals all point to a common aspiration
opportunities including climate change, human rights, to achieve the Sustainability Core Purpose of Creating
labour practices, and health and safety were carried out a Sustainable Future.
during the financial year under review.
The Sustainability Strategic Framework is updated periodically,

taking into consideration stakeholder expectations and the Delivering Excellence
latest local and global issues. Sustainability initiatives with
measurable indicators are implemented across all business Achieve prominence in Products and
units to effectively manage prioritised material sustainability Services Excellence in order to deliver
matters, to bridge gaps and resolve any issues arising our desired outcome of being Trusted.;
through meticulous strategic coordination. and deeply embed reliability, quality
and sustainable growth into all aspects
of our business.
Strategic Themes
Mindset Change Caring for the Environment

Uphold environmental ethics
through Green Efforts e.g. energy
management, water conservation,
emissions and waste reduction; and
urban biodiversity conservation as well
as care for the environment towards
sustainability for future generations.
Inspiring Women
Creating Value for

Our Employees
Maintain a healthy, safe and fair
Work Culture with emphasis on
employee engagement; and to
Young Urbanites encourage employee participation
in the organisation’s transformational
journey of sustainability.
Developing Sustainable
Communities
Urban Green
Enhance social well-being via
Community Initiatives i.e. social
responsibility commitments,
community investments, employee
volunteerism and community
development programmes for positive
long-term impacts to society.
SUSTAINABILITY STRATEGIC THEMES

We seek to align relevant programmes and initiatives with IOI Sustain
the four main themes to achieve the Sustainability Goals and We use #ioisustain as a label across all communications
Core Purpose: channels to showcase the Group’s sustainability
efforts. This helps raise awareness of our sustainability
agenda among all stakeholders including potential
business partners by providing a point of reference
Mindset Change for our sustainability initiatives. We also use
Create internal awareness to promote this hashtag to influence a behavioural change
integration of sustainability principles towards making a positive impact on the economy,
into business strategies by highlighting the environment, lifestyle and society. Through
the socioeconomic and environmental a diverse range of programmes and publicity
connectivity to business; and encourage the materials under the #ioisustain, we aim to raise
community to take ownership of sustaining sustainability awareness, advocate for sustainable
the environment for future generations. lifestyle choices and instil sustainability ownership
among our stakeholders.
Inspiring Women
Support and empower women such
as young students and single mothers
amongst others through programmes
that help to build capacity and chart career
or entrepreneurial growth.
IOI Connects to Earth

IOI Connects to Earth is an ongoing programme
Young Urbanites that aspires to create awareness and generate
Groom young talents, introduce conversation on waste minimisation, biodiversity
the spirit of sustainability and expose and climate change. This initiative which is in
them to best practices in socioeconomic its fourth year in FY2022 seeks to incorporate
and environmental ethics. sustainability into business strategies and operations.
We also collaborate with external parties in community
engagement to deliver long-term and short-term
programmes aligned to our sustainability strategies.
Some of the programmes and initiatives carried out
during the year under review include:
Urban Green
IOIPG Earth Hour 2022
Encourage a wide array of ecological
friendly initiatives that advocate low IOIPG Beach Clean Up at Pulau Mawar, Johor
carbon footprint principles, responsible
consumption of resources and waste
IOI-Active Citizens: Waste to Treasure
minimisation which generate positive impacts
on the environment, society and economy.
IOIPG City Nature Challenge 2022
CONTRIBUTING TOWARDS NATIONAL AND GLOBAL GOALS

IOIPG is committed to support Malaysia’s implementation of the Twelfth Malaysia Plan (”12MP”) and contribute as a responsible
corporate citizen towards the United Nations 2030 Agenda for Sustainable Development and its 17 Sustainable Development
Goals (SDGs).
IOIPG Material United Nations Twelfth

Sustainability Goals Sustainability Matters Sustainable Development Goals Malaysia Plan
Delivering • Compliance T1, PE2

Excellence • Customer Satisfaction
and Privacy
• Supply Chain
Management
• Anti-Corruption
• Innovation
Caring for the • Climate Change T1, T3

Environment • Water
• Waste and Effluent
• Materials
• Biodiversity
Creating • Employee Management T2, PE1

Value for Our • Health, Safety and
Employees Well-being
Developing • Community Investment T1, T2, T3,

Sustainable • Economic Performance PE1, PE3
Communities
UN SDGs 12MP
SDG 1: No Poverty SDG 10: Reduced Inequalities Theme
SDG 2: Zero Hunger SDG 11: Sustainable Cities and Communities T1: Resetting the Economy
SDG 3: Good Health and Well-being SDG 12: Responsible Consumption T2: Strengthening Security, Well-being and Inclusivity
SDG 4: Quality Education and Production T3: Advancing Sustainability
SDG 5: Gender Equality SDG 13: Climate Action
SDG 6: Clean Water and Sanitation SDG 14: Life Below Water Policy Enabler
SDG 7: Affordable and Clean Energy SDG 15: Life on Land PE1: Developing Future Talent
SDG 8: Decent Work and Economic Growth SDG 16: Peace, Justice and Strong Institution PE2: Accelerating Technology Adoption and Innovation
SDG 9: Industry, Innovation and Infrastructure SDG 17: Partnerships for the Goals PE3: Enhancing Connectivity and Transport Infrastructure
PE4: Strengthening the Public Service
Delivering
Excellence
Achieve prominence in Products & Services
Excellence to deliver our desired outcome of
being Trusted.; and deeply embed reliability,
quality and sustainable growth into all aspects
of our business.
Exceeding Expectations Developing Thriving Communities

Delivering Excellence
Exceeding Expectations Managing Products Quality

The Group upholds high standards of Product Quality
As a reputable developer, IOIPG always seeks to go above Management adhering to the ISO 9001:2015 Quality
and beyond meeting expectations with the aim of pushing Management System, which demonstrates our commitment
boundaries to establish new standards of excellence. to continual improvements in our Quality Management
System. This includes an annual internal Quality
We aim to excel in all that we do in terms of products and
Management System Audit conducted for the property
services to build trust between us and our stakeholders.
development segment.
This unwavering focus on excellence is reflected in IOIPG’s
1
skilful and thoughtful master planning, desirable designs
that are friendly to the environment, and exemplary services
Design – Quality Requirements
that enable us to stay ahead of the curve. We build thriving
communities, deliver vibrant living environments that allow • Customer and community feedback is
both residents and the public to enjoy while pursuing the highly valued in our design process
life goals they envisioned. For our employees, business • Designs must fulfil the needs and functions
associates and suppliers, we want to safeguard their of customers and communities
well-being and address any emerging concerns in a
2
responsive manner.
We have embedded this commitment to exceed expectations Pre-construction – Quality System

into the Group’s corporate culture by aligning every employee’s • Clear communication of project quality
remuneration to the corporate goals. This is further requirements to project management teams
complemented by the multiple communication channels • Strict pre-selection processes to assign the
and grievance mechanisms established to help translate most suitable consultants and contractors
stakeholder feedback into constructive actions.
The quest for excellence continued to help us win more

accolades and awards in FY2022, reflecting the trust Construction – Quality Control
3
and endorsement from customers, stakeholders and • Quality inspections and audits at all stages
industry associations. of construction from received materials
More details on our awards can be found in Our Awards section
to finishing details
from pages 4 to 5. • Continuous technical training to enhance skills
and workmanship
Pre-handover – Quality Assessment

4
• Quality inspections and assessments by
both internal and external assessors to ensure
products meet the IOI Quality Standard and
Malaysian Construction Industry Standards
(CIS 7:2014)
After Sale – Continual Quality

5
Improvement
• Homebuyers’ feedback, preferences
and expectations are captured in customer
satisfaction surveys
• Valuable inputs are evaluated and incorporated
into future products
QLASSIC Managing Supply Chain

In Malaysia, our commitment in product quality is reflected in The Group acknowledges the pertinence of a robust supply
how we benchmark ourselves against the Quality Assessment chain to our business conducts and ethics.
System in Construction (“QLASSIC”) certification by the
Construction Industry Development Board (“CIDB”). We are committed to delivering products and services with
thorough management of environmental and social impacts
QLASSIC score highlights along the supply chain.
We have in place a structured assessment process to

measure our suppliers’ performance score against the Group’s
stringent criteria spanning from Quality, Health & Safety to
Environmental Management. They are also expected to
Aralia demonstrate the practices outlined in the IOIPG Supplier
83%
Code of Conduct, IOIPG Anti-Bribery and Anti-Corruption
Policy, and Code of Conduct and Business Ethics; covering
areas of ethics, human rights, employment and labour
standards, safety and health, and environment.
IOIPG goes beyond abiding by local laws and regulations,

with constant improvements to our supply chain management
and adaptability to potential risks. In FY2022, there were
no identified non-compliance with laws and regulations
in the social and economic areas. We continuously fine-tune
Cello 1 procedures to site requirements in order to ensure zero
83%
non-compliance with regulatory and statutory requirements.
Awareness sessions were also conducted in FY2022 across
the IOIPG supply chain, which cover the importance of
managing environmental and social impacts, human rights
and anti-corruption in our supply chain, and the Group’s
expectations of its business associates and partners to
ensure their business and operational practices are aligned
with the Group’s aspirations.
As part of our contribution to the local economy, IOIPG is

Clio 2
83%
committed to providing opportunities and building capacity
of local business partners and suppliers. In FY2022, 100% of
newly awarded contractors Group-wide were locally-registered
companies. IOIPG gives priority to locally sourced materials
and resources to reduce our contribution to GHG emissions
and to minimise the risk of disruptions to our supply chain.
We conduct a fully open tender process with requests sent
to all local contractors to source for local materials.
Our supply chain management has been affected by the

movement restrictions since FY2020 with delays in tender
Sierra 3B
81%
exercises. In adapting to the new norm, we continue
to digitalise procedures such as circulating soft copy to
tenderers during the tender and award process as well as
conduct virtual meetings.
To find more information about these policies and guidelines,
please visit https://www.ioiproperties.com.my/corporate-governance
Enhancing Stakeholder Relations In line with our target, there were zero cases of human rights
and Managing Grievances violation and zero cases of substantiated complaints recorded
We value customer feedback in our quest for excellence regarding breach of data privacy in FY2022. The Group will
and recognise the need to constantly engage all stakeholders continue to protect our customers’ privacy and data security in
in order to understand their evolving needs. We always compliance with the Personal Data Protection Act 2010 (”PDPA”)
seek to maintain meaningful customer relationships, while in all our operational procedures. In support of this, IOIPG
safeguarding customer data privacy to build customer trust carries out regular review of our cybersecurity strategy
and confidence. Feedback and grievances from customers through a periodic network security audit to enhance
and stakeholders play an important role in identifying existing readiness and improve our security posture.
and potential gaps as well as opportunities for improvements
in the delivery of our services. Exceeding Customer Expectations and Satisfaction
IOIPG always takes pride in exceeding customer expectations
The IOI Service Standard ensures the delivery of excellent by delivering products and services excellence. Regular
product quality and services through a well-established internal and external customer satisfaction surveys are
customer feedback management system and grievance conducted to keep abreast of customer expectations, while
mechanism, which also allows for human rights-related keeping tabs on the sentiments of new property owners,
feedback at business units. tenants, hotel guests, as well as mall and golf club visitors.
These surveys help us to evaluate consumer behaviour and
Feedback, enquiries, complaints and grievances are customer satisfaction towards our products and services,
collected through multiple platforms tailoring to the enabling us to improve future business strategies, planning
diverse stakeholder groups. All feedback received from our and development.
stakeholders are duly verified and channelled to relevant
departments for urgent action and prompt resolution. The Group continued to receive awards that reflect high
Non-defect related feedback from homebuyers will be levels of customer satisfaction. Le Méridien Putrajaya won
attended to immediately for emergency complaints and the 2022 Travellers’ Choice Award winner by Trip Advisor,
we address verbal and written complaints within two days. while Putrajaya Marriott Hotel, Le Méridien Putrajaya and
We use the IOI Support app to track complaint resolution Four Points by Sheraton Puchong received the Agoda
progress to ensure all feedback are addressed efficiently. Customer Review Awards 2022 for high customer ratings.
The Group’s whistleblowing mechanism allows both
Promoting Innovation
internal and external stakeholders to raise any concerns
anonymously, including those related to human rights, We place high importance on innovation in our products
without fear of retaliation. and services. We seek to leverage on innovation and
technology to continually create positive impacts to the
Further details on our Whistleblowing Policy can be found environment and well-being of society. We seek to drive
on our corporate website at https://www.ioiproperties.com.my/ innovation through new design and technology, while
corporate-governance
improving services and processes.
Some initiatives that demonstrate these efforts include

township-wide smart security features, paperless workflow,
procurement and payment across all business units,
and digitalisation measures.
IOI eMarketplace
IOI eMarketplace is an online platform
that allows homebuyers to track every
stage of their property purchase process. The
application was highly useful for our sales team to
process and complete the property booking procedure
virtually during the pandemic without having the
purchasers physically present at IOIPG’s offices. From IOI Support System
the booking creation to adopting digital signatures for all
sales and loan-related documentation, the online process After the property is handed over
provides greater convenience for our customers, who will to the homebuyer, our customers’
receive updates on the purchase progress through email seamless experience will continue
notifications. The platform also has the added participation through the IOI Support System (“IOISS”),
of our appointed panel bankers and solicitors, an online and mobile platform for customer
making it a useful tool for all parties involved to feedback and defect submission. We have
track and follow up on the transaction within recently enhanced the system to include
the ecosystem. This helps to simplify a Vendor Directory, which allows users
and expedite an otherwise to search for contractors, suppliers,
complicated process. and renovators from a database.
Digitalisation to
Building
Maintenance App
Enhance Customer
IOIPG’s malls adopt a mobile-
Experience
enabled building management
platform to streamline operations
and maintenance management to
improve tenant and customer
IOI Community App
satisfaction. This is also in line with
the Group’s overall strategy in The IOI Community App is an online
embracing digitalisation to community engagement platform that
deliver excellence in products facilitates the communication between homeowners
and services. and the property management team to enable prompt
customer service. The platform allows homeowners to
book facilities, pre-register visitors, sign up for events,
receive building management announcements and keep track
of billings and make payments through the payment gateway
in the app. The platform also has a built-in security feature in
CLUB IOI the form of a panic button that is connected to the respective
property’s security team. The IOI Community App has been
CLUB IOI was formerly adopted at the Pavilion Service Apartment, Sky Condominium,
known as IOI LiVO, a cardless Palmyra Residence, Conezión Residences, The Clio Residences,
loyalty programme that rewards Avens, Zentro Residence, N’Dira, Sierra 6, Ayden,
members with points accumulation Par 3 Condo and Condo Villa, The Cruise Residence,
and other privileges offered by Clio 2 and IOI Rio. We will continue to expand
participating merchants in shopping, the coverage of this app to other new
dining, entertainment, and leisure. The IOIPG stratified properties.
membership platform also hosts IOI
SHOPZ, an e-commerce platform
for merchants to generate
additional sales both in-store
and online.
Developing Thriving Safety and Security as Top Priority
Communities
We always ensure that safety and security are embedded
in the design and planning of IOIPG developments for
the peace of mind of homebuyers. Our developments are
We are aware that the socio-economic and environmental equipped with security features from perimeter fencing,
impacts are an intrinsic part of sustainable integrated closed circuit television (“CCTV”) surveillance, card access
developments. Our objective has always been to build projects control, digital internal security features to the security
that allow communities to thrive through LIVE, WORK & PLAY, screening at guarded entrances.
and achieve a lifelong balance of nature conservation and
meeting business goals. The Group’s commitment towards safety and security is
also notable in the contribution of police stations in our
Prioritising Community Well-being developments. For managed properties under the Group,
Green communal areas are a key feature of IOIPG’s a team of 334 security personnel led by the Auxiliary
developments. These multifunctional spaces foster community Police (“AP”) team are entrusted to maintain a safe and
well-being by encouraging social interaction and recreational secure environment for customers, tenants, and guests.
activities, while providing an eco-friendly habitat for urban Our managed properties are installed with facilities such
biodiversity. Consisting of distinctive themed gardens and as CCTV surveillance cameras, panic buttons and security
recreational areas, our communal green spaces are furnished escorts amongst others. Patrol cars are also used for
with facilities and fixtures that encourage healthy lifestyles and surveillance at IOI Resort City and Puchong Financial
integrated communities. Lush green town parks and pocket Corporate Centre.
parks act as carbon sequestration sites while providing fresh
air to the neighbourhood. These green parks include Central Enhancing Connectivity within Our Development
Park in 16 Sierra, themed parklands in Warisan Puteri Sepang, In our residential and commercial development, we integrate
Oasis Park in Bandar Puteri Bangi and Bandar Puteri Town connectivity to transportation hubs i.e. in 16 Sierra, Bandar
Park in Bandar Puteri Puchong. Puchong Jaya and Bandar Puteri Puchong.
Greater Accessibility into Our Buildings In efforts to advocate for low carbon lifestyle, we invested in
All of the Group’s properties are built in compliance with infrastructures designed in accordance to Transit-Oriented
relevant regulations and statutory requirements on the Development for the convenience of residents and homebuyers.
provision of accessibility and facilities for disabled persons,
For example, Bandar Puteri Puchong and Bandar Puchong
such as the Uniform Building By-Law 34A in Malaysia,
Jaya are strategically located within public transit nodes and
Codes for Accessibility Design in Xiamen and Building and
corridors such as IOI Puchong Jaya Light Rapid Transit (“LRT”)
Construction Authority (“BCA”) Universal Design Mark in
Station (SP24), Bandar Puteri LRT Station (PH17) and Taman
Singapore. Besides ramps and walkways, parking bays
Perindustrian Puchong LRT Station (PH16), with multiple bus
and washrooms for the disabled are conveniently located
lines and pedestrian walkways connecting commuters to
around our malls to ease access for wheelchairs and strollers.
their end destination. The development of infrastructures
In Singapore, IOI Central Boulevard Towers has garnered
such as bus stops are in line with advice from local councils
the BCA Universal Design Mark Gold Certification.
to strengthen public transportation.
IOIPG has also provided pedestrian walkways and cycling Smart Selangor Coaster Bus service by Majlis Perbandaran
pathways to enhance short-distance travel connectivity Sepang improves the connectivity of IOI Resort City with
between neighbourhoods and lower dependency on a few strategic locations in Sepang. There is also an
motorised vehicles. This also helps to improve the local LRT station within IOI Mall Puchong’s vicinity which brings
air quality and reduce carbon footprint. in shoppers from different locations in Klang Valley.
In 16 Sierra, a Mass Rapid Transit (”MRT”) station is scheduled In Johor, the ’Bas Muafakat Johor’ service from Kulai Terminal
to commence operation in January 2023. The MRT station is to Bandar Putra Kulai provides connectivity from the
part of the under-construction Putrajaya Line which will span a residential areas to IOI Mall Kulai.
length of 56.2km consisting of 42.7km of elevated tracks and
13.5km underground tunnels. The 16 Sierra MRT Station will IOI Rio’s Master Plan was conceived in collaboration
be situated two stops away from the Cyberjaya City Centre with the local council, MBSJ. IOI Rio is envisioned to be a
Station and connected to 35 other operational stations in community-centric liveable development with improved
major townships across the Klang Valley. connectivity to LRT stations in Bandar Puteri Puchong.
Leveraging on the concept of Smart Mobility, IOI Rio optimises
Another of our iconic projects, IOI City Mall provides a space usage and encourages walking and cycling. Designed to
comfortable bus terminal with an indoor air-conditioned reduce reliance on cars and motorbikes, it provides seamless
waiting area. Key transit stations such as the Serdang connectivity by integrating with the Taman Perindustrian
Keretapi Tanah Melayu (“KTM”) Komuter Station and Puchong LRT Station and bus and taxi services through cycling
Putrajaya Sentral bus and train terminal are connected paths as well as walkways and link bridges between buildings.
to IOI Resort City by public bus services. In addition, the This seamless connectivity extends to the smart use of space
The boardwalk at Oasis Park in Bandar Puteri Bangi overlooking the wetlands allows the local
community to enjoy moments of relaxation.
Multifunctional spaces foster community well-being by encouraging social interaction and recreational activities at Bandar Puteri Town Park,
Bandar Puteri Puchong.
in the underground, street level and above ground. IOI Rio In Xiamen, IOI Palm City and IOI Palm International Parkhouse
has two separate levels of connectivity for vehicles, where are well-connected with the public transportation system
most vehicles are channelled underground directly into the within the city. IOI Palm City is located within transit nodes
basement, leaving less vehicles on street level. There are also of Xiamen Metro (“AMTR”) Line 1 and Line 6, where Line 6 is
two separate levels of connectivity for pedestrians, one at expected to be completed by 2025, connecting it to Xiamen
ground street level and one above-ground elevated walkway Island, Xiamen North Railway Station, and other districts in
with link bridges. Bicycle stands and e-hailing stands are Xiamen such as Haicang District and Tong’an District. IOI
readily available, and in future, electric vehicle charging Palm City is also accessible via Xiamen Bus Rapid Transit (“BRT”)
stations will be installed to promote shared and low carbon and 17 different bus lines. Meanwhile, IOI Palm International
mobility. In addition, the Rio City Interchange was completed Parkhouse is near the new Xiamen Xiang’an International
in FY2022 to improve traffic flow and connectivity within the Airport which is expected to be completed by 2025 and it
Bandar Puteri Puchong development with a dedicated will be directly connected to the airport via AMTR Line 3
underpass for direct access into IOI Rio. and Line 4.
Caring
for the
Environment
Upholding environmental ethics through Green Efforts
such as energy management, environmental and
water conservation, and emissions and waste reduction
to drive sustainability for future generations.
Strengthening Climate Resilience Optimising Use of Resources

Integrating Green Features into Our Townships Appreciating Nature and Biodiversity
Caring for the Environment
At IOIPG, we recognise the Strengthening

urgency of conserving natural
Climate Resilience
resources and ecosystems to
Guided by one of our mission statements – Trusted. to
support planetary health. safeguard our environment, the group initiated a Climate
Action Plan in order to set the course for an integrated
We aspire to take into approach to streamline minimisation of Greenhouse Gas
(“GHG”) emissions from our business operations and products
consideration the impact of & services, as well as assessing and addressing climate-related
risks and opportunities.
our actions, and endeavour
to create sustainable value In support of the global agenda of limiting the increase of
global temperature, we seek to contribute towards nation
for our surroundings and building and to achieve the Nationally Determined Contributions
(NDC) of the countries in which we operate.
conserve the environment
We are proud to have achieved a key milestone this year with
for future generations. the adoption of the Task Force on Climate-Related Financial
Disclosures (“TCFD”) framework. While we have always
considered climate-related risks, the adoption of a globally
recognised framework such as the TCFD helps to formalise
our approach towards managing climate risks and
opportunities, and aligns us with industry best practices.
Our TCFD journey includes the identification, assessment, and

management of IOIPG’s climate-related risks and underlying
opportunities. Its coordination involves Group Sustainability,
Group Risk Management and several other functions, in
conjunction with each of our three business segments.
Please refer to Statement on Risk Internal Control from
pages 164 to 169 and How We Manage Our Risk from pages 46 to 49.
Apart from a detailed horizon scanning of peers’ handling

of climate-related issues and their approach to climate
management, we have taken a consultative approach by
engaging our key stakeholders to understand how our
management of climate risks and opportunities impact their
decision-making. Focus group sessions were conducted
covering a diverse range of stakeholders from employees
and customers, to financial institutions. The feedback received
together with the key peer observations enables us to develop
a comprehensive plan to accelerate climate action.
Our Climate Action

In FY2022, IOIPG formulated a Climate Action Plan and adopted the TCFD recommendations to identify and assess
climate-related risks and opportunities. In line with the TCFD recommendations, the action plan is designed to operationalise
our climate-related priorities i.e. energy management, renewable energy use, emissions management, water use management,
waste management, materials used amongst others. Subsequently, the identified TCFD-related metrics and targets include
a strengthened set of indicators currently being monitored under the respective material sustainability matters.
Governance
The Group
• Implements the Group Sustainability Policy and Sustainability Strategic Framework
• Recognises climate change as a key material sustainability matter
Please refer to IOIPG’s FY2022 Materiality Matrix from pages 56 to 57.
The Board and Sustainability Steering Committee (SSC)

• Maintain strategic oversight on climate-related risks
• Oversee the execution of the Climate Action Plan, which steers IOIPG’s journey in addressing associated
climate-related risks and opportunities
Strategy Risk Management

Focus Group sessions were conducted to The Group
surface expectations and understanding Adopts an Enterprise Risk
of climate issues and TCFD. Customer Management framework
survey reveals demand for green consistent with:
products and ESG compliance.
• Statement on Risk
It is perceived that the Group is Management & Internal
exposed to: Control: Guidelines for
Directors of Listed Issuers
• Physical risks i.e. storms, floods
• ISO 31000 Risk Management
and other extreme weather events
• Transition risks i.e. compliance Recognises the environmental
with regulatory requirements, and climate change risks and
meeting market expectations and opportunities associated with
trends i.e. carbon pricing, energy our operating environment.
regulation, construction standards,
reporting requirements etc. Please refer to Statement on
Risk Internal Control from
pages 164 to 169.
It is timely that the Group leverages
on opportunities to advocate
sustainable living:
Metrics and Targets
The Group measures and monitors
• Improve connectivity and accessibility the performances of:
at residential, business and leisure
spaces as well as transportation hub • Energy consumption (MWh)
• Continue efficient energy use and • Water consumption (m3)
management in both developed • Carbon emissions (tCO2) – Scope 1, 2 & 3
and managed properties
• Waste generation (kg)
Our Climate
Journey
2030
Fulfilling Ambitions
• Implement initiatives for

continuous reduction of
carbon emissions
• Continue to advocate for
Climate Action
2024
Accelerating Action
• Reduce Scope 1, 2 and 3

emissions
• Consider impacts of climate
scenarios on our businesses
• Determine the actual and
2023
potential impacts of climate
related risks and opportunities
Establishing Baselines
• Commence pilot project to

conduct baseline measurement
of emissions
• Communicate with key
stakeholders to introduce
2022
climate action and ambition
• Embed climate action into
Building Foundation overall business strategy
• Strengthen internal
policies and framework
on climate change
• Incorporate climate-related
risks into risk registers
• Strengthen climate-related
targets and metrics, as well as
data collection including
Scope 3 emissions
The international trend in response to limiting global Looking ahead, we have developed a timeline on managing
average temperature at 1.5°C has given rise to transitional the related impacts of climate change and our environment-
opportunities towards low carbon market as well as policy and related material matters. We have established the time horizons
technological shift, all of which are expected to be even more of short (1 year), medium (1-5 years) and long term (> 5 years)
in demand in the foreseeable future. In view of this, the to achieve climate-related targets covering environmental
Group has been adopting various low carbon initiatives, indicators such as energy, water, waste and emissions.
including the Low Carbon Cities Framework (“LCCF”) in
property development projects. Other initiatives include We recognise that climate issues are long-term and
integrating green features in township and facilities multi-faceted by nature, and we are committed to reviewing
development, prioritising green buildings, accelerating and refining our approach as we progress in our journey.
emissions reduction, strengthening resource use efficiency, Hence, with our strengthened list of metrics to assess and
improving waste management and seeking to ensure the monitor our climate performance, we look forward to continue
continued vitality of urban biodiversity through conservation enhancing our climate action plan.
programmes aimed at championing the appreciation of flora
and fauna.
Realising Green Development

We have set a target to obtain
green building certifications for
all office buildings and high-rise
developments; and since 2014, the
Green Building Index (“GBI”) certified
buildings in our portfolio include
IOI City Tower 1 & 2, Puchong
Financial Corporate Centre Tower 4
& 5, and PJ Midtown.
In Singapore, IOI Central Boulevard

Towers has obtained the Green Mark
IOI Palm International Parkhouse Platinum Certification, recognised
for sustainable building design
and use of environmental-friendly
construction materials. Our projects
in Xiamen, the People’s Republic
of China (“PRC”) also achieved
Green Building Certified 1-star e.g.,
IOI Mall Xiamen, Sheraton Grand
Hotel, IOI Palm City Office, IOI Palm City
D3, D4 & D5 residential properties
and IOI Palm International Parkhouse.
The latest addition to our list of

green buildings is the recently
opened IOI Sales Galleria in Bandar
Putra Kulai, Johor.
IOI Central Boulevard Towers IOI Mall Xiamen

Optimising Use of Resources Energy

In our efforts to mitigate climate change, energy
In view of the environmental and climate change risks and management at IOIPG is guided by the Group’s energy
opportunities associated with the Group and our stakeholders, policy to optimise energy efficiency and to reduce power
our developments are designed to optimise the use of energy consumption in both our existing and new operations.
and water – including the adoption of renewable resources After the initial implementation and commencement
and resource use efficiency, improved waste management of operations, scheduled checking and verification are
and minimisation of carbon emissions. This section outlines conducted through performance monitoring and analysis.
our environmental efforts and performance achieved through We also perform periodic energy audits to ensure
various programmes as well as initiatives aimed at promoting compliance with best practices. Any irregularities or
awareness of environmental sustainability. non-compliances will be addressed through corrective
and enhancement measures.
As we collect energy data from Group-wide operations,

we constantly monitor our energy consumption
and performance of our business units. Improved
energy efficiency and choice of energy sources help
reduce operational costs and minimise GHG emissions.
Green Leasing
The Group offers green leases to tenants of
IOI City Towers, of which the clauses with regard
to energy and water efficiency as well as waste
and material management are highlighted in our
Tenant Handbook and Sustainable Fit Out Guides.
Energy Management Flowchart
Monitoring,
Measurement
& Analysis
Non-
Initial Compliances,
Energy Energy Checking &
Implementation Corrective and
Policy Planning Verification
& Operation Enhancement
Measures
Commitee
Audit
Review
In FY2022, the Group consumed 116,881 MWh of energy Total Energy Consumption
collectively. Our main source of energy was purchased (MWh/year)
electricity from the grid which constitutes 87.3% of total
energy used by our business operations.
Across the Group’s property investment operations, 125,025

we have set energy consumption intensity 116,881
reduction targets:
103,391
• 8% from FY2021 to FY2025, with FY2020 as the base year

• 10% by FY2028, with FY2020 as the base year
Energy consumption intensity for property investment

operations was substantially lowered by 3.6% to reach
0.0935 MWh/m2 in FY2022, from 0.0970 MWh/m2 in FY2021.
Renewable Energy
We are committed to using renewable energy including
solar power to reduce the Group’s reliance on fossil
fuel-generated electricity. We have solar panels installed
at IOI City Mall and IOI Rio. The solar panels installed at FY2022 FY2021 FY2020
IOI City Mall generated 4,662.25 MWh of solar power in
Notes:
FY2022, equivalent to a carbon emissions reduction of
1. FY2020 data includes business operations in Klang Valley and Johor.
2,727.42 tCO2/year.
2. FY2021 and FY2022 data include Group-wide operations (Malaysia,
Singapore and Xiamen, PRC).
3. Data presented are energy consumption from grid electricity, solar power,
stationary combustion of diesel, petrol, liquefied natural gas and liquefied
petroleum gas.
Total Grid Electricity Consumption

(MWh/year)
Building
Management System
The Group’s managed buildings utilises the 108,954
101,991
Building Management System (“BMS”) to
90,042
implement continuous monitoring of energy
consumption. The system uses real-time
feedback to expedite responses from the
Facilities Management Team.
FY2022 FY2021 FY2020
Notes:
2. FY2021 and FY2022 data include Group-wide operations (Malaysia,
Singapore and Xiamen, PRC).
3. Data presented are exclusive of tenants’ energy consumption.
4. Data presented are from the total amount of purchased electricity only and
obtained from electricity bills or direct meter readings.
Energy Saving Initiatives
Energy Saving Practices

We constantly seek to save energy through various initiatives, including:
• Maintaining optimal energy efficiency of all equipment and machinery, especially chilled systems
• Maintaining optimal room temperatures in all offices and hotels
• Turning off lights and other unnecessary receptacle loads when not in use
Centralised Cooling System

The Centralised Cooling System in our malls, hotels and office buildings is designed to adapt to demand
fluctuations according to operation hours, enabling greater efficiency in managing the scale and operational
requirements of cooling buildings and maintaining chiller plants.
Data Centre Cooling Design

The Group’s data centre is designed with a strong focus on energy efficiency. The cooling mechanism maintains
a temperature of 22°C-23°C at any given time in order to ensure the data centre is operating at a lower
Power Usage Efficiency (“PUE”) ratio, an indicator of high cooling capacity with lower energy consumption.
Chilled Water Temperature

The temperature of chilled water is constantly maintained at an optimal level to ensure energy efficiency
without compromising the comfort of building occupants.
Cooling Tower Infill Replacement

A cooling tower infill replacement was completed in IOI Mall Kulai in FY2021 with an estimated saving of
about 131,507 kWh/year, equivalent to the reduction of 76.93 tonnes CO2 per year.
Minimising Mechanical Ventilation

We seek to maximise natural ventilation and daylighting as much as possible to reduce energy usage.
In line with this principle, mechanical ventilation is minimised in above-ground car parks and bathrooms in
high-rise buildings.
For ongoing developments in FY2022 that are constructed without mechanical ventilation in car parks, we
have managed to reduce energy consumption and carbon emissions as per below:
• Estimated 716.23 MWh of annual energy saving

• Estimated 418.99 tCO2 of annual carbon emissions reduction
Emissions Scope 2 Emissions

We are committed to lowering the Group’s carbon emissions (tCO2/year)
to mitigate the impact of our operations on climate change,
which is a material risk to IOIPG’s business. In view of the
Paris Agreement emissions reduction target of countries we
operate in, we target to reduce the Group’s Scope 2 emissions 75,614
across the property investment operations by 15% in 5 years,
from FY2021 to FY2025, with FY2020 as the base year. 62,545
59,595
The long-term Scope 2 carbon emissions intensity reduction
target is set at 18% between FY2021 and FY2028, with FY2020
as the base year across the property investment business. In
FY2022, the Group’s Scope 2 emissions intensity was reduced
by 22% to 0.0501 tCO2/m2 from 0.0642 tCO2/m2 in FY2021.
The Scope 1, Scope 2 and Scope 3 carbon emissions are

calculated following the Greenhouse Gas Protocol emission
factors and the latest publicly available Grid Emissions Factors
of Malaysia, Singapore, and PRC.
FY2022 FY2021 FY2020
Notes:
2. FY2021 and FY2022 data include Group-wide business operations
(Malaysia, Singapore and Xiamen, PRC).
3. Carbon emissions data excludes emissions from tenants.
Scope 1 Emissions, FY2022 Scope 3 Emissions, FY2022

(tCO2) (tCO2)
Total Scope 1 Emissions Total Scope 3 Emissions
2,581 tCO2 535,005 tCO2
445,210
1,862
416
63,759
191
113 25,982
55
Petroleum Liquified Liquified Diesel Business Fuel- and Purchased Upstream

Natural Petroleum Travel Energy-Related Goods and Transportation
Gas Gas Activities Services
Notes: Notes:
1. Data includes Group-wide business operations (Malaysia, Singapore 1. Data includes Group-wide business operations (Malaysia, Singapore and
and Xiamen, PRC). Xiamen, PRC).
2. Scope 1 includes direct carbon emissions from fuel combustion from 2. Fuel- and energy-related include tenant electricity usage in Klang Valley,
company vehicles, kitchen usage and diesel generator. and liquefied natural gas and liquefied petroleum gas usage by tenants
3. Figures stated may not add up due to rounding of decimals. in Klang Valley and Johor.
3. Upstream Transportation and Purchased Goods and Services data are
from the embodied carbon of construction materials including steel,
concrete and tiles.
4. Figures stated may not add up due to rounding of decimals.
GHG Emissions Reduction Initiatives

The Group continues to take active actions to reduce GHG emissions from our business operations.
Electric Vehicles
Trees • Electric motorbikes are used
by our security personnel.
In FY2022, IOIPG planted 23,213
• Electric buggies are provided at
trees in our developments as a
our golf clubs.
means to sequester carbon to help
mitigate climate change. • Electric vehicle charging stations
are outfitted at our managed
buildings and development such
as IOI Mall Puchong, Puchong
Financial Corporate Centre (“PFCC”),
IOI City Mall and Putrajaya
Marriott Hotel.
Pedestrian Walkways Renewable Energy Shared Mobility

and Cycling Paths
• Solar panels at IOI City Mall • IOIPG encourages employees
Pedestrian walkways and cycling generated 4,662.25 MWh of to practise carpooling.
paths in our developments are solar power for FY2022. • Shuttle bus services are provided
designed to make it easy for • Equivalent to a carbon emission to facilitate first and last mile travel
residents to walk or cycle to reduction of 2,727.42 tCO2/year connections within IOI Resort City,
nearby amenities. to the environment. connecting IOI City Mall, Putrajaya
Marriott Hotel and Palm Garden
Hotel; as well as between IOI Mall
Puchong and Four Points by
Sheraton Puchong.
Water Water Saving Initiatives

Water scarcity has become an alarming issue due to various The Group has carried out the following water-saving
factors such as anthropogenic pollution and climate change. initiatives to achieve our water reduction target.
As water cut and water scarcity are occurring more often, the
Group recognises the associated risks related to water security,
which is a great concern in water-stressed areas we operate in,
including Malaysia, PRC and Singapore. We are committed Water Saving Practices
to helping mitigate the risk of water shortages by reducing Our employees are encouraged to
wastage and conserving water resources. practise water-saving habits. These include:
Our efforts include the introduction of water management • Minimising wastage of water in pantries
initiatives spanning across the organisation and involving and washrooms.
key stakeholders from employees, and tenants, to customers. • Turning off water taps when not in use.
We focus on monitoring water usage, identifying risks and • Avoiding repeated or unnecessary flushing.
• Minimising water wastage during irrigation and
opportunities, and implementing innovative water-saving
cleaning of common areas.
initiatives in all properties under IOIPG. We will continue these • Avoiding over-irrigation where possible.
plans to help achieve the set target of reducing water intensity. • Avoiding repeated cleaning and water overflow.
• Speeding up repair work turnaround time
We have set a 10% target to reduce water consumption for pipe leakages.
intensity for the property investment operations from FY2021
to FY2025, using the intensity level of 1.519 m3/m2 in FY2020
as the baseline. In FY2021, we achieved our target with a
reduction of 15.0% in water consumption intensity for property Modified Water Taps
investment activities to 1.291 m3/m2. The water consumption
As part of plans to reduce wastage,
intensity of our property investment activities recorded
we have installed modified basin taps with
a further year-on-year reduction of 4.0% to 1.240 m3/m2 lower flow rates at the Group’s managed
in FY2022. buildings. Other designs that serve similar
purposes include taps with aerators, water
In FY2022, we harvested 1,033 m3 of rainwater from our sensors and self-closing features.
Group-wide operations. The harvested water was used for
irrigation and cleaning purposes.
Rainwater Harvesting
Water Consumption from Municipal Potable Water Rainwater is an easily accessible
(m3/year) renewable water source, especially for
irrigation and cleaning. We have installed tanks
at suitable locations across the Group to harvest
1,567,731 rainwater for irrigation and cleaning of common
1,470,669 areas. We have also installed eco-toilets that
utilise rainwater at IOI City Mall which is estimated
1,257,450 to save 14,103 m3/year of water.
Stay Green at our Hotels

In addition to water saving, our hotel
guests are provided with the option of not
changing towels and bed linens daily to help
contribute toward environmental conservation
efforts. We also seek to raise awareness of
the benefits of reducing water consumption
and detergent usage at our properties.
FY2022 FY2021 FY2020
Notes:
1. FY2020 data includes business operations in the Klang Valley and Johor.
Waste and Effluent Management was installed at the hotel to pack cooked foods that
We recognise that the Group’s key activities in building are still pristine. The foods that undergo the process have
construction and real estate management are both a guarantee of hygiene, longer shelf life and can last at
resource-intensive operations that may have significant least a year. To date, 79.8 kg of food was prevented from
climate impact. We seek to minimise the impact through becoming waste.
responsible resource management throughout the lifecycle
Puteri Mart regularly upcycles fruit peels into cleaning
of the construction and management of our buildings.
enzymes, which are natural and chemical-free cleaning
We also seek further transition into more effective resource
agents. Puteri Mart has upcycled about 884 kg of fruit peels
management through the use of system formwork and
into some 2,480 litres of cleaning enzymes to date.
digitalisation, in addition to the “reduce, reuse and recycle”
philosophy in conservation efforts. In FY2022, Palm Garden Golf Club also composted 960 kg
of garden wastes, such as leaves and branches, to enhance
The primary source of waste is general waste, generated
soil composition for landscaping purposes. Besides, the
mainly from the property investments business. The amount
landscape department uses a mulching machine to convert
of general waste has increased since FY2020 with the easing
garden waste into soil additives.
of movement restrictions for the COVID-19 pandemic. These
wastes were mainly produced by tenants and guests from Scheduled waste is hazardous and may pose adverse impacts
our retail and hospitality business operations. on the environment and public health. We closely monitor
scheduled waste generated at our sites, such as used engine
The Group’s Waste Management Policy also notes the
oil, and manage them in accordance to the Environmental
importance of managing food waste. Le Méridien Putrajaya
Quality (Scheduled Wastes) Regulations 2005. We ensure
participated in the Food Bank Malaysia (“FBM”) program
that all scheduled wastes are stored properly and collected
under the Ministry of Domestic Trade and Consumer Affairs
by licensed contractors.
(“KPDNHEP”) to reduce food waste. A special retort machine
Waste Generation
(tonnes)
12,733
10,457
4,822
1,418 1,387
676 700
209 1 1 14 1
General Recycled Scheduled Garden General Recycled Scheduled Garden General Recycled Scheduled Garden
Waste Waste Waste Waste Waste Waste Waste Waste Waste Waste Waste Waste
FY2022 FY2021 FY2020
Notes:
1. FY2020 data includes business operations in the Klang Valley and Johor.
2. FY2021 and FY2022 data include Group-wide business operations (Malaysia, Singapore and Xiamen, PRC).
Waste Minimisation at Source We continue to leverage on digitalisation to minimise waste

We believe waste minimisation at the source is an effective and conserve resources. The Group’s digital transformation
way to reduce waste generation. In line with this, employees initiatives that contribute to reducing paper use include
are encouraged to practise paper waste reduction habits. CLUB IOI, IOIPG-PQSH, IOI eMarketplace, Enterprise Content
Initiatives that the Group has established include: Management (”ECM”) systems and automated payment
processes. IOI eMarketplace alone has helped to save an
estimated 56,000 copies of paper documents to date.
Advocating the use of paperless of documents. 1 Furthermore, we have ceased the distribution of CD-ROMs
of our annual report to shareholders since FY2020.
This has resulted in production savings of approximately
57,000 CD-ROMs to date.
Minimising the need for email printouts. 2 To promote waste reduction in the wider community,
IOI Mall Puchong launched the KITACycle recycling centre
with a weigh and pay system allowing the public to earn
cash back with recyclables. This helps divert waste from
landfills. Besides, we also encourage our employees,
Encouraging double-sided printing 3 tenants and the public to segregate recyclable waste by

providing recycle bins in common areas, these will then
and photocopying. be collected by licensed recycling vendors. Such recycle
bins are made available at our Sales Galleria, all our malls
and our office towers at PFCC.
Where printing or photocopying is 4

necessary, only the exact number of copies
required should be made. Other initiatives include:
• Using e-backdrops and reusing physical

Providing a limited supply of paper 5 backdrops
at common printers or photocopiers.
• Providing water dispensers in all meeting rooms
instead of plastic bottled water
Publishing company policies, administration 6 • Implementing stationery-sharing stations and

providing stationery on an as-needs basis
documents and application forms on
the Group’s intranet.
KITACycle Recyclable Waste Center at IOI Mall Puchong. Recycling Area at IOI City Mall.
Materials Percentage of system formwork utilisation for ongoing and

Management of Construction Materials completed projects in FY2022:
The Group is cognisant of the environmental impact Utilisation of
caused by the production of construction materials and Projects System Formwork
its contribution to embodied emissions. We have tracked
Gems Residences, IOI Resort City 100%
and monitored the use of major construction materials in
Alanis, Warisan Puteri Sepang 100%
our projects since FY2019. We have also started tracking
IOI Central Boulevard Towers, Singapore 100%
the embodied carbon of construction materials used in the
Group’s property development and property investment
activities to assess the wider carbon lifecycle impact of
Minimising Environmental Footprint
our projects.
We encourage the use of environment-friendly materials
Some of the major construction materials purchased by including those with high recycled content, low VOC
the Group are listed below: content and materials that are green-certified in order to
reduce the environmental footprint of goods and services
Materials FY2022 FY2021 FY2020 over the life cycle of property development.
Steel (tonnes) 18,808 11,982 8,617 Our property investment segment is committed to minimising
Concrete (m3) 87,387 72,219 95,404 unnecessary draperies as well as reusing decorative materials.
Tiles (m2) 139,446 103,078 310,058 This is done without compromising on service quality and
customer experience. For instance, Icescape, an ice-skating
Notes: rink managed by the Group, uses 100% recycled rubber tiles
1. FY2020 data includes business operations in the Klang Valley and Johor. produced from recycled tyres as the rink’s flooring material.
This is in line with IOIPG’s Sustainability Policy and Waste
Management Policy.
Promoting Building Material Efficiency In our procurement practices, the Group seeks sustainably
We adopt system formwork and prefabricated components and environmentally endorsed materials, including the
in the construction of high-rise buildings. Prefabricated purchase of office papers and toilet papers that obtained
components promote material efficiency as these components the certification of the Programme for the Endorsement
are produced in controlled factory environments, which of Forest Certification (“PEFC”) or the Forest Stewardship
minimises material wastage. One of the examples is the Council (“FSC”).
utilisation of the Industrialised Building System (IBS) at the
Gems Residences project at IOI Resort City.
System formwork in construction allows for multiple reuses,

and the formwork material is recyclable. System formwork is
commonly used at high-rise tower blocks exceeding 10 storeys
excluding podiums, facility decks, basements, or standalone
structures such as guard houses and refuse centres.
Integrating Green Features into Our Townships

We are committed to reducing the impact of urbanisation on Furthermore, we have incorporated various active and
the environment by incorporating designs and technologies passive designs into the Group’s townships to reduce carbon
that are friendly to the environment in order to create sustainable, footprint. Efforts include actively sourcing local construction
lower emissions and climate-resilient homes and offices. materials and products to lower emissions, using energy
and water-efficient appliances such as LED lights and
IOIPG has been collaborating with Majlis Bandaraya dual-flush water cisterns, and harnessing natural light
Subang Jaya (”MBSJ”) to adopt LCCF criteria in township and ventilation by adopting north-south orientations and
developments. cross ventilation designs.
The list includes some green and sustainable features integrated into our developments:
Commercial High-Rise Residential Buildings Environment-Friendly

Buildings Operational Initiatives
• Cross-ventilation designs
• Green building certifications • Natural ventilation features • Chiller retrofitting
such as GBI, Green Mark in bathrooms without the • Air Conditioning and Mechanical
Certification use of exhaust fans Ventilation to optimise room
• North-South building • Natural lighting and ventilation temperature control
orientation features such as open concept • LED Compound Lighting
• Energy management modules designs and high ceilings in place of Conventional
in BMS • North-South building orientation HPS Lights
• Low Volatile Organic • Vertical plantings • Alternative looping of lighting
Compound (“VOC“) paint circuits at the car park and
• Solar water-heating systems
• Photovoltaic cells on staircase areas, allowing a 50%
• Rainwater harvesting for reduction in lighting consumption
the rooftop
irrigation purposes during non-peak hours
• Motion sensor lights
• Reduction of mechanical • Waste management systems
at staircases
ventilations at car parks of at the construction site
• Water-saving toilet cisterns high-rise residential projects
• Recyclable metal formwork at
• Sensor taps in public toilets • LED Compound Lighting in high-rise developments
• Natural light-harnessing place of Conventional High-
• Upcycling used cooking oil
features Pressure Sodium (“HPS”) Lights
• Organic waste decomposition
• Reduction of mechanical • Low VOC paint
of garden waste
ventilation in car parks • Green-certified waterproofing
• Electric vehicle charging
materials to be used at
stations
bathrooms
• Electric buggies
• Solar-powered streetlights
Solar Water Heating

The more popular electric heating
methods consume a significant North-South Orientation
amount of energy compared to
Positioning the main building facade in
natural sources of heat. Solar
a North-South orientation reduces solar
water heaters help reduce power
heat gain of the building. This will lighten
consumption, which also leads to a
the load on cooling systems and reduce
reduction in indirect carbon emissions.
power consumption.
Daylighting and
Natural Ventilation
Sufficient daylight and natural Water-Efficient Fittings and
ventilation reduce the need Energy-Efficient Lighting
for artificial lighting, cooling Water-efficient fittings such
equipment and mechanical as dual-flush cisterns and
ventilation, thus lowering power energy-efficient lighting such
consumption. This also results as LED compound lightings
in additional benefits such as a significantly reduce the intensity
reduction in air humidity and of resource usage.
the prevention of mould
growth due to dampness.
Cycling and
Pedestrian
Rainwater Harvesting Pathways
Rainwater harvesting Cycling and pedestrian
for landscape irrigation pathways reduce
reduces reliance on dependency on
potable water, which motorised vehicles
goes through an energy- among the residents
intensive process and and local communities.
transportation before These pathways provide
reaching users. linkages between
neighbourhoods,
promoting greater
community interactions,
healthier lifestyles and
zero-carbon mobility.
IOI Rio as well as Bluetooth mobile credentials for turnstiles and

With the tagline “Smart City of Tomorrow, Here Today”, lifts. As part of the plans to reduce water consumption,
IOI Rio is an ongoing development designed with the a rainwater harvesting system was set up for landscape
principles of sustainable living embedded in every aspect irrigation. Besides that, dual-flush cisterns and sensor-
of the project right from the start, from construction based taps were also installed in the washrooms.
to resource management. The entire development has
various green features built in to minimise energy and The project is also master planned to channel vehicles
water consumption with low carbon commutes enabled to basement levels to enable a safer ground level for
to promote a green lifestyle. pedestrians with fewer vehicles moving around. In the
future, electric vehicle charging stations will be installed to
Under the plan, most of the buildings in the development will facilitate the use of such vehicles to cut carbon emissions,
be equipped with a Smart Homes & Smart Offices System to while delivering on our promise to provide residents with
optimise energy usage, while lighting in the common areas seamless connectivity that complements the public transport
such as staircases and corridors will be powered by rooftop system. Furthermore, IOI Rio is connected to an LRT station
solar panels. IOI Rio City Phase 1 has adopted energy- and is accessible through e-hailing services and walkways.
efficient LED streetlights and solar-powered CCTV. Utilising Other commuting options within the development include
the latest innovations, the IOI Rio commercial developments cycling paths, walkways, and link bridges to promote
are equipped with Vehicles License Plate Recognition (VLPR) a healthy and sustainable lifestyle.
Appreciating Nature support the habitat of flora and fauna with their ecological
functions while providing ecosystem services and nature-
and Biodiversity based solutions such as temperature regulation, air quality
improvement, oxygen production and carbon sequestration,
Sustainable living is a key proposition of IOIPG’s products, reduce surface runoff, flood mitigation etc.
and the concept is deeply infused into our operations.
We are committed to conserving urban biodiversity within The Bandar Puteri Town Park is among the initiatives
our developments and adjacent areas through incorporation demonstrating the Group’s approach to urban biodiversity
of urban parks and landscaping. These green features are conservation. Located in Bandar Puteri Puchong, the park has
able to connect our communities with nature, and encourage a thriving ecosystem supporting both aquatic and terrestrial
sustainable lifestyles. life forms and is an ideal venue for local communities
and nature organisations to organise activities such as
Conserving Urban Biodiversity bird-sighting, insect-spotting and herping. Frequently
It is the Group’s key priority to minimise the negative impacts referred to as a manicured wilderness, the rich biodiversity
of our new and existing operations on biodiversity. We conduct of Bandar Puteri Town Park continues to thrive while being
Environmental Impact Assessments (”EIA”) prior to the preserved amidst human activities. An upgrade to the park
commencement of all projects which require them. This was conducted to improve its infrastructure, adding an
includes biodiversity and ecological studies, where applicable. 80-metre boardwalk, canopied social spaces, hanging bridges,
outdoor fitness stations, integrated playgrounds, a nature trail
As part of the biodiversity conservation efforts, we seek to and a secret garden to foster greater community interaction
transplant 5% of trees of every valuable species under the and biodiversity appreciation.
International Union for Conservation of Nature (”IUCN”)-Red List
and incorporate 5% of trees of valuable species in our landscape
plan designs. For land development exceeding 300 acres,
an area will be designated within the green space to
provide for the conservation of biodiversity.
We have set a target to preserve 5% of trees of every valuable

species in our developments prior to project commencement
from FY2022 onwards. We are also committed to providing
IOIPG recorded zero cases of significant
a conducive habitat within our projects to sustain biodiversity
fines for environmental non-compliance
over time. In addition, we cultivate urban parks and landscaping with air, water, and land-related standards
as part of the commitment to retain the urban biodiversity of and regulations in FY2022.
our developments and adjacent areas. These green spaces
In support of plant species conservation, several IUCN Red List of

Threatened Species, namely Near Threatened (“NT”), Vulnerable
(“VU”) or Endangered (“EN”) species, have been included in the
landscaping of our developments and within our urban parks.
List of Near Threatened, Vulnerable,

Endangered Species in Our Landscaping
Status in
Species Common Name IUCN Red List
Lagerstroemia langkawiensis* Bungor Langkawi Endangered

Shorea roxburghii* White Meranti Vulnerable
Hopea odorata* Merawan Siput Jantan Vulnerable
Dalbergia latifolia Indian Rosewood Vulnerable
Eucalyptus deglupta Rainbow Gum Vulnerable
Dypsis lutescens Areca palm Near Threatened
* Native to Malaysia
143 trees In FY2022, 685

were transplanted trees out of a total
Group-wide in FY2022, of 23,213 trees
bringing the total planted Group-wide
number to 4,180 are listed in the IUCN
trees to date. Red List as EN, VU or NT.
Urban Biodiversity Highlights in Bandar Puteri Town Park
Pied Paddy Skimmer (Neurothemis tullia) Peacock Pansy (Junonia almana) Yellow-vented Bulbul (Pycnonotus goiavier)
Common Flangetail (Ictinogomphus decoratus) Asian Water Monitor (Varanus salvator) Carinate Locust (Trilophidia annulata)
Project Park Crawl

We started Project Bandar Puteri Town Park Oasis Park
Park Crawl in FY2019 to
Flora
monitor the condition and
biodiversity of the Group’s
managed parks, including 89 Valuable Flora Species:
31 Valuable Flora Species:
the Bandar Puteri Town Total Hopea odorata (VU) Total Lagerstroemia langkawiensis (EN)
Park in Bandar Puteri Known Khaya senegalensis (VU) Known Hopea odorata (VU)
Puchong and Oasis Park Species Cavanillesia platanifolia (NT) Species Eucalyptus deglupta (VU)
in Bandar Puteri Bangi. Swietenia mahagoni (NT) Khaya senegalensis (VU)
We also regularly conduct
additional measures such Fauna
as biomonitoring and tree
tagging. The documentation
of these baseline biodiversity
128 Valuable Fauna Species:
62 Valuable Fauna Species:
Total Macaca fascicularis (EN) Total –
data is vital for our long-
Known Lutrogale perspicillata (VU) Known
term conservation efforts
Species Species
and to improve the
biodiversity management
of our future parks.
36 Birds 4 Fishes 26 Birds 2 Reptiles
1 Amphibians 3 Reptiles 33 Insects 1 Arachnids
79 Insects 2 Mammals
2 Mollusks 1 Arachnids
Biodiversity Assessment
In FY2022, we conducted tree
species mapping as part of
biodiversity assessment at the
proposed site of the 10-acre
IOI Central Park in IOI Resort City,
whereby valuable tree species
were identified and tagged for
preservation purpose.
The Group engages government agencies and environmental Promoting Biodiversity

societies such as the Malaysia Biodiversity Information System In line with our “Urban Green” Sustainability Strategic Theme,
(MyBIS) and the Society of Wilderness Malaysia in support of we organise awareness programmes on biodiversity among
the conservation and preservation of urban biodiversity at the communities in which we operate in order to emphasise
Bandar Puteri Town Park. This allows us to gain better insights the urgency of protecting the environment and urban
into the future planning of the park and other green areas in ecosystem. We seek to do this in a fun way by transferring
our developments. We also worked with Sekitar Kita, Water knowledge through games and engaging activities for
Warriors Universiti Malaya and Iskandar Malaysia City Nature families and individuals to interact with nature.
Challenge to promote awareness among the public about
biodiversity conservation.
Safeguarding Biodiversity IOIPG City Nature Challenge 2022

As part of efforts to conserve biodiversity and promote The City Nature Challenge (“CNC”) is a global biodiversity
sustainable cities and communities, the Group teamed initiative aimed at encouraging people to find, observe
up with the Majlis Perbandaran Kulai to organise and document plants and wildlife in their cities through
a Mudball Tossing activity at Hutan Bandar Putra in a bioblitz-style competition. In this competition, cities
June 2022. During the one-day event, Team IOI in worldwide compete to make the most observations
Johor, MPKu and the local community tossed about of urban plants and wildlife in the outdoors, using
12,000 mudballs to improve the water quality of the the iNaturalist app to connect people to nature and
lake in Hutan Bandar Putra in creating a conducive to generate scientifically valuable biodiversity from
habitat for flora and fauna to thrive. Students from such observations.
Sekolah Menengah Bandar Putra 1 & 2 and residents
of Bandar Putra Kulai also participated in the event. Aimed at connecting citizen scientists, nature enthusiasts
and local communities to conserve urban biodiversity,
the Group collaborated with local organisers of this
global initiative, namely Sekitar Kita, Water Warriors UM
and Iskandar Malaysia CNC, to organise the IOIPG City
Nature Challenge 2022 which covered our Group-wide
developments in Klang Valley, Johor, Singapore and
Xiamen, PRC. The challenge which ran from 29 April to
8 May 2022 attracted over 550 participants, including
IOIPG employees. Together, we managed to record
2,794 nature observations and identified 910 species
across Malaysia, Singapore and Xiamen, PRC.
Creating
Value for
Our Employees
Maintain a healthy, safe, and fair Work Culture
with emphasis on employee engagement; and to
encourage employee participation in the organisation’s
transformational journey of sustainability.
Our People and Culture Embracing Diversity at the Workplace Nurturing Young Talents
Engaging Employees Caring for Employees Talent Development and Capacity Building
Strengthening Health, Safety & Security Practices
Creating Value for Our Employees
Our People and Culture People and Culture Policies and Procedures
We have established policies and procedures outlining the
At IOIPG, we recognise that our people are the greatest asset management expectations of our employees’ behaviour.
underpinning our success and ability to generate long-term Documents that express our external commitments to the
value for all stakeholders. Therefore, their safety and welfare stakeholders are available online and internal publications
are of paramount importance. It is our aim to create a work are available on the Group’s intranet.
culture of integrity, transparency and collaboration. We seek
to provide opportunities and guidance to all employees
through talent development and professional training.
As a member of the Malaysian Employers Federation and an

affiliate of the International Organisation of Employees, the
Group strives to maintain the highest standards of ethical and
legal labour practices, while sharing our successes and challenges. Board Whistleblowing
Diversity Policy
We aim to provide sufficient notice for operational changes Policy
that might affect them. In FY2022, new initiatives included
a new appraisal system, safety and health management
guidelines, and a new Environmental Management System.
Where necessary, engagement sessions were conducted
to introduce the changes and to address enquiries. Code of Conduct
and Business
Ethics
Addressing Human Rights and Labour Practices
As a signatory of the United Nations (”UN”) Global Compact,
we adopt the Ten Principles of the UN Global Compact with
due diligence to human rights and anti-corruption. We respect
the rights of all employees as stipulated under the Malaysia Group Health
Employment Act, the Universal Declaration of Human Rights, and Safety
Policy
the National Action Plan under the UN “Protect, Respect and Grievance
Remedy” Framework, and comply with all statutory requirements. Procedures
We do not condone child labour and forced labour across all
business units and are compliant with local laws and regulations.
The Group’s commitment is communicated to our employees
via the IOIPG’s Code of Conduct and Business Ethics. This
expectation is further extended to our supply chain through Learning &
awareness sessions which were also attended by IOIPG’s Development
senior management including the Heads of Business Units. Policy
For more information on Managing Supply Chain, refer to page 64.

IOIPG Anti-
Bribery and
Promoting Employee Growth and Development Anti-Corruption
Our objective is to be a ‘learning organisation’ in maintaining Policy
a competitive edge by matching the competencies of our
people to the demands of the Group’s business. All employees
are given the opportunity to develop their skills and knowledge,
employee experience, and work performance. This is vital to the
growth of the organisation. We publicise the Group’s policies on people and culture to
all employees and translate that to local languages whenever
Providing Fair and Equal Employment necessary. The IOIPG Anti-Bribery and Anti-Corruption Policy
IOIPG provides fair and equal employment opportunities to was introduced as a new policy in February 2022, with
all employees. This is reflected in our structured and unbiased comprehensive training on the new policy across the Group.
recruitment process that serves to eliminate any form of The training seek to raise awareness about the risks of corruption
discrimination. Employment opportunities are offered to and ways to mitigate such risks, as well as to provide an overview
the local community and our people come from diverse of the standards and guidelines which have been drawn up
backgrounds and experiences, which contribute to long-term to combat corruption at IOIPG. In FY2022, there were zero
value creation at IOIPG. incidents of corruption across IOIPG’s business operations.
Embracing Diversity IOIPG International

at the Workplace Women’s Day 2022
IOIPG offers employment opportunities to underprivileged Under the International Women’s Day’s
groups. It constantly promotes awareness on the importance theme, #BreakTheBias, several activities
of fostering an inclusive work environment and improving were planned with the aim of inspiring women. This
accessibility features at the workplace for our differently-abled is aligned with the sustainability goal of creating value
employees. In FY2022, we had 0.1% differently-abled employees for all employees. It also supports the UN Sustainable
in our workforce. Development Goal 5: Gender Equality, which advocates
the participation of women at all levels of decision
As a signatory of the Women Empowerment Principles, making in governance and economy. Female members
the Group strives to develop a comprehensive and integrated of Team IOI in Malaysia, Singapore and Xiamen received
work environment that values diversity and inclusivity at every a commemorative token to celebrate this day. Over
level of its business. As at 30 June 2022, we have 37% female 70 employees also participated in the Dangerous
employees in management roles within the Group. Women webinar series by Lead Women.
A social media competition titled “Who’s Your

Superwoman” was organised to celebrate exceptional
women of today. IOIPG also organised a Women of
IOIPG Photostory to celebrate inspiring women
nominated by their colleagues.
Business segments within the Group offered

special promotions and prepared gifts for female
employees. They also provided special rates for
female customers and organised fashion shows at our
malls and sales galleries nationwide to acknowledge
women’s contributions. Meanwhile, at IOI Palm City
in Xiamen, the People’s Republic of China (”PRC”),
an eventful day was organised with activities such
as a Spring Summer fashion show and a handmade
paper flower workshop, amongst others.
Gender Profile at IOIPG
60% 40%
59% Employees 41%
62% 38%
65%
Managerial 35%
60% 40%
59% Non-Managerial 41%
Legend
Male 2022* 2021 Female 2022* 2021
* As at 31 August 2022
Age Profile at IOIPG*
65.5% Employees aged <40
0.2%
>70 years old
0.3% 30.7% 34.5% 22.7% 10.6% 1.0%

<20 years old 20-29 years old 30-39 years old 40-49 years old 50-59 years old 60-69 years old
IOISilver
IOISilver is a senior hiring programme under the Group, designed to offer job opportunities to senior citizens who
are still able to contribute meaningfully to the workforce with their insights and experience. Through the programme,
we intend to promote the seniors’ total well-being from the aspects of vocational, financial, to psycho-social health.
It also aims to provide a platform for the seniors to rediscover the value of their experience and skills to the community
and grant them renewed purpose in their golden years. At the same time, the Group will benefit tremendously through
a multi-generational workforce such as fostering a culture of collaboration and innovation through the sharing of best
practices and different perspectives.
Nurturing Young Talents

GCA Awards
We seek to nurture a healthy percentage of young workers
as part of the Groupʼs plans to maintain a sustainable talent The GCA Award recognises the Group’s
pipeline. This commitment has earned the Group the Malaysia’s effort in nurturing the future generation,
Graduate Choice Award for the fourth consecutive year, which in line with our Sustainability Strategic
is 100% voted by university students. We are proud to be Theme of Young Urbanites.
ranked among the Top 3 Most Attractive Graduate Employers
to Work for in 2022 in the Property Developer category.
In FY2022, 267 interns and apprentices joined the various

business functions of IOIPG for a three to six months
internship, giving them valuable work experience.
Amira Syuhada Binti Amiruddin,

International Islamic University Malaysia (IIUM)
• Interned with Group People and Culture Department, IOI Malls
• 4th year English for International Communication student
The experience of working in the recruitment section offered valuable exposure to the employee induction process.
It allowed me to understand the working world better and gave me the opportunity to apply theoretical
knowledge from my studies. It was a great experience working with professionals in the industry.
Overall, it was a challenging and exciting experience with a supportive work environment.
Soo Xiang Han, Raffles University

• Interned with Sales & Marketing Department, Kulai
• 4th year Business Administration student
My job involved conducting market surveys and assisting with marketing events.
I’ve gained more confidence through the friendly work environment. My colleagues
are always ready to help me find solutions to challenges encountered at work.
Joey Norman Bin Idris, Netherland Maritime University College

• Interned with Group Quality Management Department
• 2nd year Occupational Safety & Health student
I was happy to be given the opportunity to work in the field and experience the industry firsthand.
My senior colleagues have also been very kind and generous with their knowledge. I feel more
confident about my future with all the learnings I have acquired here.
Kuhaneswaran Suresh, Universiti Tenaga National

• Interned with Digital Transformation Department
• 2nd year Computer Science student
The role that I was assigned in the department as an RPA developer. In this role, I create bots that were required
by the other departments of the company in order to ease their workload. The bots deployed are capable of multitasking
and are able to relatively shorten the duration of work in comparison to manual labour.
My internship in digital transformation has given me ideas to try something relevant in my Final Year Project since it
has boosted my interest in the field.
Engaging Employees
We constantly conduct employee engagement as part of the
Group’s plans to create a dynamic and inclusive work culture
that promotes two-way communication between managers and
their staff. These are carried out through multiple channels
throughout the year. During the movement restriction period
amid the pandemic, many engagement activities were
conducted online including virtual town halls and employee
engagement surveys. Employees are encouraged to share
their views and perspective with the senior management
through these platforms. Constructive feedback is discussed
at the management level and translated into concrete actions
to improve business strategies and spur high performances.
The IOIPG Virtual Townhall 2021 was held, featuring a sharing

of achievements and highlights by the Chief Executive Officer
(“CEO”), Chief Operating Officers, Heads of Segments, and
a few Business Unit Heads. The event was attended by
1,200 employees over two sessions.
Hari Raya celebrations were held throughout the month The festive mood of Team IOI captured at one of the Hari Raya celebrations.
of May at various locations. Senior Management and the
employees from various segments had the opportunity
to mingle and meet in-person after two years of low-key
festivities during the pandemic.
IOIPG Earth Hour 2022

IOIPG Earth Hour 2022 with the theme “Fight Climate
Change with #Team IOI” is aimed to encourage employee
participation in activities that are for good environmental
causes. Activities included celebrations and promotions at
our business units, and a social media campaign
encouraging the public and employees to share photos
with captions on how they are fighting climate change. We
also encouraged the use of soap upcycled from used
cooking oil produced by B40 communities in the IOIPG-
UKM Partnership Gain Project and packaged by the Faculty
of Pharmacy, UKM.
We hosted an Appreciating Urban Biodiversity webinar

in March 2022, with the aim of encouraging co-existence
with urban wildlife. The webinar was participated by over
200 Team IOI members. It featured a sharing session on
understanding and recognising the importance of urban
biodiversity and included an interactive session with
quizzes to keep the attendees engaged.
We sponsored 62 employees to the WWF-Malaysia’s

Earth Hour Virtual Run for Nature event. Through
this participation, we supported WWF-Malaysia’s
conservation efforts to protect the nature. It was also
part of our effort to strengthen the Group’s branding as
a Trusted. partner to safeguard the environment.
Team IOI Southern Region at the beach clean-up in Pulau Mawar, Mersing.
IOIPG Beach Clean Ups
In conjunction with Earth Hour,
60 Team IOI members from the
southern region organised a beach
clean-up in Pulau Mawar, Mersing
Caring for Employees
in March 2022. This was held in We believe a conducive work environment contributes towards
collaboration with Majlis Daerah creating a high-performance culture, which is crucial in
Mersing. Then in May, the team from attracting and retaining top talents. We have 2,559* employees
Le Méridien Putrajaya came together Group-wide, of which 12%* are contract or temporary staff.
for another clean-up effort at Bagan IOIPG believes in maintaining a healthy work-life balance for
Lalang in conjunction with the all employees. We go beyond complying with the national
Associate Appreciation Week. regulation for working hours by discouraging excessive work
hours whenever possible.
IOIPG ensures to meet the minimum wage stipulated by local laws

and commensurate with the employee’s skills, experience and
performance. We also provide accommodation for employees
who work on shifts and are from outstation. In FY2022, an
entry-level salary review was conducted and implementation
will take place in FY2023 to remain competitive in the market.
* As of 31 August 2022
We endeavour to foster a safe and inclusive environment

at work. All forms of harassment and discrimination are Talent Development
considered disruptive. As such, we have a Whistleblowing
Policy in place to deter such incidences and should the
and Capacity Building
need arise, employees have access to the Group’s grievance Development assistance programmes are available to
mechanism and managers are well-equipped with the help our employees to upskill and upgrade their capabilities
skills and knowledge to manage grievances effectively. in tandem with their growing roles and responsibilities.
All incidents are strictly reported to a manager, Group We design the programme contents based on the Competency
People and Culture Department or a dedicated hotline. Assessment exercise, which is carried out annually. Recognition
is also given to employees with outstanding performance at
work and who demonstrate exemplary work ethics through
the Best Employee Awards organised by the Group’s business
units. We provide adequate assistance to those transitioning
into management roles to ensure that they are well-equipped
to take on their new responsibilities.
Employee Assistance Programme
The programme was introduced in March 2022, The Group’s Learning & Development Policy encourages
providing confidential in-person or video the career development of employees through training
conferencing-based therapy and counselling programmes conducted internally and externally. All business
sessions that are claimable. Employee Assistance units implement minimal hours of learning per employee,
Programme (”EAP”) is aimed at providing mental which are set according to the needs of the departments.
well-being support to employees to realise their
own potential, cope with the stresses of life, work In FY2022, our employees clocked 108,276 learning hours
productively and fruitfully, and contribute to the to bolster self and career development. This exceeds the
community. EAP is a benefit that offers the support annual target of 40 hours per employee as it works out
and resources needed when an employee is to an average of 43 hours or 5 days per employee across
experiencing a crisis that may affect their overall the Group, including training on anti-corruption and
well-being and/or work performance. The programme human rights policies and procedures.
provides confidential access to licensed professional Trainings are also provided to help employees understand
counsellors and therapists with our EAP provider. labour standards. For instance, 100% of the Group’s
Auxiliary Police underwent formal training by the Royal
Malaysia Police Training Centre covering human rights.
This is to prepare them in carrying out their duties in
In FY2022, IOIPG met the target to achieve zero incidents compliance with national laws. We also ensure third-party
of bullying or harassment. security agencies engaged are trained in the laws of arrest
and armed with proper search techniques.
To attract and retain top talents, the Group offers competitive
remuneration packages that include standard entitlements
such as leaves, medical and insurance coverage, as well as
dental and optical benefits. Special discounts are also offered
for dining, shopping and sport activities within the Group’s
business units.
Team IOI participates in workshops related to common

labour issues at the workplace. Apart from that, team Strengthening Health,
members also attend the occupational safety and
health conference that is organised annually by the
Safety and Security Practices
National Institute of Occupational Safety & Health. We prioritise safety and health management in our business
operations and workplaces. The group always take great
care in ensuring a safe workplace to prevent illnesses
and injuries among our employees, customers, tenants,
contractors and suppliers within the scope of the Group
Health and Safety Policy.
Leadership Programme Conducive Workspaces Drive Innovation

IOIPG started a Leadership Programme aimed We seek to put facilities in place to provide a healthy
at building critical leadership competencies to drive workplace, which is essential to promote productivity and
a high-performing organisation. A total of 60 talents innovation. Major initiatives implemented to achieve this
from the property development, property investment, objective are as follows:
and leisure and hospitality segments were selected for
this programme, consists of a 12-month journey for
Senior Leaders and a 6-month journey for Managers.
The courses were conducted through non-conventional Breakout Areas
methods based on the principles of personalised
We have set up breakout areas in our
learning, experiential learning and social learning.
headquarters designed for short meetings.
These quiet spaces are conducive for
virtual meetings and provide a restful
respite for our employees to take short
Learning Hours by Skills breaks from work.
(Total Hours)
50,463 Exercise Stations

We have installed exercise stations
42,824 within the breakout corners to promote
an active and healthy lifestyle, while
allowing employees to destress through
physical workouts. Shower facilities are
also provided to allow employees to
freshen up post-exercise.
14,988
Upholding Occupational Safety and Health

It is the Group’s commitment to achieve a zero work-related
fatality target every year among our employees and
Compliance Functional Others*
contractors. We are constantly improving our safety and
Awareness^ and Technical
health management systems to ensure we achieve the target.
We follow industry best practices and designed our safety and
^ Includes Anti-Corruption, Human Rights.
* Includes Health and Safety, and Programmes
health management systems according to the Occupational
Targeted to Develop Women Leaders. Safety and Health Management System ISO 45001 framework
and guideline.
IOIPG’s Safety and Health Management Structure
CEO
of IOIPG
COO
IOIPG Safety & Health Committees
Property Development Property Investment Hospitality & Leisure
Individual Business Units Individual Business Units Individual Business Units
Individual Projects Individual Buildings Individual Buildings
The Safety and Health Committees at our business The Safety and Health Committees have the
operations are overseen by the CEO. The committees are following responsibilities:
responsible for the Group’s compliance with all safety and
health protocols, which are aligned with the Occupational
Safety and Health Act and its regulations.
• Assist in the development of safety and health
Every project site has a Safety and Health Committee, management at workplaces.
which is chaired by an authorised Project Manager and
comprises representatives of IOIPG, the main contractor • Review the effectiveness of the safety and
and sub-contractors. health initiatives.
At our managed buildings, the Safety and Health Committee

• Report, investigate and implement mitigating
is chaired by the respective heads of the managed buildings
measures to prevent any incidents, occupational
and consists of both employer and employee representatives.
disease or poisoning cases from happening
This allows a two-way engagement platform to ensure
at workplaces.
compliance while encouraging employee feedback.
We will channel all discussion outcomes from the Safety

and Health Committees to the top management for further
consultation to ensure effective safety and health practices
are implemented across the Group.
Improving Safety and

Health Practices at Project Sites
The IOIPG-Project Quality, Safety and Health Management
We endeavour to keep improving safety and health
System (“IOIPQSH”), a cloud-based management system,
management systems to minimise the risks of injury and
is deployed at all project sites to enable safety and health
fatality at our project sites. We take the following steps to
inspections to be carried out digitally. The system is
achieve the said objective:
developed based on CIDB’s Safety and Health Assessment
System in Construction (“SHASSIC”) practice.
Hazard identification, risk assessment and 1 The digitalised process equipped with data analytics
control at project sites. capability allows the assessor to carry out the process faster
and more effectively with reduced chances of human errors.
Ensuring Health, Safety and

Implementation of safety and health 2 Security at Managed Buildings
control measures. The safety and health of all our employees and the
occupants of our managed buildings are our responsibility.
We implement the following programmes to ensure that
commitment is met:
Regular site inspection to identify and 3 • We carry out regular safety and health committee
rectify any unsafe acts and unsafe conditions. meetings at our managed buildings.
• We regularly inspect facilities such as escalators, elevators,
LPG and natural gas storage and piping and its systems
Monthly assessment and monitoring 4 to ensure compliance with the OSHA Regulations
and energy commission requirements. Preventive
of safety and health control measures maintenance is conducted to obtain the Certificate of
at workplaces. Fitness from the Department of Occupational Safety
and Health.
5
• We require our contractors to appoint Site Safety
Regular training on high-risk work, Supervisors to ensure renovation works at our managed
Occupational Safety and Health Act (“OSHA”) buildings are carried out safely according to the
and other related regulations. OSHA Regulations.
• Automated fire detection and protection systems at our
6
managed buildings are regularly reviewed and inspected
by fire safety services contractors to meet the requirements
All incidents will be reported and
of the Annual Fire Certificate issued by Bomba.
investigated to identify the root cause
for future prevention. • We conduct regular internal safety and health inspections
at workplaces and common areas such as the F&B kitchen,
chemical storeroom, laundry, and housekeeping area.
• We organise regular safety and health awareness and
emergency-related training to equip our people, including
safety and health induction for new employees, basic fire
extinguisher training and chemical safety briefings.
• We have put in place procedures that follow the safety
standard of procedures required for COVID-19 prevention.
In order to ensure our employees abide strictly by our safety Building Capacity on Health,
and health measures, we regularly plan training and Safety and Security Practices
awareness campaigns. We strongly believe in the need to conduct regular training
to keep our employees updated on information related to
• Basic awareness programmes such as safety and health
health, safety and security to keep the workplace safe.
induction programmes for new employees, basic fire
prevention training, kitchen safety training for F&B related In FY2022, a total of 491 employees attended the safety and
personnel, safe chemical handling, and safe work health training organised by the Group, which translated to a
procedure/toolbox briefing for contractors prior to total of 3,128 hours. Besides that, 369 employees attended
commencing work. other general training which includes safety and health
• OSHA awareness campaigns at hotel operations to topics, translating to a total of 2,362 hours.
promote awareness for safety and health. Employees also
attend OSHA-related talks conducted by various agencies. The topic of trainings related to health and safety conducted
• Fire extinguisher usage training, first aid and CPR training were Occupational Safety and Health Act 1994, Basic
to equip people with emergency rescue knowledge. Emergency Response Team course, Basic Occupational
First Aid, CPR and AED training as well as Commanding
• Safety and health committees received COVID-19 Safety in Post Pandemic Era.
awareness and prevention briefings as part of the
COVID-19 outbreak response. Our expectation for health and safety extends to our
supply chain with our contractors attending a total of
We require the designated safety and health representatives 8,233 hours of training in FY2022 regarding safety and
at our managed buildings to prepare monthly reports health. The training content includes working at height,
covering the following details: COVID-19 standard operating procedures, electrical
safety etc.
Suggestions for improvement. 1 On the other hand, other general training related to safety
and health were conducted such as on-board training,
M.E.N.T.R.A.S stress management programme, health talk
on diabetes and the importance of air quality in malls were
covered as well.
Key programmes organised to bolster 2 A total of 3,461 training hours were also clocked by the
safety and health awareness in compliance Group’s security team during the year under review.
with legal requirements.
Occupational safety and health-related 3

statistics.
Safety and health inspections or audits 4

carried out by internal and external parties.
Status of crisis/emergency/general 5
safety training programmes.
Monitoring Safety and Health Performance

Fatality
In efforts to achieve the Group’s zero work-related fatality target and major accidents, it is mandatory for all our employees,
contractors and workers to attend safety and health induction training at all project sites. We have achieved Group-wide
zero work-related fatalities among employees and contractors for three consecutive years from FY2020 to FY2022. This is an
achievement considering that the National Fatality Rate was 2.00 per 100,000 workers in the year 2021, according to statistics
by the Department of Occupational Safety and Health.
FY2022 FY2021 FY2020
Total No. of No. of Total No. of No. of Total No. of No. of

Personnel Fatality Case Personnel Fatality Case Personnel Fatality Case
Employee 2,586 0 1,606 0 1,596 0
Contractor 7,699 0 5,388 0 3,880 0
Lost-time Injury
We recorded a lost time injury frequency rate (LTIFR) of 0.55 in FY2022 among all of our employees and contractors,
as compared to 0.31 (per one million man-hours) in FY2021.
FY2022 FY2021 FY2020
Employee 1.10 1.13 3.28
Contractor 0.44 0.13 0
Group total 0.55 0.31 1.89

Our Response to COVID-19

The Group remained steadfast in preventing and mitigating the risks of COVID-19 outbreak. Under the financial year reviewed,
we have implemented the following steps at workplaces and project sites to prevent the spread of COVID-19.
Combatting COVID-19 at Our Workplaces Combatting COVID-19 at Project Sites
Mandatory check-in through MySejahtera application and Only authorised personnel were allowed to enter the sites,
temperature screening were conducted for those who including Centralised Labour Quarter during the period of
entered our managed buildings. movement restrictions.
Physical distancing was practised at workplaces. Temperature screening and social distancing were practised
at sites.
Protective face mask was always mandatory. Protective face mask was always mandatory.
Hand sanitisers were placed throughout the offices. Hand sanitisers or hand soaps for all our employees
were provided.
Good hygiene practices were promoted among Good hygiene practices were a constant reminder to
our employees. our people.
Notices to remind people to keep a safe distance and Awareness of COVID-19 was promoted as a constant
wear protective face masks were put up at workplaces. reminder through signages.
High-touch surfaces, common spaces and workstations High-touch surfaces and common spaces in Centralised
were regularly sanitised. Labour Quarter and project sites were frequently sanitised.
COVID-19 safety standard of procedure were set up and COVID-19 Prevention Committee was created to offer
constantly communicated to employees through emails. prevention advice and clarification for workers.
Only individuals with low-risk profiles as shown on the Periodic screening for COVID-19 among our employees
MySejahtera app were allowed to enter the buildings. were conducted to ensure early detection and isolation of
affected individuals.
Virtual meetings were conducted as part of our preferences Disinfected vehicles were used to transport workers from
during the pandemic while physical meetings were only Centralised Labour Quarter to project sites.
allowed within limited capacity and duration under strict
rules applied.
Employees were allowed to schedule work from home to

cap the number of people in the office at any one time.
A vaccination centre was set up in the mall for our retail

sector employees.
Effective air ventilation and air quality control were installed

in air-conditioned areas.
Developing
Sustainable
Communities
Enhance social well-being via Community Initiatives i.e.
social responsibility commitments, community investments,
employee volunteerism and community development
programmes for positive long-term impacts to society.
Investing in Infrastructure Unearthing Young Talents

Yayasan Tan Sri Lee Shin Cheng – Investing in Our Future
Advocating a Circular Economy Engaging Local Communities
Developing Sustainable Communities
ALIGNING STRATEGIC ACTIONS The four Sustainability Strategic Themes are designed to align
IOIPG being one of the largest integrated property developers in activities aimed towards creating value for our communities.
Malaysia, we have a responsibility to ensure that our developments
and the process to create them are embedded with sustainable
principles and practices. Our aim is to stay true to our core values
of being a Trusted. partner to all stakeholders. We seek to improve Mindset Change
the well-being of our communities, especially the underprivileged We seek to foster a sustainability mindset,
and underserved, through programmes and activities that are which will dictate the Group’s approach to
aligned with the Group’s four Sustainability Strategic Themes of business management across all levels of
Mindset Change, Inspiring Women, Young Urbanites and Urban operations. A change in mindset to one that is
Green. We seek to influence more sustainable lifestyle choices sustainability-oriented will bring about a more
to complement the Group’s sustainability direction by anchoring lasting impact to not only the long-term financial
these initiatives on these four themes. returns to the company but also to our people
and the communities. We are committed to
In addition to our investments in infrastructure and facilities that educate everyone to take ownership in conserving
enhance the surrounding environment for the communities, the the environment for generations to come.
Group also actively supports civil society organisation initiatives.
Inspiring Women
Total value of scholarships granted We aim at inspiring an equal participation
RM10.4m
of women in the workforce, including in
* leadership roles, to build a more inclusive
and sustainable community. IOIPG constantly
RM0.4 million (FY2022)
implements initiatives and organises events
that are aligned with this cause to encourage
women to keep pushing the boundaries and
achieve their aspirations.
Universities, school buildings

and facilities
Urban Green
RM99.7m *
In line with the sustainable lifestyle that
RM2.1 million (FY2022) we promote, IOIPG is committed to support
environment conservation through Urban Green
programmes and related activities. Incorporating
pocket gardens and green spaces within our township
developments has brought great benefits to the
COVID-19 local community and society overall and that is one
of IOIPG’s most impactful initiatives.
rental relief assistance
RM103.2m * To read more about the initiatives under Urban Green, please
refer to page 89 in the Caring for the Environment section.
RM28.9 million (FY2022)
Contributions in cash and Young Urbanites

The future belongs to the younger
kind to various charity activities
generation, and we seek to build a better
including non-profit organisations tomorrow by nurturing them from young
RM28.3m* and instilling in them the culture of

sustainable living. The Group believes in
RM3.4 million (FY2022) nurturing youths to act for positive impact
in building sustainable communities.
* As at 30 June 2022
Investing in Infrastructure bridge, and a covered walkway to improve the accessibility

for pedestrians travelling between the Puchong Financial
Enhancing the facilities, landscape, and connectivity within Corporate Centre (“PFCC”) and Taman Perindustrian Puchong
and surrounding our developments is a promise we keep LRT Station. This is estimated to have benefited a population
to the community because infrastructure is an enabler of of 30,000 households and business owners, four office tower
social interaction and economic progress. Our infrastructure blocks at PFCC, the smart city development of IOI Rio, and
investments are made with sustainability and inclusivity in Four Points by Sheraton Puchong.
mind, underscoring the Group’s commitment in developing
sustainable communities. The second phase was completed in FY2022 and included the
construction of a dedicated underpass for direct access into
Bandar Puteri Puchong Interchange IOI Rio to alleviate the traffic congestion at Lebuh Puteri.
and Traffic Enhancements An additional underpass measuring 80 metres in length
A RM91.2 million infrastructure upgrading works and beneath the Rio City Interchange was also built to smoothen
expansion in Bandar Puteri Puchong is being funded by the flow of traffic within Bandar Puteri Puchong. Other
IOIPG to improve traffic flow and connectivity within the infrastructure upgrading works included the construction
integrated development. of a pedestrian link bridge from the commercial area of
The Cube to Rio City, a pedestrian crossing with signal lights,
The first phase of the upgrading work was concluded in
the upgrading of streetlights to LED lights and new walkways.
FY2020 and included the construction of a flyover from LDP
The improvement work also included landscaping for the area.
to Lebuh Puteri Puchong, a 35-metre covered pedestrian
The official opening of the Rio City Interchange in May 2022.

Crafting Urban Green Pockets

We have invested RM1.4 million to date to refurbish the
Bandar Puteri Town Park by adding recreational facilities
such as playgrounds, fitness stations and benches, as well
as upgrading the walkways and cycling tracks. Solar-powered
lighting was also installed to help reduce our carbon footprint.
This lush urban park within a busy township is equipped with
amenities to allow residents and visitors from the surrounding
areas to rest and relax, while enjoying the urban park’s rich
biodiversity, which helps promote health and well-being.
Please refer to the section on Conserving Urban Biodiversity on
pages 86 to 87 for more information.
IOIPG is also financing a 10-acre central park worth

RM10 million, which is anchored by a lake in IOI Resort City,
Putrajaya. It will feature a pet park in which pet lovers and
their pets can interact and enjoy the challenging pet obstacle
course. Future plans include adding a skate and bike park;
basketball, futsal and badminton courts; giant slides for
families; a boardwalk with soothing view of the lake and
waterfront activities; a jogging track; as well as many more
outdoor exploratory facilities. The park will be accessible to
residents, visitors, hotel guests, mall patrons, office workers
and golfers of IOI Resort City.
Community Facilities in Xiamen, PRC

IOIPG also contributed to the local community in Xiamen
by partially financing a RMB7.3 million kindergarten. We also
partnered with the rail group in Xiamen in a RMB19.0 million
project for the establishment of a new entrance and exit
to the subway on the northern side of IOI Palm City Mall,
which is scheduled to commence in 2024. When completed,
it will enhance the connectivity for university students and
more than three large scale communities in the surrounding
area with a combined population of about 45,000 residents.
Besides investing in public facilities that will benefit the

community, IOIPG also develops housing that are within
the affordability levels of the local community. One such
project is in Taman Kempas Utama, Johor Bahru, which
consists of 92 units of flats priced below RM50,000
(Pangsapuri Akasia) and 174 units of townhouses priced
below RM200,000 (Cemara).
The hanging bridge in Bandar Puteri Town Park.
IOI Kickstart winners with IOIPG senior management.
Unearthing Young Talents IOI Kickstart

Six innovative start-ups won the bid to the three-year
IOIPG is also committed to supporting the growth of our accelerator and collaboration programme, which offers a
younger generations. Investment in youths is part of our springboard for inspiring start-ups by young entrepreneurs
key strategies in developing sustainable communities, and in Malaysia. Each winner received a grant of RM50,000,
we seek to nurture them through capacity building and mentoring by IOIPG’s C-level personnel, a working space in
helping them realise their full potential. We work with several our next-gen smart city IOI Rio, collaboration opportunities,
organisations to achieve this objective in youth development. and resources from IOIPG. This programme is targeted at
early-stage start-ups in sectors that are related to the Group’s
core businesses, such as real estate, agri-tech, green solutions,
and food-tech industries, to address major issues or pain
points for significant target markets.
Among the winners, Arus Oil is a strong advocate for

sustainability which collects used cooking oil to repurpose
into biodiesel. The company has gained 300 users since and
collected 2,113 kg of used cooking oil from the community.
In March and April 2022, Arus Oil collaborated with IOIPG
to conduct a series of free talks to educate residents in the
Group’s developments on how to better manage their used
cooking oil. The talk included information on the environmental
impacts of the indiscriminate disposal of used cooking oil,
its prevention and the repurposing of such used cooking oil.
Community engagement by Arus Oil from the IOI Kickstart.

International Youth Development

Virtual Conference 2021
The two-day virtual conference co-organised by IOIPG and
Universiti Tunku Abdul Rahman in collaboration with
Taiwan’s Tamkang University was held in November 2021.
The event was attended by 200 staff and students from over
81 institutions in eight countries – Brunei, Cambodia, the
People’s Republic of China, Indonesia, Philippines, Taiwan,
Thailand, Singapore and Malaysia. Speakers consisted of
academics, civil society leaders, professional associations, and
corporate representatives. The conference was developed in
line with Sustainable Development Goal (SDG) 11: Sustainable
Cities and Communities.
Activities during the event included workshops, forums, talks,

and a competition to showcase participation and contribution
towards building sustainable cities and communities. The
conference covered topics on urban regeneration, town IOIPG representatives at the IYDVC 2021 with the UTAR Committee and
delegates from around the world.
planning, retail business, river conservation, urban farming
and citizen science.
Yayasan Tan Sri Lee Shin Cheng – Investing in Our Future

Yayasan Tan Sri Lee Shin Cheng (”Yayasan TSLSC”) is Scholarship Awards
the charitable arm funded entirely by IOI Corporation, Yayasan TSLSC has consistently offered scholarships to
IOI Properties Group and the estate of the late Tan Sri Lee. deserving students because we believe in education and the
To date, Yayasan TSLSC has contributed approximately importance of having a tertiary degree in today’s jobs market.
RM54.5 million to various schools, hospitals, welfare homes In FY2022, more than RM400,000 was contributed towards
and charitable bodies, and given scholarships to more than this cause, which forms part of a broader social agenda of
2,900 students. In FY2022, Yayasan TSLSC contributed over raising the nation’s economic capacity by equipping the younger
RM3.3 million to these causes, including contributions generations with the necessary knowledge and skills to excel.
to school building funds with the aim of creating a more To date, we have awarded more than RM10 million to over
comfortable study environment for students. In line with this, 316 academically outstanding students pursuing full-time
Yayasan TSLSC has contributed a total of RM4 million to date undergraduate studies relating to the Group’s nature of business.
and has committed to another million by the end of 2022 to
the Universiti Tunku Abdul Rahman Hospital Building Fund Young Achievers’ Awards
which will serve as a teaching hospital for the university.
Established since 1999, The Young Achievers Awards is aimed
Student Adoption Programme at motivating students to strive for excellence in studies. Cash
awards, plaques and certificates of achievement are given out
In FY2022, Yayasan TSLSC distributed RM106,800 to deserving in an annual ceremony to reward outstanding academic results
students through the Student Adoption Programme (“SAP”). and active curricular participation of the student recipients.
To date, the total sum distributed through SAP amounted to To date, over RM650,000 was distributed to 1,547 students.
RM4.8 million, benefitting 1,056 students. The donations are
aimed at promoting social inclusion by giving every child an
equal access to education for a better future.
Advocating a Engaging Local

Circular Economy Communities
Bargain Basement is a social enterprise launched under Community Consultations
Yayasan TSLSC in 2016 with the motto ”Give to Inspire
We constantly engage the communities where we operate to
Others to Give”. This charitable store aims at positively
discuss resolutions whenever our operations affect their lives.
impacting society by promoting clutter-free homes and
offices, providing low-priced items for the community, In January 2022, a Social Impact Assessment (”SIA”) by an
encouraging the buying of pre-used items, and supporting independent consultant was conducted through focus group
local charities. The store concept was conceived to discussions with 383 residents from 16 housing estates and
encourage the public to donate their pre-loved and unused the local authorities for a proposed project in Bandar Baru
items which will divert them from going to landfills. These Salak Tinggi, Sepang. The SIA report was submitted in June
items will in turn be sold at a minimal cost. Net proceeds 2022, highlighting impacts of the project and their mitigation
from the sales will be channelled to charity organisations. measures. The local community was also consulted on their
Awareness about circular economy is further promoted by concerns towards the impacts and the levels of concerns
allowing shoppers to practise the concept from the comfort were measured through a rating system to determine the
of their own homes via Bargain Basement’s online platform. priority for actions to be taken. This comprehensive assessment
will ensure IOIPG has an opportunity to proactively address
The first outlet was opened in IOI City Mall and the second in
the concerns of the community, while leveraging the positive
IOI Mall Puchong. This was followed by a third outlet opened
impacts identified through the exercise.
in UTAR Kampar in March 2022 and a fourth in UTAR Sg
Long a few months later. Bargain Basement at UTAR will In November 2021, IOIPG opened a hawker site at Bandar
be managed by the students at the university under the Putera 2 following requests made by hawkers in the area
guidance of the Department of Student Affairs, giving them to have a permanent area to set up their stalls. This was a
the exposure to business skills. Their tasks include promoting result of a stakeholder discussion which was held in January
the store, organising the stock and attending to customers, 2021 led by the IOIPG Klang business unit after which IOIPG
amongst others. took into consideration the needs of the local community and
provided the space for the hawkers.
In December 2021, a total of 14 charity homes and
organisations received RM260,000 from the store proceeds.
Contribution to date amounted to over RM520,000 with
Installing Rainwater Harvesting Systems
more than 30 beneficiaries, including Pusat Jagaan &
for Local Communities
Rawatan Orang Tua Al-Ikhlas, Pertubuhan Kebajikan Kristian Rainwater harvesting is one of IOIPG’s initiatives in
Aman Selangor, PAWS Animal Welfare Society, TiRatana promoting a sustainable lifestyle, which calls for water
Welfare Society Malaysia, Dignity for Children Foundation, conservation and responsible use of natural resources.
Alzheimer’s Disease Foundation Malaysia and Dual This is also aligned with the Group’s Sustainability Strategic
Blessing Bhd. Theme of Urban Green, in which we encourage local
communities to adopt ecologically friendly initiatives and
Visit the following websites to participate in the initiative: reduce the dependency on potable water. The rainwater
https://www.carousell.com.my/u/bargainbasement_ioi
harvesting systems can be used for daily activities, fostering
and https://www.bargainbasement.com.my/store
a habit of saving water and educating the community on
the importance of conserving natural resources. Hence,
we collaborated with business partners and contractors in
various developments to build rainwater harvesting systems
that serve as a sustainable source of water supply for the
local communities.
Beneficiaries of this initiative include SJK(T) Sungai Ara in

Penang, Rumah Shalom in Bandar Puchong Jaya and Surau
Al Munawwarah in Bandar Putera 2, Klang. In November
2021, Team IOI from Johor installed rainwater harvesting
Team IOI at the handover ceremony of Kampung Kuala Masai.
systems in two Orang Asli villages – Kampung Kuala Masai

in Pasir Gudang and Kampung Pasir Salam in Tebrau.
The population in both villages totalled about 400.
In July, Rumah Victory Elderly Home also received a rainwater

harvesting system from Team IOI of IOI Resort City, 16 Sierra,
Warisan Puteri Sepang and Bandar Puteri Bangi while Team
IOI in Bandar Putera Klang installed a system in Surau An Nur.
Bringing Clean Water to Communities

Access to clean and safe drinking water plays an important
role in the health and well-being of the community, while
the quality and sustainability of water resources are critical
to the survival of people and the planet. In line with SDG 3, 6
and 17 as well as the Group’s Strategic Themes of Changing
Mindsets and Urban Green, we organised the IOI Water for
Life in July 2021 in partnership with Pertubuhan Komuniti Elite.
The campaign was aimed at providing portable water filters to
Orang Asli communities that did not have access to treated or
Rumah Victory Elderly Home received a rainwater harvesting system.
clean water, whereby we managed to provide the water filters
to a few Orang Asli Villages, including Kampung Orang Asli
Gunung Arung in Endau, Johor; Kampung Orang Asli Pasir Salam
in Ulu Tiram, Johor; and Kampung Chemomoi in Pahang.
Treasuring Community Relations Enabling Community Events

Think We Not Me As a property developer and investor, IOIPG is well positioned
to leverage on the malls and hotels under our management
Think We Not Me is a campaign launched in 2020 in support
to contribute back to society while at the same time drive
of the national efforts during the pandemic. It has since
employee engagement. Throughout FY2022, the Group was
evolved from an online campaign to contribute to the
an active venue sponsor for several community events and
communities in need during the pandemic, to an initiative
charitable causes. In total, we contributed RM83,000 worth
that supported our tenants for business continuity with
of venue space for the utilisation of charitable organisations,
rental reliefs amounting to over RM100 million to date as
cultural events and blood donation drives during the year
well as providing basic necessities to communities in need.
under review.
The COVID-19 pandemic has resulted in an extremely
challenging period for many families. In view of this, a month- IOI-Active Citizens Programme
long We Care Bin campaign was organised by IOI Mall Kulai IOIPG advocates the 5Rs concept – Refuse, Reduce, Reuse,
from November to December 2021, with the objective of Repurpose, Recycle – to minimise waste from going to the
assisting the B40 communities in Bandar Putra Kulai. The landfills. In line with this objective, we collaborated with the
event resulted in dry food and essential items being collected British Council for this project, which forms part of a global
and distributed to many families. effort to create a positive impact among the local communities.
Following the floods that affected several states across The first campaign launched under this programme was
Peninsular Malaysia in December 2021, IOIPG distributed in November 2018, known as Waste to Treasure, whereby
relief aid to affected families. In Kg Pasir Baru, Semenyih, community activities were hosted by the Customer Relations
100 families received gas-fuelled cooking stoves and daily Unit (”CRU”) in the Klang Valley developments and customised
necessities while 90 families in Kampung Semarang, Dengkil recycling bins were installed in five different locations.
received items including pillows, blankets and towels. This
CSR effort was conducted in collaboration with our business Many such community activities have been organised thus
partners of IOI Malls. far. In April 2022, the CRU collaborated with Cenviro and
anti-litter NGO Generasi Peduli Sampah (GPS) to organise
the Waste to Treasure programme and collection drives of
recyclables for the IOI communities and internal stakeholders.
Webinar sessions were also conducted during which
participants were educated on recycling practices to promote
the adoption of a sustainable lifestyle in preservation of
Planet Earth.
Volunteering Towards Achieving a Higher Purpose

The Group relies on employee volunteerism to drive our
corporate responsibility initiatives, which serves the double
objectives of strengthening the bonds between co-workers
while encouraging people to contribute back to the
community. In FY2022, 405 employees contributed a total
of 1,618 volunteer hours.
In April 2022, Team IOI visited Pusat Jagaan Al-Fikrah, an

elderly home in Kajang, to clean the home and clear unused
items to help the 70 elderly occupants prepare for the
Hari Raya celebration. To spread the festive mood, the team
distributed bubur lambuk and delicious meals prepared by
Dry food and essential items donated by the patrons of IOI Mall Kulai to help
B40 families in the neighbourhood.
We collected 1,250 kg of recyclables through the Waste to Treasure programme.
the hotels and sponsored by our mall tenants, while IOIPG

contributed electrical appliances and daily necessities to
the home. The event was participated by representatives
from the Group across all divisions and segments.
In Kulai, Team IOI set up a mini library in Kampung Kuala

Masai to inculcate reading habits among the Orang Asli
children. Our employees supported this activity by donating
about 300 books, 50 educational CDs and stationary, laptops,
projector, and furniture amongst others. Our employees
participated in a three-month coaching programme with 25
children from the Kuala Masai community and coached them
in the areas of reading, spelling, mathematics and dancing.
Team IOI coaching children from the Kuala Masai community.

Engaging the Community on Social Media planned with clear objectives of encouraging
In our efforts to drive a mindset change and foster sustainable the appreciation of biodiversity, lifestyle changes to
behaviours to achieve the mission of building sustainable mitigate climate change and waste minimisation
communities, we found social media to be an effective at its source.
tool to communicate our messages. The Group regularly
In FY2022, we actively engaged the online community
publishes sustainability-related content on social media to
through campaigns and events such as IOIPG’s
engage the public towards our sustainability efforts across
International Women’s Day #BreakTheBias 2022,
the three lines of business, using the hashtags #ioisustain
IOIPG Earth Hour 2022 and IOIPG City Nature Challenge
and #IOIConnectsToEarth.
2022. We aim to continue these channels of engagement
We have organised various social media competitions following the encouraging response and participation
to promote sustainable lifestyles. These activities were thus far.
Scan the QR code for more inspiring stories on embracing sustainability.

TCFD Content Index
TCFD Disclosure
This index was prepared in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosures (“TCFD“).
TCFD Recommended Our Approach Reference

Disclosure
Governance Describe the The Board of Directors has ultimate oversight and responsibility Sustainability
board’s oversight over sustainability related matters and oversees the sustainability Governance,
of climate-related governance structure. page 53
risks and
opportunities The Board is guided by the Sustainability Policy, which ensures we Sustainability
integrate corporate sustainability and responsibility into IOIPG’s Policy,
business strategies, and that sustainability-related risks and page 54
opportunities are considered by the Board.
Describe The management is involved in the Sustainability Steering Sustainability

management’s Committee (“SSC“), which has oversight over climate-related risks Governance,
role in assessing and opportunities. The SSC is responsible for steering IOIPG’s page 53
and managing sustainability strategy, assessing and managing material
climate-related sustainability matters and monitoring sustainability performance.
risks and In turn, the SSC is supported by the Sustainability Council,
opportunities comprising business unit heads, operation heads and subject
matter experts.
Strategy Describe the In addition to our annual materiality assessment to determine Our Climate
climate-related our material sustainability matters, we have conducted focus Action,
risks and groups specifically to cover climate issues with a diverse range page 72
opportunities the of stakeholders. We also conducted a detailed horizon scanning
organisation has of peer’s management of climate-related issues and their
identified over the corresponding climate strategy.
short, medium and
long-term As a result , we were able to identify some climate-related impacts. Market
This included an increasing focus on sustainability and ESG Landscape,
considerations by our customers across the business, which has led pages 22-23
to an increase in demand for more green buildings and sustainability
elements in the workplace as more occupiers are shifting towards
net-zero emissions.
TCFD Content Index

Disclosure
Strategy Describe the One of the key strategic thrusts of our overall strategy is “Sustainable Our Strategy,
impact of climate- Design Principles”, which guides us in the integration of green building pages 16-19
related risks and and township design into our developments. We have adopted the
opportunities on Low Carbon Cities Framework, a national framework and assessment
the organisation’s system to guide and assess the development of cities and to support
businesses, strategy, holistic sustainable development in Malaysia.
and financial
planning We are also guided by the Sustainability Strategic Framework, which Sustainability
provides the structure through which we bring about positive change to Framework &
the economy, environment and society. We have developed corresponding Strategy,
sustainability goals to guide our management of material matters related pages 58-59
to the environment and climate change.
We are expediting the prepared climate action plan in phases. Our Climate
Journey,
page 73
The Group has adopted initiatives to mitigate the impact of climate-related Caring for the
risks. This includes the development and implementation of emissions- Environment,
reducing initiatives, energy saving initiatives, water saving initiatives, pages 70-89
and waste and waste minimising initiatives across the business.
Describe the We plan to conduct scenario analysis in the future to assess the climate- Our Climate
resilience of the related impacts on the organisation's business. Through this exercise, we Journey,
organisation’s will provide an extensive overview of our exposure to climate change risks page 73
strategy, taking and opportunities.
into consideration
different climate-
related scenarios,
including a 2°C or
lower scenario
Risk Describe the We conduct a regular materiality assessment to review the validity and Materiality
Management organisation’s priority of our identified material matters. In FY2021, the materiality Assessment,
processes for assessment was conducted with an independent consultant. As part of pages 56-57
identifying and this assessment, internal subject matter experts were interviewed to provide
assessing climate- insight on external stakeholders’ priorities. These insights fed into the
related risks consideration in our decision-making process about the key economic,
environmental, and social (“EES“) issues that are important to both internal
and external stakeholders. Climate change continues to be a key material
issue, and this is reflected in its prioritisation within the materiality matrix.
We are also guided by an Enterprise Risk Management (“ERM“) framework, Statement

and environmental and climate change risk has been identified as a key on Risk
business risk. Management
and Internal
Control,
pages 164-169

Disclosure
Risk Describe the The Board is responsible for the oversight of the Group’s risk management Statement
Management organisation’s systems. Supporting the Board are the Audit Committee and Risk on Risk
processes for Management Committee, which collectively oversee climate-related risks Management
managing climate- and are critical to effective climate governance. An ERM framework, and Internal
related risks provides a structured and disciplined approach to evaluate and manage Control,
the risks faced by IOIPG, including climate-related risks. pages 164-169
Describe how Cllimate change risks are identified as environment risk under the ERM. Statement
processes for on Risk
identifying, Management
assessing, and and Internal
managing climate- Control,
related risks are pages 164-169
integrated into
the organisation’s
overall risk
management
Metrics Disclose the Our sustainability reporting is prepared in accordance with the Global Our
and Targets metrics used by Reporting Initiative (“GRI“) Standards 2020. We are also proponents of Sustainability
the organisation integrated reporting, subscribing to the Value Reporting Foundation (VRF)’s Journey,
to assess climate- Integrated Reporting Framework since FY2019. We have pledged our page 52
related risks and commitment to contribute to the UN Sustainable Development Goals, and
opportunities in line this year, have adopted the recommendations in the TCFD framework.
with its strategy and
risk management
process
Disclose Scope 1, We have been disclosing Scope 1, Scope 2 and Scope 3 GHG emissions Optimising
Scope 2, and if in accordance with the GHG Protocol Corporate Accounting and Use of
appropriate, Scope Reporting Standard. Resources,
3 greenhouse gas page 78
(GHG) emissions,
and the related risks
Describe the Our climate-related targets are related to GHG emissions, energy and Optimising
targets used by water usage, waste generation, and the construction materials used. Use of
the organisation to Resources,
manage climate- pages 75-83
related risks and
opportunities and
performance
against targets
GRI Content Index
Indicators Location Page

General Disclosure
Organisation Profile
102-1 Name of the organisation About This Report 1
102-2 Activities, brands, products, and services Management Discussion and Analysis 32-49
102-3 Location of headquarters Corporate Information 50
102-4 Location of operations Our Group Operations 2-3
102-5 Ownership and legal form Corporate Information 50
102-6 Markets served Management Discussion and Analysis 32-49
102-7 Scale of the organisation Management Discussion and Analysis 32-49

102-8 Information on employees and Creating Value for Our Employees: Embracing Diversity at the Workplace 92-93,
other workers Corporate Governance Overview Statement 142-155
102-9 Supply chain Delivering Excellence: Exceeding Expectations 63-66
102-10 Significant changes to the organisation Directors’ Report: Principal Activities 174
and its supply chain
102-11 Precautionary Principle or approach Our Sustainability Journey: Sustainability Framework & Strategy 58
102-12 External initiatives Our Sustainability Journey: Scope of Reporting 52
Our Sustainability Journey: Contributing Towards National and Global Goals 61
Caring for the Environment 70-89
Creating Value for Our Employees: Our People and Culture 91
Developing Sustainable Communities: Yayasan Tan Sri Lee Shin Cheng 109
– Investing in Our Future
102-13 Membership of associations Creating Value for Our Employees: Our People and Culture 91
Strategy
102-14 Statement from senior decision-maker Chairman’s Statement 6-9
Executive Vice Chairman’s Statement 10-13
Management Discussion and Analysis: CEO’s Introduction 32
102-15 Key impacts, risks, and opportunities Management Discussion and Analysis: How We Manage Our Risks 46-49
Governance Overview Statement: Statement on Risk Management 164-169
and Internal Control
Ethics and Integrity
102-16 Values, principles, standards, and Corporate Governance Overview Statement 142-155
norms of behaviour
102-17 Mechanisms for advice and concerns Corporate Governance Overview Statement 142-155
about ethics Creating Value for Our Employees: Our People and Culture 91
Governance
102-18 Governance structure Our Sustainability Journey: Sustainability Governance, Sustainability 53
Governance Structure
Corporate Governance Overview Statement: Governance Framework 143
102-19 Delegating authority Our Sustainability Journey: Sustainability Governance 53
Corporate Governance Overview Statement: Governance Framework, 143, 148
Directors’ Core Areas of Expertise
102-20 Executive-level responsibility for economic, Our Sustainability Journey: Sustainability Governance 53
environmental, and social topics
102-21 Consulting stakeholders on economic, Our Sustainability Journey: Stakeholder Engagement, Stakeholder Engagement 55-57
environmental, and social topics Methods, Materiality Assessment
Management Discussion and Analysis 32-49

General Disclosure
Governance
102-22 Composition of the highest governance Corporate Governance Overview Statement: Governance Framework, 143,
body and its committees Board Leadership and Effectiveness 144-155
102-23 Chair of the highest governance body Corporate Governance Overview Statement: Board Leadership and Effectiveness 144-155
102-24 Nominating and selecting the highest Corporate Governance Overview Statement: Board Leadership and Effectiveness 144-155
governance body
102-25 Conflicts of interest Corporate Governance Overview Statement: Board Leadership and Effectiveness 144-155
102-26 Role of highest governance body in setting Our Sustainability Journey: Sustainability Governance 53
purpose, values, and strategy Corporate Governance Overview Statement: Board Leadership and Effectiveness 144-155
102-27 Collective knowledge of highest Corporate Governance Overview Statement: Board Leadership and Effectiveness 144-155
governance body
102-29 Identifying and managing economic, Our Sustainability Journey: Sustainability Governance, Stakeholder Engagement, 53,
environmental, and social impacts Materiality Assessment 55-57
102-30 Effectiveness of risk management Governance Overview Statement: Statement on Risk Management and 164-169
processes Internal Control
102-31 Review of economic, environmental, Our Sustainability Journey: Stakeholder Engagement and Materiality Assessment, 55-59
and social topics Sustainability Framework & Strategy
102-32 Highest governance body’s role in Our Sustainability Journey: Sustainability Governance 53, 143
sustainability reporting Corporate Governance Overview Statement: Governance Framework
102-33 Communicating critical concerns Governance Overview Statement: Statement on Risk Management and 164-169
Internal Control
102-34 Nature and total number of critical Governance Overview Statement: Statement on Risk Management and 164-169
concerns Internal Control
102-35 Remuneration policies Corporate Governance Overview Statement: Board Leadership and Effectiveness 144-155
102-36 Process for determining remuneration Corporate Governance Overview Statement: Board Leadership and Effectiveness 144-155
102-37 Stakeholders’ involvement in remuneration Corporate Governance Overview Statement: Board Leadership and Effectiveness 144-155
Stakeholder Engagement
102-40 List of stakeholder groups Our Sustainability Journey: Stakeholder Engagement Methods 55
102-42 Identifying and selecting stakeholders Our Sustainability Journey: Stakeholder Engagement, Stakeholder 55
Engagement Methods
102-43 Approach to stakeholder engagement Our Sustainability Journey: Stakeholder Engagement, Stakeholder 55
Engagement Methods
Corporate Governance Overview Statement 142-155
102-44 Key topics and concerns raised Our Sustainability Journey: Stakeholder Engagement, Stakeholder 55-57
Engagement Methods, Materiality Assessment
102-45 Entities included in the consolidated Financial Statements 180-305
financial statements
Reporting Practice
102-46 Defining report content and topic Our Sustainability Journey: Scope of Reporting 52
Boundaries
102-47 List of material topics Our Sustainability Journey: Materiality Assessment 56-57
102-49 Changes in reporting Our Sustainability Journey: Scope of Reporting 52
102-50 Reporting period Our Sustainability Journey: Scope of Reporting 52
102-51 Date of most recent report Our Sustainability Journey: Scope of Reporting 52
102-52 Reporting cycle Our Sustainability Journey: Scope of Reporting 52
102-53 Contact point for questions regarding Our Sustainability Journey 52-61
the report
102-55 GRI content index GRI Content Index 118-125
GRI Content Index

Economic
Economic Performance
103-1 Explanation of the material topic Our Sustainability Journey: Scope of Reporting, Materiality Assessment 52, 56-57
and its Boundary Developing Sustainable Communities 104-114
103-2 The management approach and Our Sustainability Journey: Sustainability Governance, Sustainability Policy, 52-60
its components Sustainability Framework & Strategy, Sustainability Goals, Sustainability
Strategic Themes
Developing Sustainable Communities 104-114
201-1 Direct economic value generated Developing Sustainable Communities: Investing in Infrastructure, 104-114
and distributed Unearthing Young Talents, Yayasan Tan Sri Lee Shin Cheng – Investing in
Our Future, Advocating a Circular Economy, Engaging Local Communities
Group Financial and Segmental Performance Highlights 28
Management Discussion and Analysis 32-49
201-2 Financial implications and other risks and Our Sustainability Journey: Sustainability Framework & Strategy 58-59
opportunities due to climate change Caring for the Environment 70-89
Please refer to other sections of Annual Report
Market Presence
and its Boundary Creating Value for Our Employees: Embracing Diversity at the Workplace 92-93
103-2 The management approach and Our Sustainability Journey: Sustainability Governance, Sustainability Policy, Sustainability 52-60
its components Framework & Strategy, Sustainability Goals, Sustainability Strategic Themes
Creating Value for Our Employees: Embracing Diversity at the Workplace 92-93
Indirect Economic Impacts
and its Boundary Developing Sustainable Communities 104-114
Developing Sustainable Communities 104-114
203-1 Development and impact of infrastructure Developing Sustainable Communities: Investing in Infrastructure, 104-114
investments and services supported Unearthing Young Talents, Yayasan Tan Sri Lee Shin Cheng – Investing in
Our Future, Engaging Local Communities
203-2 Significant indirect economic impacts, Developing Sustainable Communities: Investing in Infrastructure, 104-114
including the extent of impacts Unearthing Young Talents, Yayasan Tan Sri Lee Shin Cheng – Investing in
Our Future, Engaging Local Communities
Procurement Practices
and its Boundary Delivering Excellence: Exceeding Expectations 63-66
Delivering Excellence: Exceeding Expectations 63-66
204-1 Proportion of spending on local suppliers Delivering Excellence: Exceeding Expectations 63-66
Anti-Corruption
and its Boundary Creating Value for Our Employees: Our People and Culture 91
205-2 Communication and training about Delivering Excellence: Exceeding Expectations 63-66
anti-corruption policies and procedures Creating Value for Our Employees: Our People and Culture, Talent Development and 91, 97-98
Capacity Building

Environmental
Materials
103-1 Explanation of the material topic and its Our Sustainability Journey: Scope of Reporting, Materiality Assessment 52, 56-57
Boundary Caring for the Environment: Materials 83
103-2 The management approach and its Our Sustainability Journey: Sustainability Governance, Sustainability Policy, 52-60
components Sustainability Framework & Strategy, Sustainability Goals, Sustainability
Strategic Themes
Caring for the Environment: Materials 83
301-1 Materials used by weight or volume Caring for the Environment: Materials 83
Energy
and its Boundary Caring for the Environment: Energy 75-77
Strategic Themes
Caring for the Environment: Energy 75-77
302-1 Energy consumption within the Caring for the Environment: Energy 75-77
organisation
302-3 Energy intensity Caring for the Environment: Energy 75-77
302-4 Reduction of energy consumption Caring for the Environment: Energy 75-77
302-5 Reductions in energy requirements of Caring for the Environment: Energy 75-77
products and services
Water and Effluents
and its Boundary Caring for the Environment: Water 80
Strategic Themes
Caring for the Environment: Water 80
303-3 Water Withdrawal Caring for the Environment: Water 80
303-5 Water Consumption Caring for the Environment: Water 80
Biodiversity
and its Boundary Caring for Environment: Appreciating Nature and Biodiversity 86-89
Caring for Environment: Appreciating Nature and Biodiversity 86-89
304-3 Habitats protected or restored Caring for Environment: Appreciating Nature and Biodiversity 86-89
304-4 IUCN Red List species and national Caring for Environment: Appreciating Nature and Biodiversity 86-89
conservation list species with habitats
in areas affected by operations
GRI Content Index

Environmental
Emissions
and its Boundary Caring for the Environment: Emissions 78-79
Strategic Themes
Caring for the Environment: Emissions 78-79
305-1 Direct (Scope 1) GHG emission Caring for the Environment: Emissions 78-79
305-2 Energy indirect (Scope 2) (GHG) emissions Caring for the Environment: Emissions 78-79
305-4 GHG emissions intensity Caring for the Environment: Emissions 78-79
305-5 Reduction of GHG emissions Caring for the Environment: Energy, Emissions 75-79
Waste
and its Boundary Caring for the Environment: Waste and Effluent Management 81-82
Strategic Themes
Caring for the Environment: Waste and Effluent Management 81-82
306-1 Waste generation and significant Caring for the Environment: Waste and Effluent Management 81-82
waste-related impacts
306-2 Management of significant Caring for the Environment: Waste and Effluent Management 81-82
waste-related impacts
306-3 Waste generated Caring for the Environment: Waste and Effluent Management 81-82
306-4 Waste diverted from disposal Caring for the Environment: Waste and Effluent Management 81-82
306-5 Waste directed to disposal Caring for the Environment: Waste and Effluent Management 81-82
Compliance
and its Boundary Caring for the Environment: Appreciating Nature and Biodiversity 86-89
Strategic Themes
Caring for the Environment: Appreciating Nature and Biodiversity 86-89
307-1 Non-compliance with environmental Caring for the Environment: Appreciating Nature and Biodiversity 86
laws and regulations
Supplier Environmental Assessment
Strategic Themes

Social
Employment
and its Boundary Creating Value for Our Employees: Caring for Employees 96-97
Creating Value for Our Employees: Caring for Employees 96-97
401-1 New employee hires and employee turnover Creating Value for Our Employees: Caring for Employees 96-97
401-2 Benefits provided to full-time employees Creating Value for Our Employees: Caring for Employees 96-97
that are not provided to temporary or part
time employees, by significant locations
of operation
Occupational Health and Safety
and its Boundary Creating Value for Our Employees: Strengthening Health, Safety and Security Practices 98-103
its components Framework & Strategy, Sustainability Goals, Sustainability Strategic Themes 98-103
Creating Value for Our Employees: Strengthening Health, Safety and Security Practices
403-1 Occupational health and safety Creating Value for Our Employees: Strengthening Health, Safety and Security Practices 98-103
management system
403-2 Hazard identification, risk assessment Creating Value for Our Employees: Strengthening Health, Safety and Security Practices 98-103
and incident investigation
403-4 Worker participation, consultation and Creating Value for Our Employees: Strengthening Health, Safety and Security Practices 98-103
communication on occupational health
and safety
403-5 Worker training on occupational health Creating Value for Our Employees: Strengthening Health, Safety and Security Practices 98-103
and safety
403-6 Promotion of worker health Creating Value for Our Employees: Strengthening Health, Safety and Security Practices 98-103
403-7 Prevention and mitigation of occupational Creating Value for Our Employees: Strengthening Health, Safety and Security Practices 98-103
health and safety impacts directly linked by
business relationships
403-9 Work-related injuries Creating Value for Our Employees: Strengthening Health, Safety and Security Practices 98-103
Training and Education
and its Boundary Creating Value for Our Employees: Talent Development and Capacity Building 97-98
Creating Value for Our Employees: Talent Development and Capacity Building 97-98
404-1 Average hours of training per year Creating Value for Our Employees: Talent Development and Capacity Building 97-98
per employee
404-2 Programs for skills management and Creating Value for Our Employees: Talent Development and Capacity Building 97-98
lifelong learning that support the
continued employability of employees and
assist them in managing career endings
404-3 Percentage of employees receiving regular Creating Value for Our Employees: Talent Development and Capacity Building 97-98
performance and career development reviews
Diversity and Equal Opportunity
Corporate Governance Overview Statement: Board Leadership and Effectiveness 144-155
Strategic Themes
Corporate Governance Overview Statement: Board Leadership and Effectiveness 144-155
405-1 Composition of governance bodies and Creating Value for Our Employees: Embracing Diversity at the Workplace 92-93
breakdown of employees per employee Corporate Governance Overview Statement: Board Leadership and Effectiveness 144-155
category according to gender, age group,
minority group membership, and other
indicators of diversity
GRI Content Index

Social
Non-discrimination
Strategic Themes
Child Labour
408-1 Operations and suppliers at significant risk Delivering Excellence: Exceeding Expectations 63-66
for incidents of child labour Creating Value for Our Employees: Our People and Culture 91
Forced Labour
409-1 Operations and suppliers at significant risk Delivering Excellence: Exceeding Expectations 63-66
for incidents of forced or compulsory labour Creating Value for Our Employees: Our People and Culture 91
Security Practices
and its Boundary Creating Value for Our Employees: Our People and Culture 91
Creating Value for Our Employees: Talent Development and Capacity Building 97-98
410-1 Security personnel trained in human rights Creating Value for Our Employees: Talent Development and Capacity Building 97
policies or procedures
Human Rights Assessment
Creating Value for Our Employees: Our People and Culture, Talent Development and 91, 97-98
Capacity Building
Creating Value for Our Employees: Our People and Culture, Talent Development and 91, 97-98
Capacity Building
412-1 Operations that have been subject to Delivering Excellence: Exceeding Expectations 63-66
human rights reviews or impact assessment Creating Value for Our Employees: Our People and Culture 91
412-2 Employee training on human rights Creating Value for Our Employees: Talent Development and Capacity Building 97-98
policies or procedures

Social
Local Communities
Developing Sustainable Communities: Unearthing Young Talents, 108-114
Yayasan Tan Sri Lee Shin Cheng – Investing in Our Future,
Engaging Local Communities
Developing Sustainable Communities: Unearthing Young Talents, 108-114
Yayasan Tan Sri Lee Shin Cheng – Investing in Our Future,
413-1 Operations with local community Our Sustainability Journey; Delivering Excellence: Exceeding Expectations 63-66
engagement, impact assessments, Developing Sustainable Communities: Unearthing Young Talents, 108-114
and development programmes Yayasan Tan Sri Lee Shin Cheng – Investing in Our Future,
Supplier Social Assessment
103-1 Explanation of the material topic and Our Sustainability Journey: Scope of Reporting, Materiality Assessment 52, 56-57
its Boundary Delivering Excellence: Exceeding Expectations 63-66
Customer Health and Safety
and its Boundary Delivering Excellence: Developing Thriving Communities 67-69
Delivering Excellence: Developing Thriving Communities 67-69
416-1 Assessment of the health and safety Delivering Excellence: Developing Thriving Communities 67-69
impacts of product and service categories
Marketing and Labelling
417-1 Requirements for product and service Delivering Excellence: Exceeding Expectations 63-66
information and labelling Caring for Environment: Appreciating Nature and Biodiversity 86
Developing Sustainable Communities: Engaging Local Communities 110
Customer Privacy
103-1 Explanation of the material topic and Our Sustainability Journey: Scope of Reporting, Materiality Assessment 52, 56-57
its Boundary Delivering Excellence: Exceeding Expectations 63-66
103-2 The management approach and its Our Sustainability Journey: Sustainability Governance, Sustainability Policy, Sustainability 52-60
components Framework & Strategy, Sustainability Goals, Sustainability Strategic Themes
418-1 Substantiated complaints concerning Delivering Excellence: Exceeding Expectations 65
breaches of customer privacy and
losses of customer data
126 Who Governs Us IOI Properties Group Berhad
Board of Directors
Qualification
• Fellow Member of the Institute of Chartered

Accountants, Australia
• Member of the Malaysian Institute of Accountants
• Fellow Member of the Malaysian Institute of Chartered
Secretaries and Administrators
Skills and Experience
• Chartered Accountant with more than 50 years of

experience in auditing, accounting and consulting
• Served as the Executive Chairman of BDO Binder,
Malaysia from 1987 to 2009
• He was the Chairman of the Board of Gul Technologies
Singapore Limited and MCIS Insurance Berhad
• He was a Director of RHB Capital Berhad and RHB
Investment Bank Berhad
• He was a Director of Malaysia-China Business Council
(MCBC)
• He was a Senior Independent Non-Executive Director
of IGB Berhad from 2002 to 2018
Membership of Board Committee(s) in IOIPG
• None
DATUK TAN KIM LEONG
Independent Non-Executive Chairman No. of Board Meeting Attended for FY2022
• 7/7 (100%)
Directorship of other Listed Issuers/Public Companies
Listed Issuer
• None
Age: 83 Public Companies
• Chairman of Amoy Canning Corporation (Malaya) Berhad
Gender: Male
• Director of KL Industrial Services Berhad
Nationality: Malaysian Non-Profit Public Companies
• Trustee of Yayasan Tan Sri Lee Shin Cheng
Date of Appointment: 1 June 2013 • Trustee of IOI Foundation
Committee Membership Key
Committee Chairman Audit Committee Governance, Nominating and Remuneration Committee
Risk Management Committee Whistleblowing Committee

Qualification
• LLB (Honours), King’s College, London

• B
arrister-at-law from Bar of England and Wales,
Inner Temple
• Involved in corporate affairs and general management

within IOI Group prior to the demerger and listing
of IOIPG
• S
erved at the London and Singapore offices of a
leading international financial services group for
approximately two (2) years
• None
No. of Board Meeting Attended for FY2022
• 7/7 (100%)
Listed Issuer
• Non-Independent Non-Executive Director of
LEE YEOW SENG IOI Corporation Berhad
Public Company
• IOI Properties Berhad
Non-Profit Public Company
• Trustee of IOI Foundation
Age: 44
Gender: Male
Nationality: Malaysian
Date of Appointment: 25 February 2013

Board of Directors
Qualification

• Diploma in Finance and Accounting
• Joined IOI Group as a Legal Executive in 1996 and

was subsequently transferred to the property division
to take charge of implementing the International
Organisation for Standardisation (ISO) quality
management systems
• Held various positions in IOI Properties Group and was
promoted to Senior General Manager, Marketing and
Business Development in 2010
• Appointed as an Executive Director of IOI Properties
Group on 1 July 2017 and primarily responsible for
supporting, managing and implementing the Group’s
sales and marketing strategies and overseeing the
product design development, sustainability, corporate
communication, information technology digitalisation
transformation and risk management functions
• Following her retirement from Executive Management,
she was re-designated from Executive Director to Non-
Independent Non-Executive Director
LEE YOKE HAR Membership of Board Committee(s) in IOIPG
Non-Independent Non-Executive Director • None
• 7/7 (100%)

Age: 51 Listed Issuer
• None
Gender: Female
Public Company
Nationality: Malaysian • None
Date of Appointment: 1 July 2017 • None
Qualification

• Bar Finals, Gray’s Inn, London
• Postgraduate Diploma in Finance and Accounting,
London School of Economics
• Chairman of the Malaysian Palm Oil Association

since 2020
• Chairman of the Malaysian Palm Oil Council from
2009 to 2020
• Served in the Malaysia Attorney General’s Chambers
and the Malaysia Judiciary Service for four (4) years
from 1990 to 1994, last posting was as a Magistrate
• Board member of Central Bank of Malaysia from
2015 to 2018
• Board member of Malaysian Green Technology
Corporation from 2011 to 2013
• Served on the National Council of the Real Estate
and Housing Developers’ Association Malaysia as
its Secretary General from 2002 to 2006
DATO’ LEE YEOW CHOR • Chairman of the Whistleblowing Committee

Non-Independent Non-Executive Director
• 7/7 (100%)
Listed Issuers
Age: 56 • Group Managing Director and Chief Executive of
IOI Corporation Berhad
Gender: Male • Non-Independent Non-Executive Director of
Bumitama Agri Ltd
Public Companies
Date of Appointment: 25 February 2013 • Director of IOI Oleochemical Industries Berhad
• Director of Unico-Desa Plantations Berhad
• Director of Dynamic Plantations Berhad
Non-Profit Public Companies
• Trustee of Yayasan Tan Sri Lee Shin Cheng
• Trustee of IOI Foundation
Board of Directors
Qualification
• Bachelor of Economics (Honours), University of Malaya
• Senior Adviser and Vice Chairman, Strategic Initiatives

for HSBC Bank Malaysia Berhad
• An accomplished banker since 1975. His last position
held in HSBC Bank Malaysia Berhad was as the
Managing Director of Strategic Business Development
prior to his retirement in 2013
• Chairman of the Audit Committee

• Member of the Risk Management Committee
• Member of the Governance, Nominating and
• 7/7 (100%)
Listed Issuer
DATUK LEE SAY TSHIN • Independent Non-Executive Chairman of CJ Century
Logistics Holdings Berhad
Public Company
• Council member of Malaysia-China Business Council
• None
Age: 69
Gender: Male
Date of Appointment: 22 August 2013

Qualification
• Doctorate of Medicine/ Cardiology (London)

• Bachelor of Medicine and Surgery (London) (Honours),
Middlesex and University College Hospital Medical
School, London
• Member of the Royal College of Physicians
(United Kingdom)
• Member of the Academy of Medicine Malaysia
• Fellowship of the Royal College of Physicians (London)
• Fellow of the American College of Cardiology
• Cardiologist at Cardiac Vascular Sentral (Kuala Lumpur),

Malaysia
• Cardiologist at Sunway Medical Centre, Malaysia
• Professor of Medicine and Head of Cardiology at
University Malaya Medical Centre in Kuala Lumpur,
Malaysia
• Cardiologist at Guy’s Hospital, London, United Kingdom
• Chairman of the Governance, Nominating and

DATUK DR TAN KIM HEUNG • Member of the Audit Committee
• Member of the Risk Management Committee
• Member of the Whistleblowing Committee
• 7/7 (100%)
Age: 60 Directorship of other Listed Issuers/Public Companies
Gender: Male Listed Issuer

• None
Nationality: Malaysian Public Company
• None
Date of Appointment: 1 June 2013
• None
Board of Directors
Qualification
• Bachelor of Science in Business Administration

(majoring in Finance and Real Estate), University of
South Carolina, United States
• Executive Director of Annhow Holdings Sdn Bhd

• Research analyst in the research department of
a property valuation firm in 1985
• Held various managerial positions in local established
project management companies and a family-owned
investment holding company from 1991 to 2011
• Started his own property development project in 2015
• Director of Yayasan Chan Fong Ann, a philanthropic
fund named after his father, which aims to provide aid
to less fortunate communities in Johor
• Chairman of the Risk Management Committee

• Member of the Audit Committee
• Member of the Governance, Nominating and
• Member of the Whistleblowing Committee
CHAN CHA LIN
Independent Non-Executive Director No. of Board Meeting Attended for FY2022
• 7/7 (100%)
Listed Issuer
• None
Age: 61 Public Company
• None
Gender: Male
Nationality: Malaysian • Director of Yayasan Chan Fong Ann
Date of Appointment: 1 June 2021
Additional Information of the Directors:

1. Dato’ Lee Yeow Chor, Lee Yeow Seng and Lee Yoke Har are members of the immediate family. They are deemed in conflict of interest with IOI Properties Group
by virtue of their interests in certain privately-owned companies which are involved in similar business of property investment, property development and
hospitality. Except for certain recurrent related party transactions of a revenue or trading nature which are necessary for day-to-day operations of IOI Properties
Group and for which the above Directors are deemed to be interested is disclosed under the notes to audited financial statements, there are no other business
arrangements with the Company in which they have personal interests.
2. Save as disclosed in item (1) above in this Integrated Annual Report, none of the Directors has:
i) Any family relationship with any directors/major shareholders of the Company; and
ii) Any conflict of interest with the Company.
3. None of the Directors has any conviction for offences within the past five years other than traffic offences.
4. None of the Directors has any public sanction or penalty imposed by the relevant regulatory bodies during the financial year ended 30 June 2022.
Senior Management Team
Chief Executive Officer Chief Financial Officer Chief Operating Officers
DATO’ VOON TIN YOW MELISSA TAN SWEE PENG TEH CHIN GUAN
LIM BENG YEANG
Property Property Corporate

Development Investment
Senior General Managers Head of Retail Group Financial Controller
TAN KENG SENG CHRIS CHONG VOON FOOI MICHELLE SHEN YAN CHAO
HO KWOK WING
General Manager,
CHUNG NYUK KIONG Cluster General Manager,
Four Points by Sheraton Puchong, Group Corporate Communication
Le Méridien Putrajaya, & Sustainability
Putrajaya Marriott Hotel and
Senior General Manager KRISTINE NG MEE YOKE
Palm Garden Hotel, Putrajaya,
Xiamen, People’s Republic of China a Tribute Portfolio Hotel
STEVE WONG WAI LEONG RASHEED KUMAR RENOO* General Manager,
Group Quality Management
General Manager STEVEN SU CHAN LOONG

General Manager,
Facilities Management
WONG PEEN FOOK
TOH BOON CHIEW Company Secretary
and General Manager,
General Manager, Singapore Corporate Finance
Head of Leasing (Offices)
LEE YEAN PIN (LI YANPING) CHEE BAN TUCK
JOANNE ANG CUI XIA
Head of Group Sales & Marketing Head of Group People & Culture
NICOLE LEE CHEE YIING BHUVANESWARY KISNASAMY
Head of Group Internal Audit
JIMMY YEE YOKE SENG
* Employment under Marriot International.

Profile of Senior Management Team
The management team is headed

DATO’ VOON TIN YOW MELISSA TAN SWEE PENG
by the Executive Vice Chairman,
Lee Yeow Seng. He is assisted by Chief Executive Officer Chief Financial Officer
the following senior management:
Age 65 Male Malaysian Age 49 Female Malaysian
Date of Appointment: Date of Appointment:

15 April 2020 1 June 2022
Qualification: Qualification:
• Master of Science in Engineering from • Bachelor Degree of Arts in
The University of Texas at Austin, Accounting from The University
United States of Bedfordshire, United Kingdom
• Bachelor of Science in Civil Engineering Skills and Experience:
from The University of Texas at Austin,
Ms Melissa Tan Swee Peng has more than
United States 24 years of experience in the financial,
property and banking industries. Upon
Skills and Experience:
graduation in 1997, she started her career
Dato’ Voon Tin Yow has 38 years of with the Internal Audit Department of
working experience in the construction Sunway Holdings Berhad (now known as
and property development industry, Sunway Berhad).
which includes 3 years in construction site
management and 35 years in management She then joined the Corporate Finance
of property development. He began his Department of Aseambankers Malaysia
career in 1984 in Kimali Construction Sdn Bhd Berhad (now known as Maybank Investment
as a site engineer and went on to become Bank Berhad) in 2001, and was involved in
the development engineer in Juru Bena various corporate transactions specialising
in mergers and acquisitions, take-overs and
Tenaga Sdn Bhd in 1986. In 1990, he
equity fund raising activities.
joined Syarikat Kemajuan Jerai Sdn Bhd
as Project Manager and was subsequently In 2007, she joined S P Setia Berhad (“S P Setia”)
appointed as the General Manager in 1994. as a Senior Manager within the Corporate
Finance Department and was subsequently
Dato’ Voon Tin Yow was previously an promoted to be the Head of Corporate Finance.
Executive Director at S P Setia Berhad Under her stewardship, S P Setia successfully
(“S P Setia”) and held the post of Chief completed the issuance of a Sukuk Musharakah
Operating Officer from 1996 to 2014, Programme which clinched 2 Islamic finance
during which he also acted as the Acting awards, namely the Perpetual Deal of the Year
President and Chief Executive Officer from and Musharakah Deal of the Year in 2014.
1 May 2014 until 31 December 2014.
During his tenure in S P Setia, he oversaw In April 2014, she joined Eco World Development
the development of the entire eco-system Group Berhad as the Head of Corporate
to establish the company’s policies and Finance. During her service period, she led the
Initial Public Offering exercise of Eco World
procedures. He played a key role in
International Berhad on Bursa Malaysia
leading the Malaysian consortium
Securities Berhad and spearheaded the
comprising S P Setia and Rimbunan
implementation of several major corporate
Hijau Group to jointly develop the transactions involving acquisitions, joint-
China-Malaysia Qinzhou Industrial Park venture arrangements and equity fund raising.
in the People’s Republic of China (“PRC”)
with a Chinese consortium. She was promoted as Chief Financial Officer of
Eco World International Berhad, on 1 September
Dato’ Voon Tin Yow joined Eco World 2016 and was responsible for overseeing all
Development Group Berhad in 2015 as financial and corporate matters of Eco World
an Executive Director. He was also a International Berhad including financial
Non-Independent Non-Executive Director reporting, corporate finance, treasury,
of EcoWorld International Berhad since investor relations and risk management. She
2017. He resigned from the board of was also responsible for overall coordination
both companies in February 2020. of sustainability and governance reporting
for Eco World International Berhad. She left
Eco World International Berhad and joined
IOI Properties Group Berhad in June 2022.
TEH CHIN GUAN LIM BENG YEANG

Chief Operating Officer, Chief Operating Officer,
Property Development (Central Region) Property Development (Southern Region)
Age 56 Male Malaysian Age 60 Male Malaysian

28 August 2006 3 April 1995
• Member of the Harvard Club • Bachelor of Science (Honours)
of Malaysia in Housing Building & Planning
• Bachelor of Engineering from Universiti Sains Malaysia
(Honours) degree from
Universiti Teknologi Malaysia
Mr Lim Beng Yeang is presently
Skills and Experience: responsible for the Group’s property
Before joining IOI Properties Group’s development business in Johor.
property division in year 2006,
He has over 36 years of experience
Mr Teh Chin Guan had held various
in areas such as township planning,
senior positions in Berjaya Land Bhd
design development, contracts
and he brings with him many years
administration, project management and
of experience from the property and
construction, property management and
construction industry. He joined the
sales marketing.
organisation in August 2006 as an
Assistant General Manager in the Prior to joining IOI Properties Group,
property division and was promoted he was a Senior Construction Manager
to General Manager in July 2009. and he has also worked in Indonesia
during his tenure with MBf Property
He was subsequently promoted to
Services Sdn Bhd.
Property Director on 2 July 2012 and
redesignated to his current position as
Chief Operating Officer of IOI Properties
Group in 2014 after the de-merger
of the property division. He has since
played a major role in contributing
towards the Group’s property
development in the growth corridor
of the Klang Valley.
TAN KENG SENG HO KWOK WING CHUNG NYUK KIONG

Senior General Manager Senior General Manager Senior General Manager
Age 67 Male Malaysian Age 57 Male Malaysian Age 59 Male Malaysian
Date of Appointment: Date of Appointment: Date of Appointment:

30 April 2011 16 July 2012 18 August 2014
Qualification: Qualification: Qualification:

• Master of Business Administration • Master of Science in Civil Engineering • Member of Royal Institution
from Sloan School of Management, from Oklahoma State University, of Chartered Surveyors
Massachusetts Institute of Technology United States • Master of Science in Construction
(MIT) of Cambridge, United States • Bachelor Degree of Science in Project Management from
• Bachelor Degree in Civil Engineering Civil Engineering from Oklahoma Heriot-Watt University
from McGill University, Canada State University, United States • Master of Business Administration
from University of Newcastle, Australia
Skills and Experience: Skills and Experience:
Mr Tan Keng Seng is responsible for Mr Ho Kwok Wing is the Business Head Skills and Experience:
the Group’s development projects for the Property Development in IOI Mr Chung Nyuk Kiong is responsible
at Ayer Keroh (Melaka) and Bahau Resort City. Under his portfolio, he has for the overall property development
(Negeri Sembilan). successfully completed the IOI City Mall projects in Puchong Jaya and Bandar
(Phases 1 & 2), IOI City Towers, Le Méridien Puteri Puchong.
He has worked in the banking, Hotel, Conezión Mixed development,
manufacturing and property The Clio Residences, Par3 Residence, and Prior to joining IOI Properties Group
development sectors. He joined township infrastructures. The projects in 2014 as a General Manager, he had
IOI Properties Group, property under construction now are Moxy Hotel worked with public listed property
division in 2011. and the Gems Residences. developers and construction companies
locally and abroad which entail mixed
Upon graduation, he worked as a development, office, commercial and
consulting structural engineer in California, residential buildings. He was promoted
United States from 1991 to 1992. to Senior General Manager in July 2017.
He subsequently joined Bina Goodyear
Berhad as a Project Engineer in 1992.
He left as a Senior General Manager and
joined IOI Properties Group, property
division in 2012 as a General Manager.
STEVE WONG WAI LEONG WONG PEEN FOOK LEE YEAN PIN (LI YANPING)
Senior General Manager, General Manager General Manager,
Xiamen, People’s Republic of China Singapore
Age 48 Male Malaysian Age 55 Male Malaysian Age 49 Female Singaporean

1 April 2021 1 April 2013 1 March 2012
• Bachelor of Science in • Certificate in Civil Engineering • Master of Science (Real Estate
Construction Management from from Politeknik Ungku Omar, Development) from Massachusetts
University of Greenwich, Australia Ipoh, Perak Institute of Technology (MIT)
• Postgraduate Diploma in Business of Cambridge, United States
Administration from Heriot-Watt • Bachelor of Science (Estate Management)
University, United Kingdom Mr Wong Peen Fook is responsible for from National University of Singapore
planning, executing, controlling and
Skills and Experience: coordinating property development Skills and Experience:
Mr Steve Wong Wai Leong is presently projects in Bangi and Sepang. Ms Lee Yean Pin is responsible for
responsible for the entire business operation the overall planning, execution and
He started his career with Bandar Sunway
of the Company in Xiamen of PRC. coordination of the property development
Sdn Bhd as a Site Supervisor and joined
projects in Singapore under her charge.
He has over 24 years of experience IOI Properties Group in 1990 as a
in property and construction industry clerk of work for 4 years before being She has more than 21 years of experience
spanning Malaysia and PRC. He has been promoted to various positions. He was in urban planning, real estate development
based in PRC for 14 years with extensive promoted to Senior Project Manager and place management in Singapore
experience in the full cycle of integrated in 2013, subsequently promoted to and has held various appointments in
mixed development and commercial Assistant General Manager, then to Singapore’s national land use planning
properties operation. General Manager. and conservation authority before joining
IOI Properties Group, property division in
He was previously the Director cum March 2012.
General Manager of Jade Riviera (Wuxi)
Property Company Limited (a member
of Hong Leong Group Singapore), where
he was responsible for the business
operation for an integrated mixed-use
development in Wuxi City of PRC since
December 2013. He had completed
the Wuxi project from end to end
and instrumental in spearheading the
operation team for the opening of
shopping mall, luxury boutique hotel
and serviced residence.
Prior to joining Hong Leong Group,

he had held various senior positions
with Berjaya Land China in Beijing and
Keppel Land China for landmark project
namely Sino-Singapore Tianjin Eco-city
for 3 years respectively.
During his tenure in Malaysia, he worked

with several public listed companies
involving large-scale projects such as
I-City Development, Metropolitan Square
and KLIA Formula One Racing Circuit.
NICOLE LEE CHEE YIING CHRIS CHONG VOON FOOI RASHEED KUMAR RENOO
Head of Group Sales & Marketing Head of Retail Cluster General Manager,
Four Points by Sheraton Puchong,
Le Méridien Putrajaya, Putrajaya
Marriott Hotel and Palm Garden Hotel,
Putrajaya, a Tribute Portfolio Hotel
Age 41 Female Malaysian Age 43 Male Malaysian Age 55 Male Malaysian

1 June 2022 11 July 2011 18 August 2014

• Master of Science in System Engineering • Bachelor of Arts (Honours) in • Diploma in Business Management
and Management from Malaysia International Business Administration from Universiti Teknologi Malaysia
University of Science & Technology from Northumbria University
of Newcastle Skills and Experience:
• Bachelor of Engineering in Chemical
Engineering and majoring in Bioprocess Mr Rasheed Kumar Renoo has
Skills and Experience: continuously his core skills with specialist
from University Technology Malaysia
Mr Chris Chong Voon Fooi is responsible training programmes at the Starwood/
Skills and Experience: for the overall operations of Retail Malls. Marriott Group of hotels in a range of
Ms Nicole Lee Chee Yiing is a sales and disciplines including Food and Beverage
He has more than 23 years of experience Yield Management, Leadership and
marketing specialist with 16 years of
in shopping mall development and Strategic Planning.
experience in the real estate industry. She
management. Prior to joining IOI
started her career as a Management Trainee
Properties Group, property division, he He is presently responsible for the general
with Sunway Group in 2006 and had held
had worked for a leading shopping mall operations of Four Points by Sheraton
various positions in the Property Division under
operator in Kuala Lumpur holding various Puchong, Le Méridien Putrajaya, Putrajaya
Sales & Marketing, Product Development
roles in development, leasing, marketing, Marriott Hotel and Palm Garden Hotel,
and International Business Development.
operations and procurement over the Putrajaya, a Tribute Portfolio hotel.
She was appointed to the International span of 11 years. He joined IOI Properties
Group, property division in 2011 as Head Prior to managing the successful opening
Division of Sunway Group in 2009 to assist
of Marketing and Leasing for IOI City Mall of Le Méridien Putrajaya, he spearheaded
in the land banking efforts across Asia
and promoted to General Manager in the opening of Four Points by Sheraton
Pacific, and was in charge of the launching
2014. He was subsequently promoted to Puchong as the General Manager. In his
of the maiden project for Sunway Group
Senior General Manager in 2020. previous role, he had held the challenging
in PRC, among other responsibilities.
position as dual General Manager for
She was appointed to the corporate office
Sheraton Langkawi Beach Resort and
as a senior manager in Group Corporate
Four Points by Sheraton Langkawi
Strategy in 2012, where she assisted in the
Resort concurrently.
formulation and implementation of strategic
initiatives for the Property and Construction During his career, he served in a
divisions post-merger. Prior to her leaving number of departmental management
Sunway Group, she was in charge of roles, beginning as Director of Food &
setting up the Strategic Marketing Beverage at the former Sheraton Subang
Department for the property division. Hotel & Towers.
In 2014, she joined OSK Property as the
Head of Sales & Marketing for the Property
Development Division. Apart from her
Sales & Marketing responsibility, she also
sat in the Land Bank Committee and led the
Branding and Public Relations function,
as well as the Knowledge Management
initiative in OSK Property. She left OSK
Property and relocate to Switzerland in
2018 to fulfil her family responsibility.
She has since relocated back to Malaysia
and joined IOI Properties Group in 2022.
TOH BOON CHIEW JOANNE ANG CUI XIA MICHELLE SHEN YAN CHAO
General Manager, Head of Leasing (Offices) Group Financial Controller
Facilities Management
Age 55 Male Malaysian Age 44 Female Malaysian Age 40 Female Malaysian

19 August 2019 1 September 2020 11 September 2017

• Bachelor Degree in Mechanical • Bachelor of Business from • Member of CPA Australia
Engineering (Honours) from University The University of South Australia • Member of Malaysian Institute
of Newscastle, Australia of Accountants
Skills and Experience: • Bachelor of Business, majoring
Ms Joanne Ang Cui Xia is responsible
in Accounting from Charles Sturt
Mr Toh Boon Chiew is responsible for the overall operation and leasing
University, Australia
for the facilities management of of all office buildings in Klang Valley.
property investment. Skills and Experience:
She is a registered Property Manager
He has more than 31 years of with the Board of Valuers, Appraisers, Ms Michelle Shen Yan Chao is responsible
experience in mechanical, and Estate Agents and Property Managers. for the full spectrum of financial management
electrical design, project and facilities She brings with her more than 16 years functions including financial reporting, tax
management for various property in corporate leasing. Prior to joining compliance, financial control, and treasury
developments and investments. Prior IOI Properties Group, she was attached of IOI Properties Group.
to joining IOI Properties Group, he had with several public listed property
She has more than 18 years of experience
held a variety of key management roles developers, holding key roles in marketing,
in auditing and finance in Property
in several public-listed companies. leasing and management of prime
Development, Property Investment and
purpose-built office buildings within
Leisure & Hospitality industries. Prior to
Klang Valley.
joining IOI Properties Group in 2011 as
Finance Manager, she had worked in one
of the mid-tier audit firms for several years
with last position held as Audit Manager.
KRISTINE NG MEE YOKE STEVEN SU CHAN LOONG CHEE BAN TUCK

General Manager, General Manager, Company Secretary and
Group Corporate Communication & Group Quality Management General Manager, Corporate Finance
Sustainability
Age 55 Female Malaysian Age 46 Male Malaysian Age56 Male Malaysian

25 May 2016 1 October 2020 22 September 2008

• Bachelor of Arts (Honours) Degree • Masters of Engineering Science • Member of the Malaysian Institute
from University of Malaya from University of Malaya of Accountants and the Chartered
• Bachelor of Civil Engineering Institute of Management Accountants
(First Class Honours) Degree from
Ms Kristine Ng Mee Yoke currently Skills and Experience:
University of Malaya
oversees the Group’s Corporate Mr Chee Ban Tuck is currently responsible
Communication functions; and is Skills and Experience: for the treasury and corporate finance
responsible for the strategic management Mr Steven Su Chan Loong has more than functions as well as investors relations
of sustainability across the various 23 years of experience in the construction and in IOI Properties Group.
business segments of the Group. property industry, with expertise in the areas
of quality & environmental management system, He has over 24 years of experience
She has more than 27 years of experience product quality, health & safety, risk management, in financial management, corporate
in the property industry, holding various service quality and green & sustainability. planning, corporate finance and treasury.
senior and general management positions He was appointed as the joint Company
with expertise in the areas of corporate Upon graduation in 1999, he started his Secretary of IOI Properties Group Berhad
communication, strategic brand carrier as a Project Engineer with IJM in April 2018. Prior to joining IOI Properties
management, customer experience, Construction where he was involved in the Group, he was attached with other public
stakeholder engagement, sustainability construction of KL Monorail and a highway listed companies listed on Bursa Malaysia.
management, township management; infrastructure project in Putrajaya. After
and training & development. She is about 4 years, he then joined a management
consulting firm, providing a range of advisory
experienced in strategic leadership,
services, training and support to guide
building cross organisational relationships
companies achieve successful outcomes
for strategic partnerships aligned with
in quality initiatives related to compliance
business strategies. and certification with quality standards
and management systems.
In July 2006, He joined SP Setia Berhad as

the Quality Management System Manager.
He then took up the role as the Regional
Quality Manager (Asia) at SKM Consulting
(now known as Jacobs Engineering Group
Malaysia) in April 2009 and was responsible
to assess quality compliance for projects in
Malaysia, Singapore, Thailand, Indonesia
and India.
In May 2010, He re-joined SP Setia Berhad

as the General Manager of Group Quality
Management. During this tenure, he was
responsible for improvement of quality
management system, service quality, product
quality and health & safety matters. He then
joined EcoWorld Development Group Berhad
in May 2014 as the General Manager of Group
Quality Management. Besides overseeing the
improvement of quality management system,
service quality, product quality and health &
safety matters, his portfolio also includes risk
management and green & sustainability
related matters.
BHUVANESWARY KISNASAMY JIMMY YEE YOKE SENG

Head of Group People and Culture Head of Group Internal Audit
Age 47 Female Malaysian Age 46 Male Malaysian

6 January 2021 1 July 2015
• Master of Business Administration • Member of the Institute of Internal
from University of Putra Malaysia Auditors Malaysia
• Bachelor of Science in Chemistry from • Bachelor of Accounting Degree from
University of Malaya University of Malaya
• Foundation of Business Programme
with dual certification from Lancaster
University and Sunway University Mr Jimmy Yee Yoke Seng oversees the
internal audit function covering various
• Premier Business Management Programme
activities within the Group, including the
with Harvard Club of Malaysia
review of enterprise risk management,
Skills and Experience: governance and whistleblowing activities.
Ms Bhuvanes’ career spans over 20 years He has more than 21 years of external
with experience in various industries such as and internal auditing experience. Prior
oleochemicals, environmental, biotechnology,
to joining IOI Properties Group in 2015,
property, and hospitality.
he was attached to few public listed
Ms Bhuvanes was trained as a chemist. She companies in various industries, where he
spent the first 6 years of her career as a Chemist was responsible for the internal audit and
in organisations such as Kewalram Oils, Natural enterprise risk management functions.
Oleochemicals, and ALS Technichem. She then
took on the role of managing the Quality &
Environment Management System and Knowledge
Management function in Sunway City Berhad
in 2005.
Her first foray into human resources was in

2007. In her early career as a human resource
professional, she led different portfolios
including people strategies, business partnering,
as well as management of the full spectrum
of human resource functions such as talent
attraction & acquisition, learning & organisational
development, and human resource services
delivery. Subsequently, she assumed senior
leadership roles in 2014.
Before joining IOI Properties Group, Ms Bhuvanes

served as Group Director of Human Resources
of Sunway Hotels and Resorts where she was
responsible for all aspects of people strategy
and transformative human capital initiatives for
Sunway’s diverse collection of 11 hotels and Notes:
resorts in Malaysia, Cambodia and Vietnam. Save as disclosed above, none of the above senior management members has:
Prior to that, she held the positions of Head
(a) any directorship in public companies and listed issuers;
of Human Resource in Sunway Property
(b) any family relationship with any directors and/or major shareholders of the Company;
managing several clusters including Sunway
Intergrated Properties & Sunway REIT and (c) any conflict of interest with the Company;
as a Regional People & Organisation Partner (d) any conviction for offences (other than traffic offences) within the past five (5) years; and
in Novozymes, a biotechnology company. (e) any public sanction or penalty imposed by the relevant regulatory bodies during the financial year.
142 How We Are Governed IOI Properties Group Berhad
Corporate Governance
Overview Statement
We would like to take this opportunity to provide some insights into the
corporate governance (“CG”) practices of IOIPG under the leadership of
the Group’s Board of Directors (the “Board”) during the financial year ended
30 June 2022 (“FY2022”). This Corporate Governance Overview Statement
(the “Statement”) sets out the principles and features of the Group’s
CG framework and highlights key areas of focus and priorities for
the Board during 2022/2023.
IOIPG practises a governance We will continue evaluating the Group’s Sustainability is inherent in the
framework that goes beyond an interest governance practices in response to Board’s strategic planning and decision-
in governance for its own sake or the evolving best practices and the changing making. The Executive Vice Chairman
need to simply comply with regulatory needs of the Group. The Board is (“EVC”), Chief Executive Officer (“CEO”),
requirements. In the same spirit, we do pleased to present this Statement Chief Operating Officers and Chief
not see governance as just a matter to explain how IOIPG has applied the Financial Officer (“CFO”) take the lead
of consideration for the Board. Good following three (3) principles as set out in developing the Group’s strategy,
governance is also the responsibility in the Malaysian Code on Corporate which is then reviewed, constructively
of senior management. To ensure an Governance (the “CG Code”): challenged and approved by the Board.
integrated Group-wide approach
towards upholding high governance The role of the Board is to create
standards, efforts have been made to long-term sustainable value for the
(a) Board leadership and benefit of the Group’s shareholders
strengthen the governance structures
effectiveness; and stakeholders. We believe that good
and processes of IOIPG’s subsidiaries.
governance provides the framework
The cornerstone principles of corporate (b) Effective audit and risk that keeps us focused on delivering
governance at IOIPG are guided by management; and our strategy for our stakeholders and
“Vision IOIPG” whereby responsible and communities. Our corporate governance
balanced commercial success are to be (c) Integrity in corporate framework is a value-based governance
achieved by addressing the interests reporting and meaningful framework that takes into consideration:
of all stakeholders. Our Core Values relationship with stakeholders.
guide all employees in the conduct • CG Code, Main Market Listing
and management of the business and Requirements (“Listing Requirements”)
affairs of the Group. We believe that of Bursa Malaysia Securities Berhad
good corporate governance results in (“Bursa Malaysia”)
How Our Governance Supports
quantifiable and sustainable long-term • The way we apply our corporate
the Delivery of Our Strategy
success, as well as value for shareholders culture and values to guide our people
and other stakeholders. This is reflected The Board is responsible for setting to behave ethically and legally
in IOIPG’s performance and track record and reviewing the Group’s strategy and
policies, overseeing risk and corporate • Our continuous improvement
over the years. approach, including our commitment
governance, and monitoring progress
towards meeting the Group’s objectives to strengthen all relevant aspects
and annual plans. It is accountable of our governance
to the Group’s shareholders for the • Our governance policies and practices,
proper conduct of the business and its including the Group’s enterprise
long-term success, and represents the risk management framework
interests of all stakeholders. The Board • The way we report to our stakeholders
conducts a review of the Group’s overall
strategy. The Board spends considerable
time in assessing whether any proposed
action aligns with the strategy and
future direction of the business.
GOVERNANCE FRAMEWORK
Vision IOIPG and IOIPG’s Corporate Culture and Values
Stakeholders
Engagement
Board of
Directors
Board
Oversight,
Engagement,
Delegated
Authority and
Accountability
Governance,
Risk
Audit Nominating and Whistleblowing
Management
Committee Remuneration Committee
Committee
(“AC”) Committee (“WC”)
(“RMC”)
(“GNRC”)
EVC
Engagement
CEO
Group Group Risk Leisure and Property Property

Sustainability Integrated Management Hospitality Investment Development
Steering Reporting Committees Division Division Division Engagement
Committee Committee of All Reporting and
Business Management Management Management Accountability
Operating Committee Committee Committee
Units
IOIPG Enterprise Risk Management (“ERM”) framework

Corporate Governance Overview Statement
ADOPTION OF CG CODE Details of how we applied the CG Code BOARD LEADERSHIP

During FY2022, the Group was in principles and complied with its practices AND EFFECTIVENESS
are set out in the CG Report which is
full compliance with all applicable available on the Group’s website at Board Leadership, Roles
principles and practices of the CG Code, https://www.ioiproperties.com.my/ and Responsibilities
save that: publication/annual-report
The Board is responsible for the overall
• Practice 5.9 (The Board comprises The explanation for departure is further leadership of IOIPG, including establishing
at least 30% women Directors) disclosed in the CG Report. the Group’s purpose, values and strategy,
and satisfying itself as to the alignment
• Practice 8.2 (The Board discloses
of IOIPG’s culture to the Group’s purpose,
on a named basis the top five (5)
values and strategy. An effective
senior management’s remuneration
Board is key to the establishment and
in bands of RM50,000)
delivery of a company’s strategy and
IOIPG continually seeks to improve
the effectiveness of the Board.
29% 14% 14% 86%
Non-Independent Executive Female Male The Group is led by an effective and
Non-Executive Director committed Board, with a culture of
Director openness and transparency at Board
meetings. As at the date of this report,
the Board comprises 7 Directors, of which
majority of them are independent, with
a wide range of knowledge and experience
Board Gender from a variety of sectors which enables
them to provide effective oversight,
Composition* Diversity*
strategic guidance and constructive
challenge, examine proposals on strategy
and empower the CEO to implement
the strategy approved by the Board.
The balance of Directors on the Board

57% ensures that no individual or small
Independent group of Directors can dominate the
Non-Executive Director
decision-making process and that the
interests of shareholders are protected.
57% 14% 75% 25% The Board considers each of the Group’s
60 years 40-49 years More than 9 years Up to current Independent Non-Executive
and above and up to 12 years 5 years Directors (“INEDs”) to be independent
in character and judgement that could
provide unbiased and independent
views to the Board. In reaching this
determination of independence, the Board
has concluded that each of them provides
Tenure of
objective challenge to management,
Independent
Age Group* is willing to stand up and defend his
Non-Executive own beliefs and viewpoints in order
Directors* to support the ultimate good of the
Group and there are no business or
other relationships likely to affect,
or which could appear to affect the
judgement of the INEDs.
29%
50-59 years
Effective operation of the Board relies management relationship, and objective that the Board’s composition should
on clarity of the various roles and assessments of management’s ideas reflect an appropriate mix having
responsibilities of the individual Board and proposals. Most of these matters regard to matters such as:
members. The Board has a clear division had, in fact, been brought to the EVC’s
of responsibilities between the running attention subsequently. • Skills and experience across
of the Board and running the business the key areas identified in the
of the Group. The roles of the Chairman, Company Secretary Group’s Board skills matrix
EVC, CEO and INEDs are set out in the The Company Secretary, through the • Tenure
Board Charter. Our Chairman of the Chairman, is responsible for advising • Diversity
Board is responsible for leading and the Board on all governance matters
managing the work of the Board. The and for ensuring that Board procedures The GNRC also takes into account
EVC provides strategic oversight over are followed, applicable rules and factors including:
the strategic, business, and marketing regulations are complied with, and due
plans that include operational and • Relevant guidelines/legislative
account is taken of relevant codes of
financial goals, strategies and performance requirements in relation to
best practices. The Company Secretary
measures for all aspects of the Group’s Board composition
is responsible for ensuring effective
operations, while responsibility for communication flows between the • Board membership requirements as
the day-to-day management of IOIPG Board and its Committees, and between articulated in the Terms of Reference
is delegated to the CEO. The CEO is senior management and Non-Executive • Other considerations including the
supported in this role by the senior Directors (“NEDs”). Group’s strategic goals
management team and has executive
responsibility for running the business. The Company Secretary also facilitates Appointments are made following a
The diligence with which the Chairmen the communication of key decisions formal and transparent Board selection
of the Board Committees and their and policies between the Board, Board process, the flow chart of which is
members carry out their committees Committees and senior management. accessible through the Group’s website
duties enables the Board to discharge its In ensuring the uniformity of Board at https://www.ioiproperties.com.my/
responsibilities efficiently and effectively. conduct and effective boardroom corporate-governance.
practices throughout IOIPG Group,
The Board discharges its responsibilities the Company Secretary has oversight on Directors are nominated by the GNRC
through a programme of meetings that overall corporate secretarial functions and are subsequently approved by
includes regular reviews of financial of the Group, both in Malaysia and the Board for election or re-election
performance and critical business issues, other regions where IOIPG operates. annually by shareholders at our Annual
annual budget and strategic plan taking The appointment and removal of the General Meeting (“AGM”).
into account environmental, social and Company Secretary is determined by
governance (“ESG”) considerations. the Board. Additionally, the Group has an internal
guidance to be taken into account when
The Board has a schedule of matters considering changes to a Director’s
specifically reserved to it for its decision
Appointment to the Board
commitments, or when appointing
and has approved the written Terms
and Succession Planning
a new Director, as well as formalising
of Reference of the various Committees The GNRC and Board review the the Board approval process for such
to which it has delegated specific composition of IOIPG’s Board and the matters. All potential new Directors
responsibilities to four (4) key Board status of succession for both senior are required to give an indication of the
Committees. These are each chaired management and Board-level positions. time spent on these commitments. The
by a Non-Executive Director, focusing GNRC will take this into account when
All new appointments to the Board are
on specific areas of the Board’s considering a proposed appointment on
based on merit and objective criteria,
responsibilities. The Terms of Reference the basis that all Directors are expected
in the context of the strategy of the
of each of the Board’s Committees are to allocate sufficient time to their role
Group and the diversity of gender,
also available on the Group’s website. on the Board in order to discharge their
social and ethnic backgrounds, cognitive
responsibilities effectively. The Board
During FY2022, INEDs of the Group and personal strengths, as well as skills,
is of the view that the current external
led by the Independent Non-Executive knowledge and experience required
directorships held by the Directors do
Chairman met in private sessions for the Board to be effective.
not give rise to any conflicts of interest
numerous times without the presence nor impair their ability to discharge
In assessing potential candidates and
of Executive Directors. These discussions their duties effectively, and that each of
undertaking reviews of the size and
were focused on the performance of them had allocated sufficient time to his
composition of the Board, the GNRC
management, dynamics of the Board- or her role in order to discharge their
takes into account the guiding principle
responsibilities effectively during FY2022.
The activities of each subsidiary in the Diversity different backgrounds, keeping

Group are overseen by each subsidiary’s The Company has established a Board gender diversity in mind. IOIPG does
own board of directors. The Board’s Diversity Policy, which supports the not specify a target for gender diversity
confidence in the activities of its controlled GNRC in its approach to succession in the Board composition. Currently,
entities stems from the quality of planning. An overriding principle is that women make up 14% of the full Board
the directors on those subsidiary all appointments to the Board will be composition. Notwithstanding the
boards and their commitment to the based upon merit and suitability of the shortfall of women representation
Group’s objectives. candidate to the particular role being on the Board by 16% at this point
filled. Subject to this overriding principle, in time, the Board is committed to
Every new Director is required to attend appoint additional two women INEDs
the Board will always regard the
an induction programme to receive in FY2023.
need to consider candidates from
information about all aspects of the
Group’s operations, including briefings
with key members of senior management.
The CEO and Company Secretary are Employees’ Gender Diversity Disclosure
responsible for delivering the programme
covering the Company’s core purpose 40% 60% 38% 62%
Female Male Female Male
and values, strategy, key areas of the
business and corporate governance.
The GNRC discussed succession plans

to ensure that plans are in place for
orderly succession to the Board and
a few new INEDs have been identified
by the GNRC for deliberation. As part Management
of the Group’s effort to uphold good Employees
(Managers & above)
governance practices and to align with
the Practice 5.3 of the CG Code, Datuk
Tan Kim Leong, Datuk Dr Tan Kim Heung
and Datuk Lee Say Tshin (collectively,
“Affected INEDs”) , who served the Board
as INEDs for a cumulative term of more
than 9 years have indicated that they
will not seek for retention as an INED Employees Ethnicity
of the Company at the forthcoming
AGM to be held on 8 November 2022
(“2022 AGM”). Pursuant to the Ordinary
2% 62% 1% 24%
Others Bumiputra Others Bumiputra
Resolutions 7 to 9 passed at the
Ninth AGM held on 28 October 2021, 9% 11%
the tenure of the Affected INEDs will Indian Indian
be expiring at the conclusion of the
2022 AGM.
For all
The GNRC is focused on ensuring employees
our executive talent pipeline is further (except those in Management
developed. The GNRC reviewed senior management position (Managers & above)
management succession planning and directors on
and the talent management pipeline. the Board)
27% 64%
Chinese Chinese
The Board will, through the GNRC, Further information on IOIPG’s

continue to review its size and composition diversity outcomes is included in the
as well as its effectiveness from time Sustainability Report which is also
to time. Sourcing for suitable women available on the Group’s website.
candidates will continue to be one of
the priorities of the Board’s and GNRC’s Board Skills Matrix and Experience
corporate governance agenda, subject Each year, we undertake an assessment
to the availability of suitable candidates of the skills and experience of each
and the requirements of the Board from Director and the combined capabilities
a skills perspective. of the Board (“Board Skills Matrix
The said Policy can be found on the Group’s Assessment”). In FY2022, the annual
website at https://www.ioiproperties.com.my/ assessment on effectiveness of the Board,
corporate-governance Board Committees and the individual
Directors of the Company (the ”2022 BEE”),
IOIPG recognises that the Board sets as well as the Board Skills Matrix
the tone for inclusion and diversity Assessment was facilitated by an
across the Group and believes in the independent external consultant, KPMG
importance of having a diverse leadership Management & Risk Consulting Sdn Bhd
team to support good decision-making. (”KPMG”).
Diversity is integrated across the Group’s
Code of Conduct and Business Ethics The insights from the Board Skills Matrix
and associated workforce policies. The Assessment are documented in a skills
Group promotes a culture of diversity, matrix that is:
respect, and equal opportunity, where
individual success depends on personal • Considered in the context of
ability and contribution. We strive to treat IOIPG Group’s business and its
our employees with fairness, integrity, strategic needs.
honesty, courtesy, consideration, respect, • Incorporated into Board succession
and dignity, regardless of gender, race, planning and the selection of
nationality, age, or other forms of new Directors.
diversity. IOIPG is focused on creating • An important factor in our
an inclusive culture in line with our commitment to diversity.
Core Values, which we believe will lead
to greater diversity both on the Board The Board Skills Matrix Assessment was
and throughout the Group. conducted through questionnaire and
interview approach. The Board Skills
Currently, the Group does not have Matrix Assessment Form was developed
any specific measurable objectives for to gain an understanding of the extent
achieving gender diversity in the senior to which the Board comprises Directors
management. Nevertheless, the Group with the appropriate “Fit and Proper”
is committed to promoting a culture of criteria, skills, knowledge, competence
diversity in the workplace by: and experience necessary to meet the
needs of IOIPG.
• recruiting and managing on the
basis of an individual’s competence The Board believes the current mix of
and performance skills, experience and expertise of Directors
• respecting the unique attributes that provides a diverse range of views and
each individual brings to the workplace perspectives for the effective governance,
• fostering an inclusive and supportive oversight and strategic leadership of the
culture to enable people to develop Group. The Board will continue to focus
their full potential on ongoing renewal to achieve an orderly
transition of Directors over the short- to
• provide the opportunity for
medium-term and an appropriate balance
employees to develop skills and
of experience, expertise, diversity and
experience through training and
fresh thinking.
mentoring programme
Directors’ Core Areas of Expertise Board Skills Matrix

Following the Board Skills Matrix
Assessment as part of the 2022 BEE, Corporate CEO/MD 83%
the chart on the right on the current 77%
skills possessed by the Board illustrates
Operations and 83%
that information technology or digital
Quality Management 77%
strategy, sustainability and international
business exposure rank lowest in terms Industry Experience 77%
of pecking order. However, it was not a 74%
concern of the Board as the technology Other Corporate Experience 74%
aspect of the Group had been well 69%
taken care off in view that the Group
Corporate Governance 71%
had employed experts from technology 71%
background to integrate innovative
technologies in order to improve Accounting and 71%
productivity of the Group. The Group Financial Reporting 71%
could solicit advice from the experts Legal and Regulatory 71%

employed as and when required. 69%
Therefore, it was not necessary for
Public Sector and 71%
the Board to have a Board member Governmental Body Experience 66%
with technology background.
Human Capital and 69%
Board Evaluation Talent Management 60%
The Board through the GNRC, conducts International or Regional 74%

the annual assessment on BEE of the Business Experience 66%
Company. The annual assessment on ESG or Sustainability 66%

2022 BEE was conducted by KPMG. This 69%
was the second time that the Company
Information Technology 63%
has engaged an independent external 57%
consultant to conduct the annual
assessment on BEE since its first time Legend
in FY2018. KPMG nor its staff in-charge
has any other connection to the Group Board-Rating Self-Rating
or any of its Directors. Previous BEEs
were conducted internally mainly
through questionnaire-approach. management. The 2022 BEE had 2022 BEE Evaluation Process
covered areas on, amongst others:
In line with CG Code’s best practice of
ensuring a periodic externally-facilitated Completion of questionnaires and
• Performance of the Board and
Board evaluation by a professional interviews on effectiveness of
its Board Committees
independent consultant, the Board will the Board and its Committees
• Processes which underpin the and individual Directors
continue with its three (3)-year external
Board’s effectiveness (including
Board effectiveness review cycle, which
consideration of the balance of skills,
will due in 2024. Collation of results and preparation
experience, independence and
knowledge of the Board members) of findings by KPMG
The 2022 BEE deployed a two-pronged
approach which included questionnaires • Individual performance (giving
and interview sessions with all consideration to whether each Presentation of findings and
the Directors and selected senior Director continues to contribute recommendations by KPMG to the GNRC
effectively and show commitment)
Deliberations in the
GNRC and Board meetings
Key areas identified & action plan

prepared & approved by the Board
Based on the results of 2022 BEE, Committee and individual Directors directorships and gradually achieve
it was noted that the Company’s identified, amongst others: at least 30% female representation
overall score of 83% was below in the boardroom.
the market average score of 87% • Leadership of the Chairman,
• To prioritise the considerations
comparing to forty (40) entities and EVC and CEO
concerning the succession planning
almost all of these entities have a • Boardroom commitment of individuals helming key positions
market capitalisation or net assets and proactivity in the boardroom and senior
worth more than RM2 billion in • Boardroom collegiality management. Ongoing various
Malaysia. Within the property sector, deliberations on succession planning
• Working relationship with
the 2022 BEE score of the Company matters have been on the agenda
Management
was below the average score of 88%. of the GNRC.
The results of the 2022 BEE reflected The key findings were also discussed • To hold a catalytic strategic immersion
a generally satisfactory performance with the Board with emphasis on focus session for generative discussions
by the Board and Board Committees areas that could further enhance the with the senior management.
with all Directors responded that performance of the Board and Board A special Board meeting will be
they are fit and proper. The findings Committees. The Board had then agreed called in FY2023.
of the 2022 BEE were presented by on the appropriate action plans to
KPMG to the GNRC for recommendation • To develop a dynamic Board Agenda
address the key findings of the 2022
to the Board. Based on the results that will allow Directors to explore
BEE in order to further enhance the
and comments gathered from strategic propositions in an in-depth
Board’s effectiveness. The key findings
the 2022 BEE forms and interview manner. The proposed Agenda
and progress are as follows:
sessions, there were four (4) key for FY2023 has been reviewed and
strengths of the Board, Board • To recalibrate its approach in will be revised or updated as and
recruiting female candidates for when necessary.
Meeting Attendance in FY2022

Directors are expected to attend all Board and Committee meetings, save for exceptional circumstances such as pre-existing
business or personal commitments that may prevent them from attending the meetings. IOIPG’s Board and Board Committees
members have discharged their roles and responsibilities in FY2022, through their attendance at the meetings as set out in
the table below:
Number of meetings held in year Board AC RMC GNRC
Executive Directors
Lee Yeow Seng 7/7 (100%) – – –
Lee Yoke Har 7/7 (100%) – – –
NEDs
Datuk Tan Kim Leong*# 7/7 (100%) 3/3 (100%) – 1/1 (100%)
Tan Sri Dato’ Sri Koh Kin Lip (resigned on 30 November 2021) 4/4 (100%) – 1/1 (100%) 1/1 (100%)
Datuk Lee Say Tshin* 7/7 (100%) 5/5 (100%) 3/3 (100%) 2/2 (100%)
Datuk Dr Tan Kim Heung* 7/7 (100%) 5/5 (100%) 3/3 (100%) 3/3 (100%)
Chan Cha Lin* 7/7 (100%) 2/2 (100%) 3/3 (100%) 2/2 (100%)
Dato’ Lee Yeow Chor 7/7 (100%) – – –
* Chairman or Committee Chairman

# Reflects the attendance and the number of meetings held during the period prior to cessation as the member of the AC and GNRC respectively on 1 December 2021 in
compliance with Practice 1.4 of the CG Code.
All Directors have more than adequately complied with the minimum requirements on attendance at Board meetings as
stipulated under the Listing Requirements. The Board is satisfied with the level of time commitment given by the Directors
towards fulfilling their roles and responsibilities as Board and/or Board Committee members.
Board Activities in FY2022

The Board has an agenda that ensures strategic, budget, sustainability, risk management and internal control, operational,
financial performance and CG matters are discussed at the appropriate time at Board meetings. The Board debated and
provided input to management on the execution of the overall strategy of the Group, and reflected on that strategy with
longer-term views on what could be done to build our strengths as an integrated property company, enhance financial resilience
and deliver consistent and stronger returns through business cycles.
The Board agenda has strong links to the strategic objectives for the business. Key highlights of the Board’s FY2022 activities
and priorities are summarised as follows:
Principal matters considered by the Board in FY2022

Strategic Matters Governance, Assurance & Risk Management Financial & Management Performance
• Sustainability strategy including • Year-end governance report, sustainability • Quarterly results announcements
Task Force on Climate-related report, AC report, RMC report, Statement on • Audited Financial Statements
Financial Disclosures (“TCFD”) Risk Management and Internal Control, and
recommendations Share Buy-Back Statement • The Group’s annual budget, forecasts
and key performance targets &
• CEO operational and financial updates • Annual Board, Board Committees, Individual indicators
• Group overall business strategy and Directors and key executive’s evaluation
and effectiveness and INED’s independence • Summary findings and results of audit
Group performance for financial statements of the Group
• Dividend decision • Risk management and internal control from external auditors
• Business action plan in managing • Bonus payment of the EVC, Executive Director • Recurrent related party transactions
the effect of COVID-19 pandemic and CEO
• Group’s internal audit report
• Sustainability material matters • Directors’ fees and benefits payable
• Fair value impairment of IOI Palm City
• Unsold inventories strategy • Recommendation of Directors standing for Mall, Xiamen
re-election at the AGM
• Business outlook and market trends • Appointment of PricewaterhouseCoopers
• Proposed retention of INEDs PLT to perform limited review on the
• Marina View land tender
• Recommendation for re-appointment of Group’s quarterly reporting
• IOI City Mall, Phase 2 project external auditors • Information Technology audit proposals
• Establishment of WC
• Revised Whistleblowing Policy, Terms of
Reference of WC and Code of Conduct and
Business Ethics
• Anti-Bribery and Anti-Corruption Framework
and Board Charter
• 2022 BEE findings and recommendation
• Appointment of CFO
• Changes to the composition of Board and
Board Committees
• Changes to Independent Non-Executive
Chairman’s fee
• Board agenda for financial year 2022/2023
• Approval of Fit and Proper Policy
• Refining our strategic propositions at our special Board meeting(s)

• Continue to focus on Board and senior management succession planning
LOOKING AHEAD • Continue to focus on TCFD recommendations phased implementation and development of
TO FY2023 tax corporate governance framework for the Group
During FY2023, • Continue to shape the agenda and Board focus on the most significant risks and
opportunities
the Board will focus on:
• Continue to evaluate business diversification, mergers & acquisitions and exploring
new business opportunities
GNRC Activities in FY2022

The GNRC discussed succession plans to ensure that plans are in place for orderly succession to the Board.
The GNRC’s Terms of Reference, which are published on the Group’s website, include all matters required by the CG Code.
No changes were made to the Terms of Reference during FY2022. The GNRC believes that our Board continues to have the
appropriate skills, knowledge and experience to oversee the effective delivery of our strategy.
Throughout 2022, a key area of focus for the GNRC was the continued consideration of the revised CG Code, which came into
effect in April 2021, in particular, to ensure that the agreed revisions to the Group’s governance framework were working
effectively following implementation. As part of this, the GNRC considered the appropriateness and maturity of various new
updated practices of the CG Code.
During FY2022, the GNRC focused on the size and composition of the Board. This has led to the commencement of a succession
board planning discussion for NEDs, which will strengthen the existing capability and good dynamics of the Board. The GNRC
believes that the Board continues to have the appropriate skills, knowledge and experience to oversee the effective delivery of
the Group’s strategy.
Key highlights of the GNRC’s FY2022 activities and priorities are summarised as follows:
GNRC Activities & Focus in FY2022

Strategic Governance Remuneration Nomination
• Oversight of Board and • Annual Board, Board • Review of Directors’ fees and • Review and recommendation
senior management Committees, Individual benefits payable of Directors standing for
succession Directors and key executive’s • Review of bonus payment for re-election at the AGM
evaluation and effectiveness the Executive Vice Chairman, • Review and recommendation
• Review of INED’s Executive Director and CEO of retention of INEDs
independence • Review of the Independent • Review of Board Composition
• Review the findings and Non-Executive Chairman’s fee
recommendations on
2022 BEE
• Review of revised Code of
Conduct and Business Ethics
• Review of the Fit and
Proper Policy
• Review of CG Overview
Statement and CG report
LOOKING AHEAD • Succession planning for Board and senior management critical roles in the Group
TO FY2023 • Reviewing Board size, composition and gender diversity
During FY2023, • Reviewing governance trends and updating the terms of reference
the GNRC will
continue to focus on:
Board Development 5% 16%

Strategic Management Financial Management,
To enable them to continue Risk Management &
contributing effectively to the Board 5% Internal Control
and Board Committee meetings, Leadership & Management
Directors are regularly provided
opportunities to participate in 5%
Economic, Finance and
ongoing training and development No. of Business
and they can also request specific 5% Training
training that they may consider Regulatory attended based
necessary or useful. The diagram Compliance
on Key Areas/
on the right shows the key learning
areas/topics attended by the Group’s Topics
Directors. The details of training
attended by Directors in FY2022 can 5% 59%
be found in the Group’s website at Technology & ESG &
https://www.ioiproperties.com.my/ Cyber Security Sustainability
corporate-governance.
Directors Remuneration Each of the Directors (except EVC) receives a base fixed Director’s fee and meeting
The Group has established a allowance for each Board, Board Committee and general meeting that they attend.
remuneration framework for The structure of the fees payable to Directors of the Company is as follows:
Directors and senior management
which sets out the criteria Appointment Per Annum (RM)
applied in recommending
Board of Directors
their remuneration packages.
We believe that our remuneration Base fee 125,000
framework provides a mechanism Board Chairman’s fee 110,000
for encouraging and enforcing
Audit Committee (AC)
good governance.
AC Chairman’s fee 45,000
The Board has delegated AC Member’s fee 35,000
responsibility for the consideration
and approval of the remuneration Risk Management Committee (RMC)
for the Directors and CEO to RMC Chairman’s fee 35,000
the GNRC. The Board as a whole RMC Member’s fee 20,000
considers the fees paid to NEDs.
Governance, Nominating and Remuneration Committee (GNRC)
GNRC Chairman’s fee 35,000
GNRC Member’s fee 15,000
Whistleblowing Committee (WC)

WC Chairman’s fee 7,500
WC Member’s fee 5,000
The details of the remuneration of Directors of the Company comprising

remuneration received/receivable from the Group and its subsidiary companies
during FY2022 are disclosed in our CG Report 2022 under Practice 8.1 of the
CG Code.
Effective Audit, Risk Management operations and compliance with Further information on the above
and Internal Control laws and regulations, as well as activities and their efficacy is set out
For the Board to determine that the internal procedures and guidelines. in the AC Report, RMC Report and
Group’s financial statements and The Group has a comprehensive Statement on Risk Management
disclosures are complete and accurate, system of internal controls in place, and Internal Control.
the Board relies on information designed to ensure that risks are
provided by management. Independent mitigated and the Group’s objectives Tax Governance
and objective assurance is provided are attained. The RMC supports the We are committed to engage in
on the audited financial statements Board by overseeing the Group’s good tax governance with the
by the Group’s external auditor, ERM framework and assessing the objective to build trust, transparency
PricewaterhouseCoopers PLT. framework to ascertain its adequacy and accountability which are necessary
The integrity of the Group’s periodic and effectiveness. for fostering long-term business
corporate reports is underpinned by sustainability, financial stability
During FY2022, the Directors
structures and processes within the and business integrity. The Group
continued to review the effectiveness
Group functions that support analytical seeks and maintains an open and
of the Group’s system of controls,
review of financial reporting and collaborative professional relationship
risk management procedures and
non-financial metrics, validation of with tax authorities and regulators
high-level internal control processes.
information and the maintenance of across all countries that we operate in.
These reviews included an assessment
proper records for all information.
of internal controls and, in particular,
financial, operational and compliance
Anti-Bribery and Corruption
The members of the AC possess the
controls, and risk management We have a zero-tolerance approach
necessary financial knowledge and
procedures and their effectiveness. to misconduct of any kind and will
commercial experience to meet the
This was supported by management take disciplinary action in the event
needs of the Board and the Group’s
assurance of the maintenance of of a breach. The Group’s revised
business. The AC assists the Board in
controls, reports from the Head of Anti-Bribery and Anti-Corruption Policy
overseeing, monitoring and assessing
Group Internal Audit, Risk Management (the “Policy”) was adopted in February
the reliability and quality of the Group’s
Senior Manager, as well as the external 2022. It clearly outlines our commitment
financial statements, management
auditors on matters identified in the to zero-tolerance of bribery or
of financial risk processes, financial
course of their statutory audit work. corruption in any form. The Policy is
reporting practices and system
The Board is of the view that the managed by Integrity Committee with
of internal controls. This ensures
system of internal controls and risk oversight from the WC on the progress
that the Board dispenses its fiduciary
management in place are sound and of implementation and compliance
responsibility to present to shareholders,
sufficient to safeguard the Group’s with the Policy. Breaches of the Policy
investors and stakeholders a clear,
assets as well as shareholders’ constitute a breach of IOIPG’s Code of
balanced and meaningful evaluation
investments and the interests Conduct and Business Ethics. Material
of the Group’s financial position,
of stakeholders. breaches of the Policy are reported to
performance and prospects.
the Board by the WC.
The Board acknowledges its overall Both the external and internal auditors
responsibility in maintaining a sound have full and unrestricted access
system of internal controls and risk to all colleagues, records and
management that provide reasonable systems as necessary to undertake
assurance of effective and efficient their activities.
Whistleblowing statements have been prepared in Whilst direct engagement with

The Company has established a accordance with Malaysian Financial stakeholders has been challenging
Whistleblowing Policy and it provides Reporting Standards, International for the Board to undertake during a
an avenue for all employees of the Financial Reporting Standards and the period of travel restrictions, the views
Group and all agents, vendors, provisions of the Act and the Listing of stakeholders have been a key
contractors, suppliers, consultants Requirements of Bursa Malaysia. consideration in papers presented to
and customers of the Group and the Board and its Committees and
The Directors are satisfied that the during boardroom discussions, thus
members of public to raise concerns
Group and Company keep accounting influencing strategic planning and
about any improper conduct within
records which disclose with reasonable decision-making. This ensured that,
the Group without fear of retaliation
accuracy the financial position of the whilst physical engagement was not
and to offer protection for such persons
Group and Company, and enable possible for certain periods of the year,
(including the employees of the Group)
proper financial statements to be the Board made sure that stakeholders
who report such allegations.
prepared. As systems, by their nature still had a voice within the boardroom.
The Group encourages its employees can only provide reasonable and not Board members are of the opinion that,
to raise genuine concerns about absolute assurance against material despite the difficulties presented by
suspected or possible violations misstatements, loss and fraud; the COVID-19 pandemic, they were
of the Group’s Code of Conduct & the Directors have also taken the able to virtually engage with the
Business Ethics, improprieties necessary steps to ensure that Company’s stakeholders.
in matters of financial reporting, appropriate systems are in place to
non-compliances with laws and safeguard the assets of IOIPG, and to For a more detailed look into how the
Company has been able to engage, please
regulations, non-compliances with detect and prevent fraud as well as
refer to the Group’s Sustainability Report
the Group’s Policies and Procedures other irregularities. at pages 51 to 125.
and to disclose any improper conduct
or other malpractices within the Stakeholder Engagement As part of our ongoing better
Group (i.e. whistleblowing) in an Stakeholder relations are critical for governance practices, we are guided
appropriate way. the sustainable growth of IOIPG’s by the continuous disclosure principle
business. The Group seeks to maintain under the Listing Requirements of
Directors’ Responsibility for an open, permanent, and transparent Bursa Malaysia, which provides the
Preparing the Annual Audited dialogue with these parties. Particular Company with a clear, succinct and
Financial Statements importance is accorded to groups streamlined continuous disclosure
IOIPG’s Directors are required by consisting primarily of shareholders process. All financial results and
the Companies Act 2016 (the “Act”) and investors, communities, employees, media releases that we announced
to prepare financial statements for regulators, suppliers, contractors and to the market via the Bursa Link
each financial year which give a true customers. This is due to their influence announcements platform are posted
and fair view of the Group’s and on the business and impact on IOIPG’s to our website.
Company’s state of affairs, results and operations and organisational strategy.
The Group conducts a variety of We encourage shareholders to
cash flows. The Directors are of the
engagement initiatives including participate in the AGM. Shareholders
opinion that the Group uses appropriate
direct meetings and community are provided with an opportunity to
accounting policies that are consistently
dialogues, to learn about the welfare ask questions or make comments
applied and supported by reasonable
needs of these groups. ahead of, or during, the AGM. Whilst
as well as prudent judgements and
the Board will not be able to connect
estimates, and that the financial
with shareholders in the usual way
at a physical venue in 2022, we are
confident that we will be able to hold
a meaningful virtual AGM as per
previous years.
Our quarterly, half-yearly and annual 3%

financial reports to shareholders Foreigners
and other interested parties, aim to ^
Government and Other
present a balanced and understandable Government Related
assessment of the Group’s strategy, Agencies
financial position and prospects.
We make information about the
Group available to shareholders
through a range of media, including Composition
the Group’s corporate website,
of Shareholders*
http://www.ioiproperties.com.my,
which contains a wide range of data
of interest to institutional and private 22% 75%
investors. The Group considers Malaysian Bodies Malaysian Substantial
our website to be an important Corporate and Shareholders
means of communication with Individuals
our shareholders.
The Group has been authorised by Notes:

shareholders to place shareholder * As at 30 August 2022
communications (such as the Notice of ^ Negligible
AGM and the Annual Report) on the
corporate website in lieu of sending
paper copies to shareholders (unless
specially requested). While the Group The IOIPG Investor Relations team
recognises and respects that some acts as the main point of contact
shareholders may have different for investors throughout the year.
preferences about how they receive Through the team, the Group has
information from IOIPG, we will frequent discussions with current
continue to promote the benefits and potential shareholders on a range
of electronic communication given of issues, including in response to
its advantages over traditional paper- individual ad hoc requests from
based communications, both in terms shareholders and analysts. The Group
of configurability and accessibility participated in various forums and
of information provided and the sector meetings, and held various
consequent cost savings and reduction events during the year, with an eye
in environmental impact. towards establishing closer proximity
to our stakeholders and promoting
We communicate formally with all our
a conscious and interactive dialogue
shareholders at least 6 times a year at:
between parties. Further details on
• Our quarterly results announcement the Group’s stakeholder engagement
and any accompanying dividend are available in the Group’s
payment Sustainability Report.
• Our full year results announcement This CG Overview Statement was
and any accompanying dividend approved in accordance with
payment the resolution of the Board dated
• Through our AGM 23 September 2022.
Audit Committee Report
The Board of IOIPG is pleased to present the its report on the

Audit Committee (“AC”) for FY2022.
The Audit and Risk Management Chan Cha Lin obtained his Bachelor B SUMMARY OF KEY SCOPE
Committee was established on of Science in Business Administration OF RESPONSIBILITIES
29 May 2013 in line with the Main (majoring in Finance and Real Estate) The AC operates under a written
Market Listing Requirements (“Listing and has more than 7 years’ experience Terms of Reference containing
Requirements”) of Bursa Malaysia having the function of being primarily provisions that address requirements
Securities Berhad (“Bursa Malaysia”). responsible for the management imposed by Bursa Malaysia. The
of the financial affairs of his family full Terms of Reference of the AC is
To ensure an effective risk management company. This complies with posted on the Corporate Governance
and internal control framework, the paragraph 15.09(1)(c)(iii) of the Listing section of the Company’s website at
Board had on 15 September 2017 Requirements of Bursa Malaysia. No https://www.ioiproperties.com.my/
delegated the oversight role of risk alternate Directors were appointed corporate-governance. It can also be
management of IOIPG Group to a as members of the AC. obtained from the Company Secretary.
separate Board Committee, namely
the Risk Management Committee. As a The Executive Vice Chairman, Chief The Terms of Reference prescribe the
result, the Audit and Risk Management Executive Officer, Chief Financial AC’s oversight of financial compliance
Committee was decoupled into Officer, Group Financial Controller matters in addition to a number of
two separate Board Committees, and the Company’s internal auditors other responsibilities that the AC
i.e. Audit Committee and Risk are normally invited to attend the performs. These key responsibilities
Management Committee. AC meetings to provide their input, include, among others:
advice and clarification on relevant
A MEMBERS items in the agenda. The Company’s • Overseeing the financial
The AC consists of three (3) members, external auditors were also invited reporting process and integrity
all of whom are Independent Directors to the AC meetings to present their of the Group’s financial statements
who satisfy the “independence” annual audit plan and annual audited
requirements contained in the financial statements, as well as other • Evaluating the independence of
Listing Requirements of Bursa matters deemed relevant. There is external auditors
Malaysia. The biography of each a standing agenda item facilitating
the opportunity for the Company’s • Reviewing and evaluating the
of the following members of the operation and effectiveness of
AC is set out in the Board of external auditors to meet the AC
without management presence. the Company’s Internal Audit
Directors section: function and external auditors
The Company Secretary acts as
Datuk Lee Say Tshin secretary to the AC.
• Overseeing the Group’s system
Chairman of disclosure controls and
Independent Non-Executive Director All deliberations during the AC
meetings, including issues tabled system of internal controls that
Datuk Dr Tan Kim Heung and rationale adopted for decisions management and the Board
Member are properly recorded. Minutes of have established
Independent Non-Executive Director the AC meetings are tabled for
• Reviewing conflict-of-interest
confirmation at the next AC meeting
Chan Cha Lin situations and related-party
and subsequently presented to the
transactions of the Group
(Appointed on 1 December 2021) Board for notation.
Member • Reviewing the appropriateness
Independent Non-Executive Director of accounting policies and
significant financial reporting
issues or significant judgments
made by management, as well as
significant and unusual events or
transactions, and how these
matters are addressed
C HOW OUR AC SPENT The AC has an annual work plan, Standards Board on the
ITS TIME DURING FY2022 developed from its Terms of Reference, development of the Malaysian
The diagram below provides an with standing items that the AC Financial Reporting Standards
overview of how the AC spent its considers at each meeting, in addition (“MFRS”). The accounting policies
time in FY2022: to any matters that arise during and methods of computation
the year. The summary of work adopted for the financial
and the main matters that the AC statements were consistent with
29% 8% considered during FY2022 were those adopted for the annual
External Audit Governance
described below: audited financial statements,
except for the adoption of the
1 Financial reporting new MFRSs, Amendments to
During the year in review, the AC MFRS and IC Interpretations
focused on monitoring the integrity that are effective for the Group,
of the Group’s financial reporting details of which are disclosed
and ensuring suitable accounting in Note 4 to the audited
policies were adopted and financial statements.
applied consistently. The AC
During FY2022, the AC was
was particularly focused on
briefed on the International
the impact of the COVID-19
Standards on Auditing (ISA) 315
pandemic on the business, in
(Revised 2019) : identifying and
terms of financial performance.
assessing the risk of material
The AC monitored the financial misstatement, which is the
36% reporting processes for the Group, enhanced standard for risk
Financial Reporting which included reviewing reports assessment (i.e. information
from, and discussing these with, processing activities for significant
27% management and the external classes of transactions, account
Internal Audit
auditors, PricewaterhouseCoopers balances and disclosures,
PLT (“PwC”). The unaudited Information Technology (“IT”)
quarterly financial results and environment, and identification
D SUMMARY OF WORK OF OUR AC of the risks arising from the use
audited financial statements of
The AC Report provides an overview the Group were reviewed by the of IT and the IT General Controls),
of the work carried out during AC prior to recommendation for and the ISA 315 will be applied to
FY2022, including the significant Board approval. our audit of the Group for the
issues considered in relation to the financial year ending 30 June 2023.
financial statements and how the AC The AC also assessed whether
assessed the effectiveness of the appropriate accounting policies The AC’s role is to assess whether
external auditors. had been adopted throughout the the judgements or estimations
accounting period and whether made by management in preparing
The AC has a responsibility to management had made the financial statements are
oversee the Group’s internal control appropriate estimates and reasonable and appropriate.
systems. The AC continues to judgements over the recognition, Meetings on audit status, as well
monitor and review the effectiveness measurement and presentation as findings on areas of significant
of the Group’s internal control of the financial results. external auditors’ attention
systems with the support of the were held during FY2022. During
Group Internal Audit function. In addition, the AC received and FY2022, PwC identified three (3)
considered regular updates from Key Audit Matters (KAM) of the
management on the status and Group. These were (i) revenue
implications for the Group on recognition from property
financial reporting developments, development activities, (ii) Fair
including updates on discussions value of completed investment
by the Malaysian Accounting properties and (iii) Assessment
of funding requirements and The AC reviewed and challenged 2 Going concern assessment
ability to meet the short term the reasonableness of evidence to The AC reviewed management’s
obligations, which were of support judgements and estimates analysis supporting the going
key significance in PwC’s audit regarding revenue recognition concern basis of preparation. This
of the financial statements of the through regular discussions included consideration of capital
Group as: with management. The external expenditure, principal risks and
auditors also challenged uncertainties, the Group’s financial
(a) significant judgements by management on the key drivers resources, forecast cash flows
management were involved of revenue recognition on the and availability of committed debt
in developing and monitoring property development and facilities. The AC also received an
the total budgeted property reported their findings to the AC. update from the external auditor on
development costs, for
the results of the testing undertaken
which inherent uncertainties Other areas of discussion
on management’s analysis. As a
may arise. by PwC at the AC meeting
result of the assessment undertaken,
include accounting and auditing
(b) the determination of the the AC satisfied itself that the
considerations in relation to the
fair value of the investment going concern basis of preparation
net current liabilities position of
properties involved significant remained appropriate.
the Group, net assets of IOIPG
judgements in estimating the exceed its market capitalisation,
underlying assumptions to Group tax matters, borrowings of 3 Internal audit
be applied in the valuation the Group, development projects The Internal Audit function provides
methodologies used by in People’s Republic of China, independent and objective assurance
the valuers. carrying amounts of developments and advisory services designed to
in Singapore, completed unsold add value and improve the operations
(c) significant judgements and of the Group. Its scope encompasses,
inventories and impairment
assumptions are made by but is not limited to, the examination
assessment of hotel properties.
management in arriving at and evaluation of the adequacy
For all the mentioned areas, the AC
the cash flow forecast for and effectiveness of the Group’s
received input from management
the next 12 months from governance, risk management and
and considered PwC’s comments
the date of approval of the internal control processes in relation
prior to reaching its conclusion.
financial statements. to the Group’s defined goals and
Having considered PwC’s objectives. The AC approved the
Revenue and cost are recognised
comments, the AC was satisfied Internal Audit function’s charter,
by reference to the stage of
that the accounting treatments which sets out its role, scope,
completion of development
applied under the financial accountability and authority.
activities at the end of each
reporting standards, the
reporting period. This is measured The Head of Group Internal Audit,
significant judgement and
based on the proportion of who is a member of the Institute
key assumptions used in the
property development costs of Internal Auditors (IIA) Malaysia,
preparation of the financial
incurred up to the end of the reports functionally to the AC, and
statements and conclusions
reporting period as a percentage the AC reviewed and approved the
reached are appropriate.
of total estimated costs for annual Internal Audit plan and
the property development. As part of the year-end reporting budget for activities undertaken
process, the AC reviewed external during 2022/2023. The AC considers
In addressing the significant
auditors’ reports on accounting factors such as the results of previous
judgements and assumptions
and financial reporting matters. audits, both external and internal,
underpinning revenue recognition
There were no significant and the self-assessment questionnaire,
and valuations, PwC performed
unusual events or transactions system changes and the views of
various procedures and did not
highlighted by the management management. The AC also reviewed
identify any material exceptions.
as well as external auditors the adequacy of the scope, functions,
during FY2022. competency and resources of the
Internal Audit function during
the year.
The Group’s Internal Audit Department as to what actions it was taking to to ensure they are able to operate
performs routine audits and reviews minimise the chances of lapses and effectively and to satisfy itself that
all operating units within the Group, ensure that material findings are management is responsive to their
with emphasis on principal risk adequately addressed. findings and recommendations.
areas. Internal Audit Department During FY2022, the AC met privately
adopts a risk-based approach The tasks, responsibilities, and goals two (2) times with PwC without
towards the planning and conduct of of the AC and internal auditors are management presence. The AC
audits, which is partly guided by the closely intertwined in many ways. continues to be satisfied that neither
Group’s Enterprise Risk Management As such, the significance of the (i.e. internal auditor and external
framework. In determining the risk internal auditing and AC relationships auditor) is being unduly influenced
level, the impact of “Vision IOIPG” is directly related to the magnitude by management.
in contributing to the achievement of corporate accountability. The AC
of the Group’s objectives and had met twice in their private PwC’s audit partners were present
enhancing shareholders’ value is sessions (without management at the AC meetings to ensure full
taken into consideration as part presence) with the Head of Group communication of audit related
of a holistic approach. Internal Audit during FY2022 in affairs and they remain fully apprised
assuring that the mechanisms for of all matters considered by the AC.
A total of fifty-five (55) audit corporate accountability were
assignments [including five (5) special well-established and functioning as In reviewing the audit plan, the AC
audit assignments and twenty-seven expected. The Chairman of the AC discussed the significant and elevated
(27) follow-up audit assignments] also met privately with the Head of risk areas identified by PwC most
were completed during the financial Group Internal Audit prior to the AC likely to give rise to a material
year on various operating units of meetings to allow the Chairman of financial reporting error or those
the Group covering the property the AC to gain insights into issues perceived to be of higher risk and
development, property investment, that would need to be highlighted requiring additional audit emphasis.
and hospitality and leisure or brought to the attention of the AC The AC also considered the audit
segments. Audit reports were issued at its meetings. scope and materiality threshold.
to the AC and Board every quarter.
Total costs incurred for the Internal The AC concluded that the
Overall, no significant control issues
Audit function of the Group for effectiveness of the external audit
were identified although several
FY2022 was RM1,120,934 (FY2021: process remains strong.
process and control improvements
were proposed, with follow up audits RM1,120,641). The marginal increase
scheduled where necessary. in the Internal Audit function’s 5 Auditors’ re-appointment
cost was mainly attributable to review
An established system has been put staff-related costs arising from the During FY2022, the AC assessed the
in place to ensure that all remedial change of personnel during FY2022. effectiveness of PwC as the external
actions have been taken on the agreed auditors. As part of the assessment,
audit issues and recommendations 4 Assessing the effectiveness the AC considered:
highlighted in the audit reports. of external audit process
Certain significant issues and • Q
uality of planning, delivery and
The AC places great importance on
operational matters unsatisfactorily execution of the audit
ensuring high standards of quality
resolved by management were and effectiveness in the external • Q
uality and knowledge of the
highlighted to the AC and it was audit carried out by PwC. Audit quality audit team
agreed that management would is reviewed by the AC throughout • E
ffectiveness of communications
expedite the resolution of these the year which includes reviewing between management and the
outstanding audit issues. and approving the annual audit plan audit team
to ensure consistency with the scope • R
obustness of the audit, including
At each meeting, the AC considered
of the audit engagement. the audit team’s ability to
the results of the audits undertaken
and the adequacy of management’s challenge management as well
The AC met with PwC at various
response to matters raised, as demonstrate professional
stages during the audit process,
including time taken to resolve scepticism and independence
including without management
such matters. In these instances, presence, to discuss their remit and • P
erformance evaluation and
the AC challenged management any issues arising from the audit review by management
(i) Auditor’s effectiveness with a cooling-off period of the extent of the non-audit services
The AC considered the quality of three (3) years. Subsequently, provided nor the size of the
reports from PwC and additional effective from 15 December fees charged had any impact on
insights provided by the audit 2023, the cooling-off period will its independence as statutory
team, particularly at the partner be extended to five (5) years. auditors. The AC was satisfied
level. The AC also considered how Moving forward, under the with the quantum of the non-
well the external auditors assessed revised By-Laws adopted by audit fees in relation to the audit
key accounting and audit the MIA, the audit engagement fees (being approximately 43%
judgements and the way they partner is required to be rotated of the total audit fees on a group
applied constructive challenge every seven (7) years with a basis payable to PwC Malaysia).
and professional scepticism cooling-off period of five (5) years. The AC therefore concluded that
in dealing with management. the auditors’ independence from
As part of the independence review the Group was not compromised.
The AC remains satisfied with process, PwC formally confirmed The AC was satisfied that the
the effectiveness of PwC based their independence to the AC. advisory services rendered by
on improvements implemented PwC reported to the AC that it PwC were in circumstances
following the previous year’s had considered its independence where they were best qualified
statutory audit review, the quality in relation to the audit, and and suitable to provide, given
of the presentations received, confirmed to the AC that it complies their comprehensive knowledge
management commentary on with professional requirements of the Group’s operations system
the robustness of the challenge and that its objectivity is not and process.
provided, their technical insights compromised. The AC concluded
and their demonstration of that it continues to be satisfied (iv) Audit fees
a clear understanding of the with the performance of PwC
The AC was satisfied that the
Group’s business and key risks. and that PwC continues to be
level of audit fees (on a group
objective and independent in
basis) payable in respect of the
(ii) Independence and relation to the audit.
audit services provided by PwC
objectivity Malaysia, being RM1,022,000 for
(iii) Non-audit work carried out
The AC reviews the work FY2022 (FY2021: RM922,000) was
by the external auditors
undertaken by PwC and each appropriate and that an effective
during the period
year assesses its independence, audit could be conducted for such
objectivity and performance. IOIPG’s Suitability and a fee. The existing authority for
In doing so, it takes into account Independence External Auditors the AC to determine the current
relevant professional and Policy includes a clearly defined remuneration of PwC Malaysia is
regulatory requirements and the pre-approval process for non- derived from the shareholders’
relationship with the auditor as a audit services, to help protect approval granted at the Company’s
whole, including the provision of external auditors’ objectivity and Annual General Meeting in 2021.
any non-audit services. The AC independence. The provision of
also monitors PwC’s compliance non-audit services which are not Recommendation to
with relevant regulatory, ethical prohibited and approved in line re-appointment
and professional guidance on the with our Policy, is also reviewed
The AC concluded that the quality of
rotation of partners, as well as to ensure that the total fees
the external auditor’s work, and the
assessing annually its qualifications, for non-audit services will not
level of challenge, knowledge and
expertise, resources and the exceed the defined thresholds.
competence of the audit team, had
effectiveness of the audit process, been maintained at an appropriate
Fees paid to PwC for audit-related
including presentations from the standard during the year. The AC
and non-audit services during
external auditors on their own therefore recommended to the
FY2022 are set out in Note 8 to
internal quality procedures. Board that a resolution to re-appoint
the audited financial statements.
PwC as external auditor of the
Under the revised By-Laws Company be put to shareholders
PwC also provided in its
adopted by the Malaysian at the 2022 AGM.
engagement letter, the specific
Institute of Accountants (“MIA”)
safeguards put in place for each
and PwC firm policy, an audit
piece of non-audit work confirming
engagement partner is required
that it was satisfied that neither
to be rotated every seven (7) years
6 Other matters considered E ATTENDANCE

by the AC
Number of Meetings and Details of Attendance
The AC also:
Five (5) meetings were held during FY2022. The attendance record of each
(i) Reviewed whistleblowing member was as follows:
activities to monitor the actions
Total Number of
taken by the Group in respect of Number of Meetings
whistleblowing reports received. Members Meetings Attended
(ii) Reviewed the Group’s compliance Datuk Lee Say Tshin 5 5

with the relevant provisions set out Datuk Tan Kim Leong (Resigned on 1 December 2021) 3 3
under the Malaysian Code on Datuk Dr Tan Kim Heung 5 5
Corporate Governance (“CG Code”)
Chan Cha Lin (Appointed on 1 December 2021) 2 2
for the purpose of preparing the
Statement on Risk Management Two (2) meetings were held subsequent to the financial year end to the date of
and Internal Control pursuant the Directors’ Report and were attended by the following members:
to the Listing Requirements of
Bursa Malaysia. Total Number of
Number of Meetings
(iii) Reviewed the internal audit report Members Meetings Attended
relating to existing related-party
Datuk Lee Say Tshin 2 2
transactions annually.
Datuk Dr Tan Kim Heung 2 2
(iv) Reviewed new related-party Chan Cha Lin 2 2
transaction.
(v) Received the outstanding

litigation cases of the Group. F ANNUAL REVIEW AND standing within the Company
PERFORMANCE EVALUATION and has maintained appropriate
(vi) Analysed the reports and As required by its Terms of Reference, relations with management, and
reviewed the valuation outcomes, the AC conducted an annual external auditors, while remaining
challenging assumptions made performance evaluation in an effort independent at all times. In FY2022,
where appropriate. In particular, to continuously improve its processes. the AC received the expected full
the AC challenged the methodology support from the management,
used to incorporate the fair value The Board, via the GNRC, annually internal and external auditors of the
adjustments into valuation of reviews the terms of office and Company, enabling it to discharge
IOI Palm City Mall, Xiamen. performance of the AC and its members its responsibilities effectively.
through an effectiveness evaluation
(vii) Reviewed the revisions of the exercise. In FY2022, the evaluation LOOKING AHEAD TO 2023
Whistleblowing Policy of the Group of the performance of our AC was In addition to its routine business,
and new Terms of Reference of facilitated by an independent party, the AC has two (2) focus areas
Whistleblowing Committee. namely KPMG Risk Management & for FY2023:
Risk Consulting Sdn Bhd, in line
(viii) Received the Transparency Report
with the recommendation of the • Continuing to monitor key
issued by PwC Malaysia.
CG Code. Pursuant to the evaluation, risk areas for the business,
(ix) Reviewed tax audit update of the the Board was satisfied that the AC particularly those scheduled
Group and the appropriateness of and its members have effectively for review by Internal Audit
taxation provisions made in FY2022. discharged their functions, duties including, but not limited to,
and responsibilities in accordance operational and IT and digital
(x) Reviewed the Information to the AC’s Terms of Reference. transformation controls
Technology Audit proposals. and sustainability.
The AC considers that it has adopted
• Monitoring the management
(xi) Discussed dynamic AC agenda for a balanced work approach during
of unsold inventories.
FY2022/2023. the year in terms of focus, objectives
and means utilised to obtain the This AC Report was approved in
necessary assurance. The AC also accordance with the resolution of
believes that it has retained appropriate the Board dated 23 September 2022.
Risk Management Committee Report
The Board of IOIPG is pleased to present its report on the

Risk Management Committee (“RMC”) for FY2022.
As part of establishing an effective requirements imposed by Bursa

risk management and internal control Malaysia Securities Berhad. The full Three-Tier of Defence
framework, the RMC was set up on Terms of Reference of the RMC is The model is defined as follows:
15 September 2017 to assume the posted on the Corporate Governance
role of overseeing risk management section of the Company’s website
• The 1st line of defence
in IOIPG pursuant to step-up practice at www.ioiproperties.com.my/
functions that own and
10.3 of CG Code. corporate-governance. It can also be
manage risk
obtained from the Company Secretary.
A MEMBERS
The Terms of Reference prescribe the • The 2nd line of defence
The RMC’s membership comprises functions that oversee
RMC’s oversight of risk management
three (3) members and the biography or specialise in
matters and its key responsibilities
of each member of the RMC is set risk management
which include, among others, assessing
out in the Profile of Directors section: and compliance
the Group’s approach on managing
Chan Cha Lin risks, processes and effectiveness
(Appointed on 1 July 2021 and of internal controls put in place to • The 3rd line of defence
redesignated on 1 December 2021) mitigate the risks effect and to functions that provide
Chairman achieve the desired results. independent assurance
Independent Non-Executive Director by Group Internal Audit
C SUMMARY OF WORK OF THE RMC
Datuk Dr Tan Kim Heung The RMC has the responsibility of
(Redesignated on 1 December 2021) overseeing the Group’s internal control
Member and risk management methodologies. Our Risk Management Enterprise
Independent Non-Executive Director It monitors and reviews the process is embedded across the
effectiveness of the “Three-Tier of Group to support the delivery of our
Datuk Lee Say Tshin
Defence” approach with the support strategic objectives and our annual
Member
of the Risk Management Department. risk assessment is an integral part
of this process. This risk assessment
The Group’s Risk Management incorporates a groupwide top
The Executive Vice Chairman, Chief
Charter defines the role of the down and bottom up evaluation
Executive Officer, Chief Financial
Risk Management Senior Manager’s to determine the likelihood of
Officer, Group Financial Controller,
functional reporting relationship with occurrence and potential impact of
Chief Operating Officers and Risk
the Board and RMC. It also defines the risks on the Group at a residual level.
Management Senior Manager
relevant scope of all risk management
are normally invited to attend
initiatives and documents the The Group maintains and archives a
the RMC meetings. There is a
Risk Management Senior Manager’s compilation of risk registers, which
standing agenda item facilitating
right of full authorised access to contains key risks faced by the Group,
the opportunity for the Company’s
records, personnel and physical including their respective likelihood,
Risk Management Senior Manager to
properties relevant to the impact and the controls and
meet the RMC without management
performance of engagements. procedures in place to mitigate
presence. The Company Secretary
these risks. On a periodic basis,
acts as secretary to the RMC. The Group acknowledges the the RMC receives the Group’s key risk
function of the “Three-Tier of Defence” summary reports prepared by the
B SUMMARY OF KEY SCOPE model as a way of defining the Risk Management team, highlighting
OF RESPONSIBILITIES relationship between functions and the risk exposures and threats. This
The RMC operates under a written responsibilities and accountabilities enables the RMC to assess the
Terms of Reference containing of each functional department/
provisions that address the Business Unit.
appropriateness of management’s ATTENDANCE

action plans and ensure the Board’s
risk appetite threshold is not Number of Meetings and Details of Attendance
breached under any circumstances. Three (3) meetings were held during FY2022. The attendance record of each member
was as follows:
The RMC formally reviews its
principal Group and business and Total Number of
supporting units risks every six (6) Number of Meetings
Members Meetings Attended
months (half yearly).
Chan Cha Lin 3 3
Our enterprise risk the RMC’s annual
work plan was developed from its
Terms of Reference and the summary Datuk Lee Say Tshin 3 3
of scope of work, and the arising Tan Sri Dato’ Sri Koh Kin Lip (Resigned on 30 November 2021) 1 1
matters considered during FY2022
are described below. One (1) meeting was held subsequent to the financial year end until the date of
the Directors’ Report and was attended by the following members:
In FY2022, subsequent to the revision
of the Group’s Enterprise Risk Total Number of
Management (“ERM”) Framework Number of Meetings
and Policy in FY2021, the new risk Members Meetings Attended
registers had been completed and Chan Cha Lin 1 1
the risks review report detailing
the risk summary of the respective
business and supporting units, Datuk Lee Say Tshin 1 1
as well as the Group’s top risks were
tabled at the RMC Meeting held on
25 January 2022. The assessment In addition, the RMC also: reputation and financial earnings.
was reviewed based on risk reports Risk management activities are
(a) deliberated the Business practised throughout the Group to
consolidated from business and
Continuity Management (“BCM”) support the RMC in its corporate
supporting units to produce an
Framework of the Group. The governance responsibilities.
overall profile of key risks for the
revision of BCM Framework was
Group. These risk reports, listing
held in abeyance as the priority Details relating to risk management
imminent and emerging risks are reported separately under the
focus had been given to the work
(including climate change risk), were Statement on Risk Management and
on risk register which would take
reviewed, amended and finalised Internal Control on pages 164 to 169.
at least 6 months for the revision
with the RMC along with appropriate
to complete; LOOKING AHEAD TO FY2023
mitigation strategies to ensure the
Group’s operations remain resilient (b) deliberated the proposed new • Reviewing the Terms of Reference
to any materialisation of risk(s). risks and changes to residual of the RMC.
risk rating; and • Reviewing the Group’s Business
While there has been no significant
Continuity Management Framework.
change in the principal risks in the (c) conducted site visit to IOI
last year, the Group operates in a Mall Puchong to assess the • Continuing to embed climate
dynamic environment where risks effectiveness of risk treatment considerations into our overall
continue to evolve and the Group plan which was affected badly strategic planning and investment
continues to develop mitigation by flash flood in December 2021. appraisal processes.
measures to address them.
The RMC works closely with business This RMC Report was approved in
and supporting units to proactively and accordance with the resolution of the
effectively manage significant risks that Board dated 23 September 2022.
may affect the Group’s operations,
Statement on Risk Management

INTRODUCTION Notwithstanding the delegated RISK MANAGEMENT CULTURE
The Board of Directors is pleased responsibilities, the Board acknowledges Both Executive Vice Chairman (“EVC”)
to present the Statement on Risk its overall responsibility towards and Chief Executive Officer (“CEO”)
Management and Internal Control, the Group’s risk management and have the ultimate responsibility and
pursuant to Paragraph 15.26(b) of internal control systems. accountability for ensuring that risks are
the Main Market Listing Requirements managed across the Group. The EVC,
of Bursa Malaysia Securities Berhad 1 Risk Management CEO and the Senior Management
(“Bursa Securities”) and the Malaysian Committee (RMC) Leadership Team provide governance
Code on Corporate Governance, The RMC assists the Board to, leadership, agree on the strategic
with the guidance from Statement among others: direction and risk appetite whilst
on Risk Management and Internal promoting the culture of ‘tone from
Control: Guidelines for Directors of • Oversee the establishment the top’, to ensure the best outcome
Listed Issuers. and implementation of a for the Group, staff and stakeholders.
risk management framework They actively consider risks during
BOARD RESPONSIBILITIES and the effectiveness of risk strategic and tactical decision-making,
& ACKNOWLEDGEMENT reporting structure; alongside all levels of management,
The Board of Directors (“Board”) of the • Review the effectiveness of the as well as determine the level of residual
Group in discharging its responsibilities, risk management framework risks the Group is willing to accept.
is fully committed to implementing an in identifying, assessing and The Group uses a risk-based approach
effective risk management and internal managing risks, including to manage its internal, external,
control system. The Board is responsible climate-related risks operational and strategic risks, i.e.
for determining the Group’s risk appetite and opportunities; risks are managed and monitored
and identifying, assessing and monitoring • Review and recommend risk according to the likelihood and severity
key business risks, including climate- management strategies and of impact for each risk involved.
related risks and opportunities, in order policies for the Board’s approval.
to safeguard shareholders’ investments RISK MANAGEMENT FRAMEWORK
Please refer to the RMC Report from pages
and the Group’s assets. 162 to 163 of this Annual Report for The Group adopts an Enterprise Risk
more details. Management (“ERM”) framework which
The risk management and internal is consistent with the Statement on
control systems are specifically 2 Audit Committee (AC) Risk Management & Internal Control:
designed to manage risks that may The AC assists the Board to, among Guidelines for Directors of Listed
impede the achievement of the Group’s others: Issuers and is in line with ISO 31000
overall business objectives and strategies. Risk Management – Principles and
However, due to inherent limitations • F
ulfil its fiduciary responsibilities, Guidelines, a standard relating to the
in the risk management and internal particularly in the areas implementation of risk management
control systems, the Board recognises relating to the accounting codified by the International
that these systems are designed to and management controls, Organization for Standardization.
manage and minimise, rather than financial reporting and
to eliminate all the risks and hence, business ethics policies of the As part of continuous improvement
can only provide reasonable but not Group and its subsidiaries; efforts, the Group’s ERM Framework
absolute assurance against fraud, • Review the adequacy and was revised in June 2021. The enhanced
material misstatement or loss. effectiveness of enterprise Framework delivers a clearer, simpler
risk management functions. and more concise guide for effective
In achieving the above, the Board has and efficient risk management.
delegated these responsibilities to the Please refer to the AC Report from pages
Risk Management Committee (“RMC”) 156 to 161 of this Annual Report for Please refer to Diagram 1 on page 165
for the Risk Management Process used
and Audit Committee (“AC”), to ensure more details.
by the Group.
oversight of risk management
and internal control respectively. The ERM Framework is a structured and
disciplined approach aligning strategy,
process, people, technology and
knowledge with the purpose of evaluating
and managing the risks the Group faces
as it seeks to create value. In essence,
every employee is an integral part of the Diagram 1: Risk Management Process

Group’s risk management framework
cutting across every single individual,
ranging from executive staff to senior 1 Define processes, activities & objectives
management and related stakeholders. Establish
Context
The Group is committed to promoting
2 Determine risk parameters
an organisational culture where risk
management is embedded in all activities
and business processes, and undertakes
proactive risk management. A good 3 Identify risks
understanding of the strategic and
operational risks as well as opportunities,
Root cause
also allows the management to make 4 Determine cause analysis
informed decisions in order to achieve
organisational and strategic goals. Insignificant
Minor
ERM FRAMEWORK Gross Risk 5 Determine consequence
Moderate
METHODOLOGY & OBJECTIVES Analysis Major

Catastrophic
The primary objective of the ERM Unlikely
framework is to support the achievement 6 Determine likelihood Moderate
of the Group’s strategic objectives, Likely
safeguard the Group’s resources, people, Almost Certain
finances, property, knowledge and Low
reputation. In realising this primary 7 Determine gross risk rating Medium
Significant
objective, the ERM framework is
High
designed to:
• Provide a structured and consistent 8 Identify controls

approach in risk identification, Control
assessment, mitigation, monitoring Assessment Weak
and reporting; 9 Determine control effectiveness Partially Effective
• Assist decision makers in making Effective
sound management decisions,
Low
taking risk exposures into account, 10 Determine current residual risk Medium
as well as leveraging opportunities; Significant
• Generate risk profiles and reports High
that will be used to support and Residual Risk
substantiate strategic decisions. Analysis 11 Develop risk profile
& Profiling
Please refer to Diagram 2 on the
Risk Rating Matrix used by the Group. Significant
12 Risk treatment High
Diagram 2: Risk Rating Matrix
IMPACT
Insignificant Minor Moderate Major Catastrophic
Almost Certain Medium Significant High High High

LIKELIHOOD
Likely Medium Significant Significant High High
Moderate Low Medium Medium Significant High
Unlikely Low Low Low Medium Significant


• Create an environment where In response to this, the Group has The Group’s Sustainability Principles
staff understand and assume taken swift actions to ensure that also include organising business
responsibility for managing the the latest Government guidelines strategies for long-term sustainable
risks they are responsible for as well and standard operating procedures business growth, which take into
as the controls to mitigate them; are implemented in all business account the opportunities arising
• Provide relevant and timely premises, and strictly followed by from climate change, ensuring
information across clear reporting staff as well as external parties. value creation for stakeholders and
structures; and preventing further erosions to the
In the transition to the endemic environment in order to shape a
• Provide feedback to management phase, the Group remains vigilant future for the coming generations.
that sufficient internal controls are in ensuring preventive measures
in place and are effective through and actions are continued. 4 Operational Risk
the conduct of independent
audit activities. Operational risks arising from
2 Financial Risk
day-to-day operations, are inevitable
The Board conducts bi-annual reviews The Group is exposed to various in any business activities to achieve
on the adequacy and effectiveness financial risks such as credit risk, the Group’s strategic goals. Hence,
of the Group’s ERM framework and liquidity risk, adverse movement effective risk management and internal
policies, particularly in relation to of interest rates risk, and foreign control systems, coupled with the
the approach for risk identification, currency exchange fluctuations. The right human capital competencies,
assessment, mitigation, monitoring Group’s risk management objectives are critical in ensuring that these risks
and reporting. and policies coupled with the are managed accordingly. The Group
required quantitative and qualitative acknowledges such needs and
Inherently, the Group’s business activities disclosures relating to its financial continuously seeks to implement
expose the Group to a variety of risks, risks are set out in the Group’s enhancements and improvements
including operational and financial risks. Financial Statements. in order to remain resilient.
The Group’s overall risk management
objective is to ensure that the Group 3 Environmental & 5 Cybersecurity Risk
creates value for its shareholders whilst Climate Change Risk
With the increased reliance placed
minimising potential adverse impact Global warming, climate change and on the use of Information &
on its performance and position. The extreme weather changes have led Technology systems, the Group
Group operates within an established to significant adverse impact on the recognises the need to ensure that
ERM framework with clearly defined environment, and could continue these systems are protected from
policies and guidelines that are to threaten the health and safety of any external threats such as system
approved by the Board. communities, flora and fauna. As the intrusions, breaches, cyber attacks,
Group’s operating environments are unauthorised access, malware or any
THREE-TIER DEFENSE MODEL closely interlinked with the physical other forms of threats to the Group.
Under the Group’s Three-Tier Defense environment, environmental and The Group has implemented various
model, the Group protects itself from climate change events can also pose mitigating and recovery measures to
threats with relevant guidelines on risks and opportunities to the Group’s address these cybersecurity threats.
risk reporting and disclosure which business. As part of climate-related
include the following principal risks: risks, the Group is exposed to The day-to-day operations of the Group,
physical risks (storms, floods and which include both centralised and
1 Health & Safety Risk other extreme weather events) and decentralised operating models,
The outbreak of the COVID-19 transition risks (inability to comply are guided by approved policies
pandemic has severely impacted with regulatory requirements and/or and standard operating procedures,
national health security and meet market expectations relating as well as embedded controls within
employees’ health and safety. to climate change). the systems.
The Group’s business operations

are guided by its Sustainability
Strategic Framework anchored
on the Group’s core purpose of
Creating a Sustainable Future.
Diagram 3:
Three-Tier Defense Model
1st Line of Defense –
Heads of Business
and Supporting Units
Each Head of Business and Supporting
Unit is responsible for the ownership
Board of and management of their respective
Directors risks. They are responsible for managing
the risks and maintaining effective
internal controls on a day-to-day basis.
Each Business and Supporting Unit
naturally serves as the 1st Line of
Defense because controls are specifically
Risk Three-Tier
Executive incorporated into their processes and
Management Defense
Leadership systems to manage risk exposures.
Committee Model
In addition, adequate managerial and
supervisory controls are put in place
to ensure compliance and highlight
any deficiencies.
1st Line of 2nd Line of 3rd Line of 2nd Line of Defense –

Defence Defence Defence Risk Management Department
Heads of Business Risk Management Internal The Risk Management Department
and Supporting Department Audit (“RMD”) is responsible for establishing
Units the ERM Framework, a structured and
consistent risk management process
and approach to be applied systematically
across the Group, and to ensure that
• Identifying, • Design Risk • Review
rating, & Control framework, the ERM framework is operational and
managing & compliance implementation embedded throughout the Group.
reporting risks framework & design As part of monitoring and reporting
• Managing • Monitor • Provide processes, the RMD helps to ensure
compliance adherence independent that risks are being effectively
obligations & to framework oversight of managed by the 1st Line of Defense
key controls • Provide advice 1st & 2nd lines Key and adequate risk-related information
• Training & and guidance on of defence Activities is reported throughout the Group.
awareness of identified risk • Conduct
risks to staff • Assess control compliance 3rd Line of Defense –
• Managing mechanisms review and tests Internal Audit
compliance in & activities on framework
Internal Audit (“IA”) provides
High Risk areas independent assurance to the Board
and senior management on the
effectiveness of governance, risk
• Satisfactory • Design and • Assurance
management and internal controls,
control of risks monitoring & oversight including the manner in which the
& compliance of risk & through system 1st and 2nd Lines of Defense achieve
obligations confirmation of & process audits Outcomes the Group’s objectives.
• Monitoring & compliance of
reporting risk & controls

CONTROL ENVIRONMENT Annual business plans and operating that all stakeholders are well-informed
The Group’s corporate culture is budgets are prepared by Business and on any decisions or actions taken,
embedded in its Core Values which Supporting Units, which are approved including the justifications for
include the following; Integrity, Quality, by the Board. Actual performance and such actions.
Innovation and Creativity, Commitment significant variances against budget are
monitored on an ongoing basis. The Management and the Board receive
and Passion, Cost Effectiveness, People
timely, relevant and reliable reports
First and Teamwork.
The Group adopts several approaches which are reviewed on a regular basis:
The Group has an organisational structure to its control activities to ensure that a
holistic coverage of threats and mitigation • The Group has put in place an
that is aligned with its business and
strategies are carried out accordingly: Information System that captures,
operational requirements, with clearly
compiles, analyses and reports
defined lines of responsibility and
• Directive Controls are designed to relevant data, which enables
authority levels.
establish desired outcomes. management to make sound
The Code of Conduct and Business Ethics, • Preventive Controls are designed business decisions in a timely manner.
Anti-Bribery and Anti-Corruption Policy to discourage errors or irregularities • A Whistleblowing Policy is established
and Whistleblowing Policy reinforces from occurring. to provide appropriate communication
the Group’s core value of Integrity by • Detective Controls are designed to and feedback channels which facilitate
providing guidance on ethical behaviour find errors or irregularities after they whistleblowing in a transparent and
expected of all staff in complying with laws, have occurred. confidential manner. It outlines the
policies, standards and procedures. The Group’s commitment to encourage
• Corrective Controls are intended
Integrity Committee further reinforces its staff and stakeholders to raise
to limit the extent of any damage
the ethical culture within the Group. genuine concerns about possible
caused by an incident.
improprieties relating to financial
Board committees such as the AC, • Transfer the risk is intended to reporting, compliance or suspected
RMC, Governance, Nominating and enable transferring of identified risks violations of the Group’s Code of
Remuneration Committee and to a third party in order to reduce Conduct and Business Ethics, and to
Whistleblowing Committee are established the impact. disclose any improper conduct or
by the Board, and empowered by • Eliminate the risk is applied when other malpractices within the Group
the respective Terms of Reference. a risk is deemed to be reducible to in an appropriate way.
an acceptable level if the activity is • The Group practices a zero-tolerance
The Board and Management have terminated.
established standard processes for approach against all forms of bribery
identifying, assessing and managing • Accept the risk is applied when the and corruption. In line with this,
the key risks faced by the Group. residual risk is low. an Anti-Bribery and Anti-Corruption
These include periodic testing of the Policy (“ABC Policy”) has been
To understand the extent to which the established which comprises a
effectiveness and efficiency of internal
likelihood and impact of a risk occurring set of key policies, procedures,
control procedures as well as updating
is being mitigated, the full set of controls standards and guidelines to address
the system of internal controls when
currently in place is documented and the bribery and corruption risks.
there are changes to the business
assessed for effectiveness of design The ABC Policy is designed to help
environment or regulatory guidelines.
and operation. recognise potential bribery and
These processes have been in place for
the financial year ended 30 June 2022 corruption issues and to guide
Where controls are operated by an
and up to the date of approval of this on acceptable and unacceptable
external third party, discussions and
Statement on Risk Management and behaviours regarding bribery
assessments are performed to ensure
Internal Control. and corruption.
that appropriate reviews are conducted.
The Whistleblowing Policy, Code of Conduct
CONTROL ACTIVITIES INFORMATION AND and Business Ethics and Anti-Bribery
Policies and procedures have been COMMUNICATION PROCESSES and Anti-Corruption Policy can be found
on the Group’s website listed below:
established for both Business and Communication and consultation with https://www.ioiproperties.com.my/
Supporting Units. The Group ensures internal as well as external stakeholders corporate-governance
that there are adequate financial and are important elements of the risk
operational policies and procedures to management process. Effective
govern the operations of the Group. communication is essential to ensure
MONITORING AND REPORTING unit, cutting across all geographic REVIEW OF THIS STATEMENT
The Group’s Policies and Procedures locations, comprising all personnel at BY EXTERNAL AUDITORS
are reviewed and revised periodically to various levels have been guided by As required by Paragraph 15.23 of the
meet changing business environment the ERM framework to identify, assess, Main Market Listing Requirements of
needs while complying with regulatory mitigate, monitor and report the risks Bursa Securities, the external auditors
requirements at the same time. of their respective functions. have reviewed this Statement on Risk
Management and Internal Control. Their
Board meetings are held at least once in Risk identification, assessment,
limited assurance review was performed
a quarter with a formal agenda on matters mitigation and monitoring processes
in accordance with Audit and Assurance
for discussion. In addition, regular are carried out continuously to
Practice Guide (AAPG) 3 issued by the
management and operation meetings ensure that new risks are identified
Malaysian Institute of Accountants.
are conducted by senior management, and managed accordingly. New risk
AAPG 3 does not require the external
comprising the EVC, CEO and Heads of exposures could be due to, but not
auditors to form an opinion on the
Business and Supporting Units. limited to, the following:
adequacy and effectiveness of the
• Changes to the strategic objectives; risk management and internal control
The Group’s RMD reports to the CEO
systems of the Group.
and the RMC, and ensures that the • Changes in the operating landscape;
ERM Framework is implemented in • Introduction of new laws or Based on the procedures performed,
all the Business and Supporting Units legislations; the external auditors have reported to
throughout the Group. the Board that nothing has come to
• Introduction of new accounting
standards, guidelines or directives; their attention to cause them to believe
The Group’s Internal Audit (“IA”) function
the Statement on Risk Management
reports to the AC and is guided by an • Changes in internal policies
and Internal Control set out above is
Internal Audit Charter that is approved and procedures.
not prepared, in all material respects,
by the Board. The IA function is
The summary of the Risk Management in accordance with the disclosures
responsible for monitoring compliance
Process includes the following: required by paragraph 41 and 42 of
with the Group’s Policies and Procedures,
the Guidelines for Directors of Listed
operational needs and regulatory
• Regular discussions between Business Issuers, nor was it factually inaccurate.
requirements, which provides independent
or Supporting Units and RMD on
assurance on the effectiveness of
risk identification and assessment. CONCLUSION
risk management and internal control
systems through regular audits and • These risks will be further deliberated The Board was satisfied with the adequacy
continuous assessments. with the Heads of Business or and effectiveness of the Group’s risk
Supporting Units, COOs and CFO management and internal control system.
Significant audit findings and to assess risk ratings and formulate The Board had received assurance from
recommendations for improvements action plans to mitigate the the CEO, COOs and CFO that the Group’s
are highlighted to senior management risk exposures. risk management and internal control
and the AC, with periodic follow-up • These risks are monitored and systems, in all material aspects, were
reviews of the implementation of reviewed by the respective Heads operating adequately and effectively.
corrective action plans. of Departments/Managers and Risk For the financial year under review,
Owners on an ongoing basis and despite the impact of the COVID-19
RISK REVIEW FOR subsequently, reported to the RMC. outbreak which resulted in volatile
FINANCIAL YEAR AND SCOPE • In addition, identification of
economic fluctuations across the world
A review on the adequacy and including Malaysia, there were no material
strategic risks is built into the
effectiveness of the risk management failures or adverse compliance events
business planning process to ensure
and internal control systems has been that have directly resulted in any material
that these have been taken into
undertaken for the financial year under loss to the Group as a whole. This
account during the setting of the
review. Each business and supporting Statement on Risk Management and
Group’s objectives.
Internal Control is made in accordance
with the resolution of the Board dated
23 September 2022.
Statement of Directors’ Interests

In the Company and its Related Corporations as at 30 August 2022
(Based on the Register of Directors’ Shareholdings)
No. of Ordinary Shares

Name Direct % Indirect %
The Company
Datuk Tan Kim Leong 13,125 * 80,9371 *
Lee Yeow Seng 69,298,100 1.26 3,616,063,7412 65.67
Dato’ Lee Yeow Chor 6,837,500 0.12 3,616,455,1163 65.68
Datuk Lee Say Tshin – – 125,0004 *
Datuk Dr Tan Kim Heung 26,606,000 0.48 10,000,0005 0.18
Lee Yoke Har 6,973,318 0.13 107,5006 *
Chan Cha Lin 20,321,600 0.37 121,730,7007 2.21
Ultimate Holding Company

Vertical Capacity Sdn Bhd
Lee Yeow Seng 662,076,993 77.5 – –
Dato’ Lee Yeow Chor 192,215,901 22.5 – –
By virtue of Lee Yeow Seng and Dato’ Lee Yeow Chor’s interests in the ordinary shares of the Company and its holding company,
they are also deemed to be interested in the shares of all the subsidiaries of the Company and its holding company to the extent
that the Company and its holding company have an interest.
Notes:
1. Deemed interested by virtue of his interest in Tan Kang Hai Holdings Sdn Berhad under Section 8 of Companies Act 2016 (the “Act”) as well as shares held by his son,
Tan Enk Purn under Section 59(11)(c) of the Act.
2. Deemed interested by virtue of his interest in Vertical Capacity Sdn Bhd (“VC”) under Section 8 of the Act.
3. Deemed interested by virtue of his interest in VC under Section 8 of the Act and also interest in share of his spouse, Datin Joanne Wong Su-Ching under Section 59(11)(c)
of the Act.
4. Deemed interested by virtue of the interest in shares of his spouse, Datin Tan Sok Ing under Section 59(11)(c) of the Act.
5. Deemed interest by virtue of the interest in shares of his family member under Section 8 of the Act.
6. Deemed interested by virtue of the interest in shares of her spouse, Lor Ching San under Section 59(11)(c) of the Act.
7. Deemed interested by virtue of his interest in Annhow Holdings Sdn Bhd under Section 8 of the Act and also interest in share of his spouse, Cheah Yoke Sim under
Section 59(11)(c) of the Act.
* Negligible
Shareholdings of
Senior Management Team
Based on the Record of Depositors as at 30 August 2022, the details of shareholdings of our senior management team are as follows:
No. of Ordinary Shares

1. Dato’ Voon Tin Yow – – – –

2. Teh Chin Guan – – – –
3. Lim Beng Yeang – – – –
4. Melissa Tan Swee Peng – – – –
5. Tan Keng Seng 13,800 * – –
6. Ho Kwok Wing – – – –
7. Chung Nyuk Kiong – – – –
8. Steve Wong Wai Leong – – – –
9. Wong Peen Fook 4,800 * – –
10. Lee Yean Pin (Li Yanping) 29,625 * – –
11. Nicole Lee Chee Yiing – – – –
12. Chris Chong Voon Fooi – – – –
13. Rasheed Kumar Renoo – – – –
14. Toh Boon Chiew – – – –
15. Joanne Ang Cui Xia 1,000 * – –
16. Bhuvaneswary Kisnasamy – – – –
17. Kristine Ng Mee Yoke 17,500 * – –
18. Steven Su Chan Loong – – – –
19. Michelle Shen Yan Chao – – – –
20. Chee Ban Tuck – – – –
21. Jimmy Yee Yoke Seng – – – –
Note:
* Negligible
Other Information
Material Contracts Involving Directors’ and Major Shareholders’ Interests

There were no material contracts entered into by the Company and its subsidiaries which involved Directors’ and major shareholders’
interests either still subsisting at the end of the financial year ended 30 June 2022 or entered into since the end of the previous
financial year.
Audit and Non-Audit Fees

The amount of audit and non-audit fees incurred for services rendered by the external auditors, PricewaterhouseCoopers PLT
and their affiliated companies or firms, to the Company and the Group for the financial year ended 30 June 2022 are as follows:
Company Group
Fees (RM) (RM)
Audit Fees 201,000 1,235,000

Non-Audit Fees 5,000 440,000
Total 206,000 1,675,000
Financial
Reports
SECTION 1
Directors’ Report 174
SECTION 2
Statements of Profit or Loss 180
Statements of Comprehensive Income 181
Statements of Financial Position 182
Statements of Changes in Equity 184
Statements of Cash Flows 186
Notes to the Financial Statements 192
Statement by Directors 289
Statutory Declaration 289
Independent Auditors’ Report 290
174 Financial Reports IOI Properties Group Berhad
Directors’ Report
The Directors of IOI Properties Group Berhad have pleasure in submitting their report and the audited financial statements of the
Group and of the Company for the financial year ended 30 June 2022.
PRINCIPAL ACTIVITIES
The principal activity of the Company is investment holding.
The principal activities of the subsidiaries, associate and joint ventures are set out in Note 43 to the financial statements.
There have been no significant changes in the nature of the activities of the Group and of the Company during the financial year.
FINANCIAL RESULTS
The audited financial results of the Group and of the Company for the financial year ended 30 June 2022 are as follows:
Group Company
RM’000 RM’000
Profit for the financial year 688,069 396,168
Attributable to:
Owners of the Company 686,735 396,168
Non-controlling interests 1,334 –
688,069 396,168
DIVIDENDS
Dividend declared and paid since the end of the previous financial year was as follows:
Company
RM’000
In respect of the financial year ended 30 June 2021:

Interim single tier dividend of 2.0 sen per ordinary share, paid on 24 September 2021 110,123
On 23 September 2022, the Board of Directors proposed a first and final single tier dividend of 4.0 sen per ordinary share in
respect of the financial year ended 30 June 2022 to be approved by the shareholders at the forthcoming Annual General Meeting
of the Company. Based on the issued and paid-up ordinary shares of the Company as at 30 June 2022 of 5,506,145,375, the
proposed first and final dividend amounts to RM220,245,815.
ISSUE OF SHARES AND DEBENTURES

There was no issue of new shares or debentures by the Company during the financial year.
RESERVES AND PROVISION

There were no material transfers to or from reserves or provisions during the financial year other than those disclosed in the notes
to the financial statements.
OPTIONS GRANTED OVER UNISSUED SHARES

No options were granted to any person to take up unissued shares of the Company during the financial year.
DIRECTORS
The Directors who have held office during the financial year until the date of this report are as follows:
Datuk Tan Kim Leong

Lee Yeow Seng
Dato’ Lee Yeow Chor
Lee Yoke Har
Datuk Dr Tan Kim Heung
Datuk Lee Say Tshin
Chan Cha Lin
Tan Sri Dato’ Sri Koh Kin Lip (Resigned on 30 November 2021)
DIRECTORS’ INTERESTS
The Directors holding office at the end of the financial year and their beneficial interests in the ordinary shares of the Company
and of its related corporations during the financial year ended 30 June 2022 as recorded in the Register of Directors’ Shareholdings
kept by the Company under Section 59 of the Companies Act 2016 are as follows:
As at As at
1 July 2021 Acquired Disposed 30 June 2022
The Company
Direct Interest
No. of ordinary shares
Datuk Tan Kim Leong 13,125 – – 13,125

Lee Yeow Seng 69,298,100 – – 69,298,100
Dato’ Lee Yeow Chor 6,837,500 – – 6,837,500
Datuk Dr Tan Kim Heung 36,606,000 – 10,000,000 26,606,000
Chan Cha Lin 20,321,600 – – 20,321,600
Lee Yoke Har 4,091,318 2,882,000 – 6,973,318
Indirect Interest
Datuk Tan Kim Leong 80,937 – – 80,937

Lee Yeow Seng 3,616,063,741 – – 3,616,063,741
Dato’ Lee Yeow Chor 3,616,455,116 – – 3,616,455,116
Datuk Lee Say Tshin 125,000 – – 125,000
Chan Cha Lin 121,730,700 – – 121,730,700
Lee Yoke Har 103,000 4,500 – 107,500
Datuk Dr Tan Kim Heung – 10,000,000 – 10,000,000
Ultimate Holding Company

Vertical Capacity Sdn. Bhd. (“VCSB”)
Direct Interest
Lee Yeow Seng 662,076,993 – – 662,076,993

Dato’ Lee Yeow Chor 192,215,901 – – 192,215,901
By virtue of Lee Yeow Seng’s and Dato’ Lee Yeow Chor’s interests in the ordinary shares of the Company and its ultimate holding
company, they are also deemed to be interested in the shares of all the subsidiaries of the Company and its ultimate holding
company to the extent that the Company and its ultimate holding company have an interest.
Directors’ Report
DIRECTORS’ BENEFITS
Since the end of the previous financial year, none of the Directors of the Company has received or become entitled to receive
any benefit (other than the benefits as disclosed in Note 37 to the financial statements) by reason of a contract made by the
Company or a related corporation with the Director, or with a firm of which the Director is a member, or with a company in which
the Director has a substantial financial interest except for any benefits which may be deemed to have arisen by virtue of the
significant related party transactions as disclosed in Note 37 to the financial statements.
During and at the end of the financial year, no arrangement subsisted to which the Company is a party, with the object or objects
of enabling the Directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the
Company or any other body corporate.
DIRECTORS’ REMUNERATION
Details of Directors’ remuneration are as follows:
Group Company
RM’000 RM’000
Fees 1,280 1,280

Salaries and bonuses 13,505 116
Defined contribution plan 1,449 –
Estimated monetary value of benefits-in-kind 241 –
16,475 1,396
INDEMNITY AND INSURANCE FOR DIRECTORS AND OFFICERS

The Company maintains a corporate liability insurance for the Directors and officers of the Group throughout the financial year,
which provides appropriate insurance cover for the Directors and officers of the Group. The total amount of indemnity coverage
and insurance premium paid by the Company for the financial year ended 30 June 2022 amounted to RM50,000,000 and
RM75,000 respectively.
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS

Before the financial statements of the Group and of the Company were prepared, the Directors took reasonable steps:
(a) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for
doubtful debts, and had satisfied themselves that all known bad debts had been written off and that adequate provision
had been made for doubtful debts; and
(b) to ensure that any current assets, other than debts, which were unlikely to realise their book values in the ordinary course of
business of the Group and of the Company have been written down to an amount which the current assets might be
expected so to realise.
As at the date of this report, the Directors are not aware of any circumstances:
(a) which would render the amounts written off for bad debts or the amount of the provision for doubtful debts in the financial
statements of the Group and of the Company inadequate to any substantial extent;
(b) which would render the values attributed to current assets in the financial statements of the Group and of the Company
misleading; and
(c) which have arisen which would render adherence to the existing method of valuation of assets or liabilities of the Group and
of the Company misleading or inappropriate.
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS (CONTINUED)

As at the date of this report, there does not exist:
(a) any charge on the assets of the Group or of the Company that has arisen since the end of the financial year which secures
the liabilities of any other person; and
(b) any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial year.
No contingent or other liability has become enforceable, or is likely to become enforceable within the period of twelve (12) months
after the end of the financial year, which in the opinion of the Directors, will or may substantially affect the ability of the Group or
of the Company to meet their obligations as and when they fall due.
OTHER STATUTORY INFORMATION

As at the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or the financial
statements of the Group and of the Company that would render any amount stated in the financial statements misleading.
In the opinion of the Directors:
(a) the results of the operations of the Group and of the Company for the financial year were not substantially affected by any
item, transaction or event of a material and unusual nature; and
(b) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial
year and the date of this report which is likely to affect substantially the results of operations of the Group and of the
Company for the financial year in which this report is made.
DIFFERENT FINANCIAL YEAR END OF SUBSIDIARIES

Due to local requirements of the following seven (7) indirect subsidiaries (“Foreign Subsidiaries”) of the Company, the Foreign
Subsidiaries are adopting 31 December as their statutory financial year end, which do not coincide with that of its holding company
of the Foreign Subsidiaries.
(a) Subsidiaries of IOI Properties Berhad, which in turn, is a 99.9% owned subsidiary of the Company:
1. IOI (Xiamen) Business Management Co. Ltd.;

2. IOI (Xiamen) Properties Co. Ltd.;
3. Xiamen Double Prosperous Real Estate Development Co. Ltd.;
4. Xiamen Palm City Management Services Co. Ltd.;
5. Xiamen Palm Kaiyue Real Estate Development Co. Ltd.; and
6. Xiamen Palm City Sports Technology Co. Ltd.
(b) Subsidiary of Premier Landmark Limited, which in turn, is a wholly-owned subsidiary of the Company:
1. Shenzhen IOI Property Development Co. Ltd.
The Directors of IOI Properties Berhad and the Company have been granted approvals under Section 247(3) of the Companies
Act 2016 by the Companies Commission of Malaysia for the Foreign Subsidiaries to have different financial year end from that of
IOI Properties Berhad and the Company for the financial year ended 30 June 2022.
Directors’ Report
SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR

Significant events during the financial year are disclosed in Note 41 to the financial statements.
AUDIT COMMITTEE
The Directors who serve as members of the Audit Committee are as follows:
Datuk Lee Say Tshin (Chairman)

Chan Cha Lin (Appointed on 1 December 2021)
Datuk Tan Kim Leong (Resigned on 1 December 2021)
RISK MANAGEMENT COMMITTEE

The Directors who serve as members of the Risk Management Committee are as follows:
Chan Cha Lin (Chairman) (Redesignated on 1 December 2021)

Datuk Dr Tan Kim Heung (Redesignated on 1 December 2021)
Datuk Lee Say Tshin
GOVERNANCE, NOMINATING AND REMUNERATION COMMITTEE

The Directors who serve as members of the Governance, Nominating and Remuneration Committee are as follows:
Datuk Dr Tan Kim Heung (Chairman) (Redesignated on 1 December 2021)
Datuk Lee Say Tshin (Appointed on 1 December 2021)
Chan Cha Lin (Appointed on 1 December 2021)
Datuk Tan Kim Leong (Resigned on 1 December 2021)
WHISTLEBLOWING COMMITTEE
Whistleblowing Committee was established on 25 February 2022. The Directors who serve as members of the Whistleblowing
Committee are as follows:
Dato’ Lee Yeow Chor (Chairman)
Chan Cha Lin
ULTIMATE HOLDING COMPANY

The ultimate holding company is Vertical Capacity Sdn. Bhd., a company incorporated in Malaysia.
LIST OF DIRECTORS OF SUBSIDIARIES

Pursuant to Section 253 of the Companies Act 2016, the list of Directors of the subsidiaries during the financial year and up to the
date of this report is as follows:
Chia Yi Li Lim Beng Yeang
Chong Voon Fooi Lim Cheok Leng
Chung Nyuk Kiong Masaya Ohta
Dato’ Lee Yeow Chor Por Seng Guan^
Dato’ Voon Tin Yow Shen Yan Chao
Ho Kwok Wing Tan Keng Seng
Hsieh Yu-Ting Tan Kun Sin
Lee Beng Hong Tan Swee Peng*
Lee Cheng Leang Teah Chin Guan @ Teh Chin Guan
Lee Yean Ping (Li YanPing) Wong Peen Fook
Lee Yeow Seng Wong Wai Leong
Lee Yoke Har^ Yuki Hikasa
Lee Yoke Hui Zheng Wen Liang
^ Resigned during the financial year and up to the date of this report
* Appointed during the financial year and up to the date of this report
SUBSIDIARIES
Details of subsidiaries are set out in Note 43 to the financial statements.
AUDITORS’ REMUNERATION
Details of auditors’ remuneration are as follows:
Group Company
RM’000 RM’000
PricewaterhouseCoopers PLT 1,022 201

Member firms of PricewaterhouseCoopers International Limited 213 –
Firms other than member firms of PricewaterhouseCoopers International Limited 140 –
AUDITORS
The auditors, PricewaterhouseCoopers PLT (LLP0014401-LCA & AF 1146), have expressed their willingness to continue in office.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors.
LEE YEOW SENG LEE YOKE HAR

Director Director
23 September 2022
Statements of Profit or Loss

For the Financial Year Ended 30 June 2022
Group Company
2022 2021 2022 2021
Note RM’000 RM’000 RM’000 RM’000
Revenue 7 2,590,332 2,488,611 368,878 140,297

Cost of sales (1,517,084) (1,412,179) – –
Gross profit 1,073,248 1,076,432 368,878 140,297
Other operating income 222,292 64,711 37,373 6,377
Marketing and selling expenses (60,745) (46,960) (19) (23)
Administration expenses (179,122) (155,961) (3,803) (3,793)
Other operating expenses (138,137) (224,034) (874) (5,536)
Operating profit 8 917,536 714,188 401,555 137,322
Share of result of an associate 2,124 34,973 – –
Share of results of joint ventures 164,741 249,581 – –
Profit before interest and taxation 1,084,401 998,742 401,555 137,322
Interest income 10 42,962 34,729 5,670 10,028
Interest expense 11 (34,602) (300) (15,456) (21,265)
Net foreign currency translation gain/(loss) on:
– borrowings 4,273 46,122 – –
– deposits 5,739 (1,293) 4,709 (1,418)
Profit before taxation 1,102,773 1,078,000 396,478 124,667
Taxation 12 (414,704) (414,687) (310) (1,119)
Profit for the financial year 688,069 663,313 396,168 123,548
Profit attributable to:

Owners of the Company 686,735 660,209 396,168 123,548
Non-controlling interests 1,334 3,104 – –
688,069 663,313 396,168 123,548
Earnings per ordinary share attributable to owners

of the Company
Basic earnings per share (sen) 13 12.47 11.99
Diluted earnings per share (sen) 13 12.47 11.99
The attached notes form an integral part of the financial statements.

Statements of Comprehensive Income

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Profit for the financial year 688,069 663,313 396,168 123,548
Other comprehensive income that will be reclassified

subsequently to profit or loss
Exchange differences on translation of foreign operations 186,662 106,908 – –

Net change in cash flow hedge reserve 131,154 91,662 – 1,075
Other comprehensive income for the financial year 317,816 198,570 – 1,075
Total comprehensive income for the financial year 1,005,885 861,883 396,168 124,623
Total comprehensive income attributable to:

Owners of the Company 1,004,366 858,743 396,168 124,623
Non-controlling interests 1,519 3,140 – –
1,005,885 861,883 396,168 124,623

Statements of Financial Position

As at 30 June 2022
Group Company
2022 2021 2022 2021
Note RM’000 RM’000 RM’000 RM’000
ASSETS
Non-Current Assets
Property, plant and equipment 15 3,054,120 1,530,672 – –
Land held for property development 16 9,076,819 5,170,325 – –
Investment properties 17 15,778,422 14,895,545 – –
Goodwill on consolidation 18 11,472 11,472 – –
Investment in subsidiaries 19 – – 19,089,783 18,884,673
Interest in an associate 20 53,673 51,549 – –
Interests in joint ventures 21 4,390,152 4,434,207 – –
Deferred tax assets 22 197,614 209,016 – –
32,562,272 26,302,786 19,089,783 18,884,673
Current Assets
Property development costs 23 568,462 2,223,706 – –
Inventories 24 3,051,666 2,412,152 – –
Derivative financial assets 34 7,785 – – –
Trade and other receivables 25 723,214 412,495 318 15,640
Contract assets 26 177,756 162,723 – –
Amounts due from subsidiaries 19 – – 544 5
Amount due from a joint venture 21 – 23,369 – –
Current tax assets 59,130 47,467 23,225 23,416
Short term funds 27 735,444 263,698 – 263,698
Deposits with financial institutions 28 510,576 277,082 186,732 100,695
Cash and bank balances 29 1,105,064 1,307,428 341,806 91,861
6,939,097 7,130,120 552,625 495,315
TOTAL ASSETS 39,501,369 33,432,906 19,642,408 19,379,988

Group Company
2022 2021 2022 2021
Note RM’000 RM’000 RM’000 RM’000
EQUITY AND LIABILITIES

Equity
Share capital 30 18,514,233 18,514,233 18,514,233 18,514,233
Reserves 31 145,885 (171,746) – –
Retained earnings 10,232,646 9,656,034 747,977 461,932
Reorganisation debit balance (8,440,152) (8,440,152) – –
Equity attributable to owners of the Company 20,452,612 19,558,369 19,262,210 18,976,165
Non-controlling interests 19 157,958 160,339 – –
TOTAL EQUITY 20,610,570 19,718,708 19,262,210 18,976,165
Liabilities
Non-Current Liabilities
Borrowings 32 3,330,735 10,676,108 – –
Lease liabilities 33 1,882 740 – –
Derivative financial liabilities 34 – 45,426 – –
Trade and other payables 35 55,936 38,903 – –
Deferred tax liabilities 22 668,428 662,264 – –
Amount due to a subsidiary 19 – – 12,582 99,742
4,056,981 11,423,441 12,582 99,742
Current Liabilities
Borrowings 32 13,485,923 334,003 – –
Lease liabilities 33 1,257 1,629 – –
Derivative financial liabilities 34 – 81,534 – –
Trade and other payables 35 1,116,533 1,080,865 964 925
Contract liabilities 26 101,999 186,682 – –
Amounts due to subsidiaries 19 – – 366,652 303,156
Current tax liabilities 128,106 606,044 – –
14,833,818 2,290,757 367,616 304,081
TOTAL LIABILITIES 18,890,799 13,714,198 380,198 403,823
TOTAL EQUITY AND LIABILITIES 39,501,369 33,432,906 19,642,408 19,379,988

Statements of Changes in Equity

Attributable to owners of the Company
Foreign Cash
currency flow Reorganisation Non-
Share translation hedge debit Retained controlling Total
capital reserve reserve balance earnings Total interests equity
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
As at 1 July 2021 18,514,233 (51,088) (120,658) (8,440,152) 9,656,034 19,558,369 160,339 19,718,708
Profit for the financial year – – – – 686,735 686,735 1,334 688,069
Exchange differences on translation
of foreign operation – 186,479 – – – 186,479 183 186,662
Net change in cash flow hedge
(Note 31.2) – – 131,152 – – 131,152 2 131,154
Total comprehensive income – 186,479 131,152 – 686,735 1,004,366 1,519 1,005,885
Changes in equity interests
in subsidiaries – – – – – – (411) (411)
Dividend paid (Note 14) – – – – (110,123) (110,123) (3,489) (113,612)
Total transactions with owners – – – – (110,123) (110,123) (3,900) (114,023)
As at 30 June 2022 18,514,233 135,391 10,494 (8,440,152) 10,232,646 20,452,612 157,958 20,610,570
As at 1 July 2020 18,514,233 (157,968) (212,312) (8,440,152) 9,078,417 18,782,218 155,401 18,937,619
Profit for the financial year – – – – 660,209 660,209 3,104 663,313
Exchange differences on translation
of foreign operation – 106,880 – – – 106,880 28 106,908
Net change in cash flow hedge
(Note 31.2) – – 91,654 – – 91,654 8 91,662
Total comprehensive income – 106,880 91,654 – 660,209 858,743 3,140 861,883
Issuance of preference shares
to non-controlling interests
in a subsidiary – – – – – – 17,485 17,485
Changes in equity interests in
a subsidiary – – – – – – (10,091) (10,091)
Dividend paid (Note 14) – – – – (82,592) (82,592) (5,596) (88,188)
Total transactions with owners – – – – (82,592) (82,592) 1,798 (80,794)
As at 30 June 2021 18,514,233 (51,088) (120,658) (8,440,152) 9,656,034 19,558,369 160,339 19,718,708

Attributable to owners of the Company

Cash flow
Share hedge Retained Total
capital reserve earnings equity
Company RM’000 RM’000 RM’000 RM’000
As at 1 July 2021 18,514,233 – 461,932 18,976,165

Profit for the financial year/Total comprehensive income – – 396,168 396,168
Dividend paid (Note 14) – – (110,123) (110,123)
Total transactions with owners – – (110,123) (110,123)
As at 30 June 2022 18,514,233 – 747,977 19,262,210
As at 1 July 2020 18,514,233 (1,075) 420,976 18,934,134

Profit for the financial year – – 123,548 123,548
Net change in cash flow hedge (Note 31.2) – 1,075 – 1,075
Total comprehensive income – 1,075 123,548 124,623
Dividend paid (Note 14) – – (82,592) (82,592)
Total transactions with owners – – (82,592) (82,592)
As at 30 June 2021 18,514,233 – 461,932 18,976,165

Statements of Cash Flows

Group Company
2022 2021 2022 2021
Note RM’000 RM’000 RM’000 RM’000
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments for:
Bad debts written off 63 635 – –
Depreciation of property, plant and equipment 15 49,742 42,464 – –
Dividend income 7 – – (368,878) (140,297)
Fair value (gain)/loss on investment properties 17 (48,924) 71,061 – –
(Gain)/Loss on:
– disposal of a subsidiary (85,982) – – –
– disposal of property, plant and equipment (68) (140) – –
– disposal of investment properties – 88 – –
– redemption of redeemable preference shares in subsidiaries – – (27,425) (2,978)
– subscription of redeemable preference shares in subsidiaries – – (4,546) (2,590)
Impairment losses on:
– receivables 3,585 3,935 – –
– interests in subsidiaries – – – 5,333
Interest expense 11 34,602 300 15,456 21,265
Interest income 10 (42,962) (34,729) (5,670) (10,028)
Property development costs written down 23 171,215 108,852 – –
Property, plant and equipment written off 15 94 16 – –
Reversal of impairment losses on receivables (2,297) (776) – –
Share of result of an associate (2,124) (34,973) – –
Share of results of joint ventures (164,741) (249,581) – –
Net foreign currency translations (gain)/loss (5,170) (45,128) 866 18
Operating profit/(loss) before working capital changes 1,009,806 940,024 6,281 (4,610)

Group Company
2022 2021 2022 2021
Note RM’000 RM’000 RM’000 RM’000
CASH FLOWS FROM OPERATING ACTIVITIES

(CONTINUED)
Operating profit/(loss) before working capital changes

(continued) 1,009,806 940,024 6,281 (4,610)
Changes in working capital:

– Property development costs (15,312) 170,857 – –
– Inventories 942,184 422,891 – –
– Contract assets (15,033) 57,536 – –
– Trade and other receivables (301,766) (12,895) 15,577 (15,566)
– Contract liabilities (84,683) (161,414) – –
– Trade and other payables 52,684 (21,520) 39 (9)
Cash generated from/(used in) operations 1,587,880 1,395,479 21,897 (20,185)
Tax paid (922,137) (379,577) (120) (385)

Tax refunded 28,550 2,850 – 6
Net cash from/(used in) operating activities 694,293 1,018,752 21,777 (20,564)


Group Company
2022 2021 2022 2021
Note RM’000 RM’000 RM’000 RM’000
CASH FLOWS FROM INVESTING ACTIVITIES
Deposit received from disposal of a subsidiary – 7,902 – –

Dividends received – 45,109 368,878 140,297
Interest received 33,600 28,405 5,415 10,190
Proceeds from disposal of:
– investment properties – 1,092 – –
– property, plant and equipment 168 304 – –
– a subsidiary 101,592 – – –
Additional investments in subsidiaries – – (341,873) (202,872)
Redemption of redeemable preference shares of a joint venture 194,309 163,070 – –
Redemption of redeemable preference shares of subsidiaries – – 217,222 238,860
Redemption of cumulative redeemable preference shares
of an associate – 47,838 – –
Repayment from joint ventures 180,952 34,817 – –
Repayment to non-controlling interests in a subsidiary (2,157) – – –
Additions to:
– property, plant and equipment 15.2 (1,521,967) (123,108) – –
– land held for property development (3,788,663) (61,543) – –
– investment properties (406,476) (431,267) – –
Equity contribution to subsidiaries – – – (59,216)
Advances to joint venture (37,467) – – –
Advances to subsidiaries – – (823) (5)
Repayments from subsidiaries – – 284 232,853
Net cash (used in)/generated from investing activities (5,246,109) (287,381) 249,103 360,107

Group Company
2022 2021 2022 2021
Note RM’000 RM’000 RM’000 RM’000
CASH FLOWS FROM FINANCING ACTIVITIES
Consideration paid for acquisition of additional shares

from non-controlling interests – (10,091) – –
Advances from subsidiaries – – 886,041 527,194
Payment of lease interest (84) (113) – –
Payment of lease liabilities (1,682) (1,714) – –
Interest paid (375,273) (337,093) (15,921) (20,217)
Dividend paid 14 (110,123) (82,592) (110,123) (82,592)
Dividend paid to non-controlling interests (3,489) (5,596) – –
Banking facilities fees paid (16,599) (5,493) – –
Drawdown of borrowings 5,900,661 605,029 – –
Repayment of borrowings (357,297) (577,516) – (225,000)
Proceeds from issuance of preference shares to
non-controlling interests in subsidiaries 1,746 17,485 – –
Repayment to subsidiaries – – (958,593) (572,830)
Net cash generated from/(used in) financing activities 5,037,860 (397,694) (198,596) (373,445)
Net increase/(decrease) in cash and cash equivalents 486,044 333,677 72,284 (33,902)
Cash and cash equivalents at beginning of financial year 1,848,208 1,471,985 456,254 490,156
Effect of exchange rate changes 16,832 42,546 – –

Cash and cash equivalents at end of financial year 36 2,351,084 1,848,208 528,538 456,254


RECONCILIATION OF CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES:

A reconciliation between the opening and closing balance in the financial position for liabilities arising from financing activities
is as follows:
Lease liabilities Borrowings

Group RM’000 RM’000
At 1 July 2021 2,369 11,010,111
Cash flows:
Drawdown of borrowings – 5,900,661
Repayment – (357,297)
Banking facilities fees paid – (16,599)
Interest paid – (375,273)
Payment of lease interest (84) –
Payment of lease liabilities (1,682) –
Non-cash changes:
Foreign currency translation differences 45 251,800
Interest expense capitalised – 343,785
Banking facilities fee capitalised – 24,952
Interest expense 84 34,316
Amortisation of facilities fees – 202
New leases (Note 15.2) 2,407 –
At 30 June 2022 3,139 16,816,658
At 1 July 2020 3,490 10,895,176
Cash flows:
Drawdown of borrowings – 605,029
Repayment – (577,516)
Banking facilities fees paid – (5,493)
Payment of lease interest (113) –
Payment of lease liabilities (1,714) –
Non-cash changes:
Foreign currency translation differences 20 81,209
Interest expense capitalised – 334,758
Banking facilities fee capitalised – 14,007
Interest expense 113 120
Amortisation of facilities fees – 67
New leases (Note 15.2) 573 –
Others – (153)
At 30 June 2021 2,369 11,010,111

RECONCILIATION OF CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES: (CONTINUED)

A reconciliation between the opening and closing balance in the financial position for liabilities arising from financing activities
is as follows: (continued)
Amounts due
Borrowings to subsidiaries
Company RM’000 RM’000
At 1 July 2021 – 402,898
Cash flows:
Advances from subsidiaries – 886,041
Repayment to subsidiaries – (958,593)
Non-cash changes:
Foreign currency translation differences – 866
Interest expense – 15,456
Equity contribution – 48,487
At 30 June 2022 – 379,234
At 1 July 2020 224,571 426,467
Cash flows:
Advances from subsidiaries – 527,194
Repayment to subsidiaries – (572,830)
Repayment (225,000) –
Interest paid (8,124) (12,093)
Non-cash changes:
Foreign currency translation differences – 18
Interest expense 6,442 14,823
Equity contribution – 19,319
Others 2,111 –
At 30 June 2021 – 402,898

Notes to the Financial Statements

30 June 2022
1 CORPORATE INFORMATION
The Company is a public limited liability company, incorporated and domiciled in Malaysia and listed on the Main Market of
Bursa Malaysia Securities Berhad (“Bursa Malaysia”).
Both the registered office and principal place of business of the Company are located at Level 29, IOI City Tower 2, Lebuh IRC,
IOI Resort City, 62502 Putrajaya, Wilayah Persekutuan (Putrajaya), Malaysia.
The immediate and ultimate holding company is Vertical Capacity Sdn. Bhd., which is incorporated in Malaysia.
2 PRINCIPAL ACTIVITIES
The principal activity of the Company is investment holding.
The principal activities of the subsidiaries, associate and joint ventures are set out in Note 43 to the financial statements.
There have been no significant changes in the nature of the activities of the Group and of the Company during the
financial year.
3 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

3.1 Basis of preparation
The financial statements of the Group and of the Company have been prepared in accordance with Malaysian
Financial Reporting Standards (“MFRSs”), International Financial Reporting Standards (“IFRSs”) and the provisions of
the Companies Act 2016 in Malaysia.
As at 30 June 2022, the Group’s current liabilities exceeded its current assets by RM7,894,721,000 due to the
classification of borrowings as current liabilities as the repayment is done within 12 months from the end of the
current financial year.
In order to meet the repayment obligation in the next 12 months from the end of the current financial year, the
Group has put in place certain financing plans as disclosed in Note 39.4.
Based on this, the Directors are of the view that the going concern assumption is appropriate for the preparation of
the financial statements.
3.2 Basis of accounting

The financial statements of the Group and of the Company have been prepared under the historical cost convention
except as otherwise stated in the financial statements.
The preparation of financial statements in conformity with MFRS requires the use of certain critical accounting estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the
reported period. It also requires Directors to exercise their judgement in the process of applying the Group’s and
Company’s accounting policies. Although these estimates and judgement are based on the Directors’ best knowledge
of current events and actions, actual results may differ. The areas involving a higher degree of judgement or complexity,
or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 5 to the
financial statements.
3.3 Presentation currency

The financial statements are presented in Ringgit Malaysia (“RM”), which is also the Company’s functional currency
and all financial information presented in RM are rounded to the nearest thousand (RM’000), except where
otherwise stated.
4 ADOPTION OF NEW MFRSs AND AMENDMENTS TO MFRSs

4.1 Standards, amendments to published standards and interpretations that are effective
The Group and the Company have applied the following amendments for the first time for the financial year beginning
on 1 July 2021:
• Amendments to MFRS 9, MFRS 139, MFRS 7, MFRS 4, and MFRS 16 ‘Interest Rate Benchmark Reform Phased 2’
• Amendments to MFRS 16 Leases – COVID-19 Related Rent Concessions beyond 30 June 2021
The adoption of these amendments to MFRSs did not have any significant impact to the Group’s and the Company’s
results and financial position.
Inter-bank offered rate (IBOR) reform
There were no changes to the contractual cash flows of the IBOR-linked contracts in previous financial year, the Group
and the Company adopted the Phase 2 amendments in the current financial statements because the Phase 2
amendments are effective for annual periods beginning on or after 1 July 2021. However, there is no impact arising
from IBOR reform as the interest rate swap contract and the borrowings expired prior to the implementation of the
new interest rate benchmark.
4.2 New MFRSs that have been issued but not yet effective and applicable to the Group and to the Company
A number of new standards and amendments to standards and interpretations are effective for financial year beginning
after 1 July 2022. None of these is expected to have a significant effect on the financial statements of the Group and
of the Company.
Effective for financial periods beginning on or after 1 July 2022:
• Amendments to MFRS 3 `Reference to Conceptual Framework’

• Amendments to Annual Improvements to MFRS Standards 2018 – 2020
• Amendments to MFRS 17 Ìnsurance Contracts’
• Amendments to MFRS 101 “Classification of liabilities as current or non-current”
• Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors – Definition of
Accounting Estimates
• Amendments to MFRS 112 Income Taxes – Deferred Tax related to Assets and Liabilities arising from a
Single Transaction
• Amendments to MFRS 116 “Proceeds before Intended Use”
• Amendments to MFRS 137 “Onerous Contracts – Cost of Fulfilling a Contract”
• Annual Improvements to MFRS 141 “Taxation in Fair Value Measurements”
• Amendments to MFRS 101 and MFRS Practice Statement 2

30 June 2022
5 SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS

Estimates are continually evaluated and are based on historical experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions
concerning the future. The resulting accounting estimates will, by definition, rarely equal the related actual results. The
estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year are outlined below:
5.1 Revenue and cost recognition from property development activities

Revenue is recognised as and when the control of the asset is transferred to the customers and it is probable that
the Group will collect the consideration to which the Group will be entitled in exchange for the asset that will be
transferred to the customer. Control of the asset may transfer over time or at a point in time depending on the
terms of the contract and the applicable laws governing the contract.
If control of the asset transfers over time, revenue is recognised over the period of the contract by reference to the
stage of completion of the development activity at the end of the reporting period. The stage of completion is
determined based on actual costs certified by professional consultants as a percentage of total estimated costs.
Significant judgement is required in determining the total estimated costs. Substantial changes in cost estimates may
affect the profitability of the respective property development projects. Where the actual total property development
costs are different from the estimated total property development costs, such difference will impact the recognition
of revenue and costs from the property development activities.
In making the judgements, the Group and the Company rely on its industry knowledge, past experience and work
of specialist.
5.2 Taxation and deferred tax assets

The Group is subject to income taxes of different jurisdictions. Significant judgement is required in determining the
estimated taxable income, capital allowances and deductibility of certain expenses based on the interpretation of the
tax laws and legislations during the estimation of the provision for income taxes. The Group recognised liabilities for
tax based on estimates of assessment of the tax liability due or payable. Where the final tax outcome is different from
the amounts that were initially recorded, such differences would impact the income tax and deferred income tax
provisions, where applicable, in the period in which such determination is made. An increase or decrease in the final
tax outcome would result in lower or higher profits respectively for the Group.
Deferred tax assets are recognised for all deductible temporary differences, unutilised tax losses and unabsorbed
capital allowances to the extent that it is probable that taxable profit would be available against which the unutilised
tax losses and unabsorbed capital allowances can be utilised. Significant management judgement is required to
determine the amount of deferred tax assets that could be recognised, based upon the likely timing and level of
future taxable profits.
5.3 Capitalisation of borrowing costs

The Group capitalises borrowing costs and ceases the capitalisation of the borrowing costs as disclosed in the
accounting policy in Note 6.13.2.
Significant judgement is involved in determining whether the development activities carried out meet the criteria for
capitalisation of borrowing costs and, management is also required to estimate the appropriate apportionment of
borrowing costs eligible for capitalisation to the various development phases.
5.4 Fair value of investment properties

The valuations of the Group’s completed investment properties were performed by independent external valuers.
There are complexities in determining the fair value of the completed investment properties, which involve significant
estimates and judgements in determining the appropriate valuation methodologies and estimating the underlying
assumptions to be applied. The list of significant unobservable inputs and its sensitivity analysis are disclosed in
Note 17 to the financial statements.
5 SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS (CONTINUED)

5.5 Property development cost
Property development cost is stated at lower of cost and net realisable value. The Group recognised property
development costs written down when the net realisable value is lower than the cost. Significant judgement is required in
determining the net realisable value, as it includes estimating selling prices by reference to recent signed sales and
purchase agreements, net of discounts for completed units. In making judgements, the Group relies on its industry
knowledge, past experience and work of specialist.
During the financial year, the Group recognised a write-down on property development costs amounting to
RM171,215,000 (2021: RM108,852,000) to their net realisable values which were based on the latest approved selling
prices by the relevant authority in Xiamen. An increase or decrease in the net realisable value will result in lower or
higher profits respectively for the Group.
6 SIGNIFICANT ACCOUNTING POLICIES

The accounting policies set out below have been applied consistently to all periods presented in these financial statements
by the Group’s entities, unless otherwise stated.
6.1 Basis of consolidation
6.1.1
Subsidiaries
Subsidiaries are entities (including structured entities) over which the Group has control. The Group controls
an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity
and has the ability to affect those returns through its power to direct the relevant activities of the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
The Group applies the acquisition method to account for business combinations when the acquired sets of
activities and assets meet the definition of a business. The Group determines that it has acquired a business
when the acquired set of activities and assets include an input and a substantive process that together
significantly contribute to the ability to create outputs. The consideration transferred for the acquisition of a
subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the
acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of
any asset or liability resulting from a contingent consideration arrangement and fair value of any pre-existing
equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed
in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition
date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis,
either at fair value or at the non-controlling interest’s proportionate share of the recognised amounts of
acquiree’s identifiable net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the
acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net
assets acquired is recognised as goodwill. If the total of consideration transferred, non-controlling interest recognised
and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the
case of a bargain purchase, the difference is recognised directly in profit or loss (see Note 6.4 on goodwill).
Acquisition-related costs are expensed as incurred.
If the business combination is achieved in stages, the carrying amount of the acquirer’s previously held equity
interest in the acquiree is remeasured to fair value at the acquisition date, any gains or losses arising from such
remeasurement are recognised in profit or loss.
Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date.
Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability
is recognised in profit or loss. Contingent consideration that is classified as equity is not remeasured, and its
subsequent settlement is accounted for within equity.
Inter-company transactions, balances and unrealised gains on transactions between entities of the Group are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment
of the transferred asset.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies
adopted by the Group.
Non-controlling interests in the results and equity of non-wholly owned subsidiaries are presented separately
in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in
equity and statement of financial position respectively.

30 June 2022
6 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

6.1 Basis of consolidation (continued)
6.1.2 Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are accounted for as
transactions with equity owners of the Group. A change in ownership interest results in an adjustment
between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests
in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and
any consideration paid or received is recognised in equity attributable to owners of the Group.
6.1.3 Disposal of subsidiaries

When the Group ceases to consolidate because of a loss of control, any retained interest in the entity is
remeasured to its fair value with the change in carrying amount recognised in profit or loss. This fair value
becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest
as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other
comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of
the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive
income are reclassified to profit or loss.
Gains or losses on the disposal of subsidiaries include the carrying amount of goodwill relating to the
sold subsidiaries.
6.1.4
Joint ventures
A joint venture is a joint arrangement whereby the joint ventures have rights to the net assets of the
arrangement. A joint operation is a joint arrangement whereby the joint operators have rights to the assets
and obligations for the liabilities, relating to the arrangement.
Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in
the consolidated statement of financial position. Under the equity method, the investment in a joint venture is
initially recognised at cost inclusive of goodwill, if any, and adjusted thereafter to recognise the Group’s share
of the post-acquisition results and other changes in the net assets of the joint venture based on their latest
audited financial statements. Dividends received or receivable from a joint venture are recognised as a
reduction in the carrying amount of the investment. Where necessary, adjustments are made to the financial
statements of joint ventures used by the Group in applying the equity method to ensure consistency of
accounting policies with those of the Group. When the Group’s share of losses in a joint venture equals or
exceeds its interests in the joint venture, including any long-term interests that, in substance, form part of
the Group’s net investment in the joint venture, the Group does not recognise further losses, unless it has
incurred legal or constructive obligations or made payments on behalf of the joint venture.
The Group determines at each reporting date whether there is any objective evidence that the investment
in the joint venture is impaired. An impairment loss is recognised for the amount by which the carrying
amount of the joint venture exceeds its recoverable amount. The Group presents the impairment loss
adjacent to ‘share of results of joint ventures’ in the statement of profit or loss.
Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of
the Group’s interests in the joint ventures. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the asset transferred.
When the Group ceases to equity account its joint venture because of a loss of joint control, any retained
interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit or
loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the
retained interest as a financial asset. In addition, any amount previously recognised in other comprehensive
income in respect of the entity is accounted for as if the Group had directly disposed of the related assets or
liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified
to profit or loss.
If the ownership interest in a joint venture is reduced but joint control is retained, only a proportionate
share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss
where appropriate.

6.1 Basis of consolidation (continued)
6.1.5
Associates
Associates are entities over which the Group has significant influence, which the Group has the power to
participate in the financial and operating policy decisions but not control over those policy.
Investments in associates are accounted for using the equity method of accounting. Under the equity method,
the investment in an associate is initially recognised at cost, and adjusted thereafter to recognise the Group’s
share of the post-acquisition results and other changes in the net assets of the associate based on their latest
audited financial statements. Dividends received or receivable from an associate are recognised as a reduction
in the carrying amount of the investment. When the Group’s share of losses in an associate equals or exceeds
its interest in the associate, including any long-term interests that, in substance, form part of the Group’s net
investment in the associate, the Group does not recognise further losses, unless it has incurred legal or
constructive obligations or made payments on behalf of the associate. The Group’s investment in associate
includes goodwill identified on acquisition.
The Group determines at each reporting date whether there is any objective evidence that the investment in
the associate is impaired. An impairment loss is recognised for the amount by which the carrying amount of
the associate exceeds its recoverable amount. The Group presents the impairment loss adjacent to ‘share of
results of associates’ in the statement of profit or loss.
Profits and losses resulting from upstream and downstream transactions between the Group and its associate
are recognised in the Group’s financial statements only to the extent of unrelated investor’s interests in the
associates. Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the
asset transferred.
When the Group ceases to equity account its associate because of a loss of significant influence, any retained
interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit or
loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the
retained interest as a financial asset. In addition, any amount previously recognised in other comprehensive
income in respect of the entity is accounted for as if the Group had directly disposed of the related assets or
liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified
to profit or loss.
If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate
share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss
where appropriate.
Dilution gains and losses arising in investments in associates are recognised in profit or loss.
6.1.6 Investments in subsidiaries, joint ventures and associates in separate financial statements
In the Company’s separate financial statements, investments in subsidiaries, joint ventures and associates are
carried at cost less accumulated impairment losses. On disposal of investments in subsidiaries, joint ventures
and associates, the difference between disposal proceeds and the carrying amounts of the investments are
recognised in profit or loss.
The amounts due from subsidiaries, joint ventures and associates of which the Company does not expect
repayment in the foreseeable future are considered as part of the Company’s net investments in the
respective investees.

30 June 2022

6.2 Property, plant and equipment and depreciation
Property, plant and equipment are initially stated at cost less accumulated depreciation and impairment losses. The
cost of an item of property, plant and equipment initially recognised includes its purchase price and any cost that is
directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the
manner intended by management. Cost also includes borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset (refer to Note 6.13.2 on borrowing costs).
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of
the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and
maintenance are recognised as expenses in profit or loss during the financial period in which they are incurred.
Freehold land is not depreciated as it has an infinite life. Other property, plant and equipment are depreciated on the
straight-line method to allocate the cost to their residual values over their estimated useful lives, summarised as follows:
Golf course development expenditure 2%

Plantation expenditure 4% - 8%
Buildings and improvements 2% - 10%
Plant and machinery 4% - 20%
Motor vehicles 10% - 20%
Furniture, fittings and equipment 5% - 33%
Assets under construction are only depreciated when the assets are ready for their intended use.
At the end of the reporting period, the Group assesses whether there is any indication of impairment. If such indications
exist, an analysis is performed to assess whether the carrying amount of the asset is fully recoverable. A write down
is made if the carrying amount exceeds the recoverable amount. See accounting policy Note 6.5 on impairment of
non-financial assets.
Gain and losses on disposals are determined by comparing net disposal proceeds with carrying amount and are
included in profit or loss.
6.3 Investment properties

Investment properties, comprising principally freehold land, leasehold land and buildings, are held for long term rental
yields or for capital appreciation or both, and are not occupied by the Group.
Investment property is measured initially at its cost, including related transaction costs.
After initial recognition, investment property is carried at fair value. Investment properties of the Group are measured
at fair value except for investment properties under construction which are measured at cost until either the fair value
becomes reliably determinable or when construction is completed, whichever is earlier. Investment properties under
construction is measured at cost on the basis that the fair value of the work in progress building is unable to be reliably
measured given the range of estimates involved during the construction phase, including the term yield, reversion yield
and price per sq foot. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature,
location or condition of the specific asset. If this information is not available, the Group uses alternative valuation
methods, such as recent prices on less active markets or discounted cash flow projections. Valuations are performed
as of the reporting date by professional valuers who hold recognised and relevant professional qualifications and have
recent experience in the location and category of the investment property being valued.
The fair value of investment property reflects, among other things, rental income from current leases and other
assumptions that market participants would make when pricing the property under current market conditions.
Subsequent expenditure is capitalised to the asset’s carrying amount only when it is probable that future economic
benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All
other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced,
the carrying amount of the replaced part is derecognised.

6.3 Investment properties (continued)
Changes in fair values are recognised in profit or loss. Investment properties are derecognised either when they have
been disposed of or when the investment property is permanently withdrawn from use.
Where the Group disposes of a property at fair value in an arm’s length transaction, the carrying amount immediately
prior to the sale is adjusted to the transaction price, and the adjustment is recorded in profit or loss as a net gain/loss
from fair value adjustment on investment property.
If a property undergoes a change in use and becomes an investment property, any difference resulting between the
carrying amount of the property and the fair value of such investment property at the date of transfer is recognised in
accordance with the applicable MFRS. Its fair value at the date of reclassification becomes its cost for subsequent
accounting purposes.
6.4 Goodwill
Goodwill arises from a business combination and represents the excess of the aggregate of fair value of consideration
transferred, the amount of any non-controlling interest in the acquiree and the fair value of any previous equity interest
in the acquiree over the fair value of the net identifiable assets acquired and liabilities assumed on the acquisition date.
If the fair value of consideration transferred, the amount of non-controlling interest and the fair value of previously held
interest in the acquiree are less than the fair value of the net identifiable assets of the acquiree, the resulting gain is
Goodwill is not amortised but it is tested for impairment annually and whenever there is an indication that it might be
impaired. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of
the cash generating units (“CGUs”), or groups of CGUs, that is expected to benefit from the synergies of the combination.
Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the
goodwill is monitored for internal management purposes. Goodwill is monitored at operating segment level. The
carrying amount of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair
value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed.
6.5 Impairment of non-financial assets

Assets that have an indefinite useful life, for example goodwill or intangible assets not ready to use, are not subject to
amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the carrying amount of the non-financial asset exceeds its
recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For
purposes of impairment testing, cash generating units to which goodwill has been allocated are aggregated so that the
level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal
reporting purposes. Non-financial assets other than goodwill that suffered an impairment are reviewed for possible
reversal of the impairment at each reporting date.
The impairment loss is charged to profit or loss. Impairment loss on goodwill is not reversed. In respect of other assets,
any subsequent increase in recoverable amount is recognised in profit or loss.

30 June 2022

6.6 Leases
(a) Accounting by lessee
Leases are recognised as right-of-use (“ROU”) assets and a corresponding liability at the date on which the leased
assets are available for use by the Group.
Contracts may contain both lease and non-lease components. The Group allocates the consideration in the
contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases
of properties for which the Group is a lessee, it has elected the practical expedient provided in MFRS 16 not to
separate lease and non-lease components. Both components are accounted for as a single lease component and
payments for both components are included in the measurement of lease liability.
Lease term
In determining the lease term, the Group considers all facts and circumstances that create an economic incentive
to exercise an extension option, or not to exercise a termination option. Extension options are only included in
the lease term if the lease is reasonably certain to be extended.
The Group reassesses the lease term upon the occurrence of a significant event or change in circumstances that
is within the control of the Group and affects whether the Group is reasonably certain to exercise an option not
previously included in the determination of lease term, or not to exercise an option previously included in the
determination of lease term. A revision in lease term results in remeasurement of the lease liabilities.
ROU assets
ROU assets are initially measured at cost comprising the following:
• the amount of the initial measurement of lease liability;

• any lease payments made at or before the commencement date less any lease incentive received; and
• any initial direct costs.
ROU assets that are not investment properties are subsequently measured at cost, less accumulated depreciation
and accumulated impairment. The ROU assets are generally depreciated over the shorter of the lease term on a
straight-line basis.
The lease term of the right-of-use assets are determined as follows:
Leasehold land 40 - 99 years

Buildings and improvements 1 - 6 years
Plant and machinery 2 - 4 years
If the Group is reasonably certain to exercise a purchase option, the ROU asset is depreciated over the underlying
asset’s useful life. In addition, the ROU assets are adjusted for certain remeasurement of the lease liabilities.
The Group presents ROU assets that meet the definition of investment property in the statement of financial
position as investment property. ROU assets that are not investment properties are presented within property,
plant and equipment in the statement of financial position.
The Group applies the fair value model to ROU assets that meet the definition of investment property of MFRS
140 consistent with those investment property owned by the Group (refer to Note 6.3 on investment properties).

6.6 Leases (continued)
(a) Accounting by lessee (continued)
Lease liabilities
Lease liabilities are initially measured at the present value of the lease payments that are not paid at that date.
The lease payments include the following:
• fixed payments, including in-substance fixed payments;

• variable lease payments that depend on an index or a rate, initially measured using the index or rate as at
the commencement date;
• the exercise price under a purchase option that the Group is reasonably certain to exercise; and
• penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.
Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing is used. This
is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar
value to the ROU in a similar economic environment with similar term, security and conditions.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss
over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability
for each period.
The Group presents the lease liabilities as a separate line item in the statement of financial position. Finance cost
on the lease liability is presented within the interest expense in profit or loss.
Reassessment of lease liabilities

The Group is also exposed to potential future increases in variable lease payments that depend on an index
or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments
based on an index or rate take effect, the lease liability is remeasured and adjusted against the ROU assets.
Short term leases and leases of low value assets

Short term leases are leases with a lease term of 12 months or less. Low value assets comprise office equipment
and office furniture. All short term leases and low value assets are recognised on a straight-line basis as an
expense in profit or loss.

30 June 2022

6.6 Leases (continued)
(b) Accounting by lessor
As a lessor, the Group determines at lease inception whether each lease is a finance lease or an operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of
the risks and rewards incidental to ownership of the underlying asset to the lessee. As part of this assessment,
the Group considers certain indicators such as whether the lease is for the major part of the economic life of
the asset.
Finance leases
The Group classifies a lease as a finance lease if the lease transfers substantially all the risks and rewards incidental
to ownership of an underlying asset to the lessee.
The Group derecognises the underlying asset and recognises a receivable at an amount equal to the net
investment in a finance lease. Net investment in a finance lease is measured at an amount equal to the sum of
the present value of lease payments from lessee and the unguaranteed residual value of the underlying asset.
Initial direct costs are also included in the initial measurement of the net investment. The net investments is
subject to MFRS 9 impairment (refer to Note 6.22 on impairment of financial assets and financial guarantee
contracts). In addition, the Group reviews regularly the estimated unguaranteed residual value.
Lease income is recognised over the term of the lease using the net investment method so as to reflect a constant
periodic rate of return on the balance outstanding. The Group revises the lease income allocation if there is a
reduction in the estimated unguaranteed residual value.
When assets are leased out under a finance lease, the present value of the lease payments is recognised as
a receivable. The difference between the gross receivable and the present value of the receivable is recognised
as unearned finance income.
When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease
separately. It assesses the lease classification of a sublease with reference to the right-of-use asset arising from
the head lease, not with reference to the underlying asset.
Operating leases
The Group recognises lease payments received under operating leases as income on a straight-line basis over
the lease term as part of “revenue”.

6.7 Inventories
6.7.1 Land held for property development
Land held for property development consists of land on which no significant development work has been
undertaken or where development activities are not expected to be completed within the normal operating
cycle. Such land is classified as non-current asset and is carried at the lower of cost and net realisable value.
The cost of land held for property development consists of cost associated with the acquisition of land. These
costs include the purchase price of the land, professional fees, stamp duties, commissions, conversion fees
and other relevant levies.
Land held for property development is transferred to property development costs under current assets when
development activities have commenced and where the development activities can be completed within the
Group’s normal operating cycle.
6.7.2 Property development costs

Property development costs comprise costs associated with the acquisition of land and all costs directly
attributable to development activities less cumulative amounts recognised as expense in the profit or loss for
property under development are carried in the statement of financial position as property development costs.
The property development cost is subsequently recognised as an expense in profit or loss as and when the
control of the asset is transferred to the customer.
Property development cost of unsold unit is transferred to completed development properties once the
development is completed.
6.7.3 Completed development properties

The cost of completed development properties is stated at the lower of cost and net realisable value. Cost
includes cost associated with the acquisition of land, all related costs incurred subsequent to the acquisition
necessary to prepare the land for its intended use, related development costs to projects, direct building costs
and other costs of bringing the development properties to their present location and condition.
6.7.4 Finished goods, raw materials and consumable stores

Finished goods, raw materials and consumable stores are stated at the lower of cost and net realisable value.
Cost is determined on a weighted average basis. Cost comprises the original cost of purchase plus the cost of
bringing the inventories to their intended location and condition. The cost of produce and finished goods
includes the cost of raw materials, direct labour and a proportion of production overheads.
Net realisable value is the estimated selling price in the ordinary course of business, less costs to completion and the
estimated costs necessary to make the sale.

30 June 2022

6.8 Trade and other receivables
Trade receivables are amounts due from customers for properties and merchandise sold or services performed in the
ordinary course of business. Other receivables generally arise from transactions outside the usual operating activities
of the Group and of the Company. If collection is expected in one year or less (or in the normal operating cycle of the
business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using
the effective interest method, less provision for impairment (refer to Note 6.22 on impairment of financial assets and
financial guarantee contracts).
6.9 Contract assets and contract liabilities

Contract asset is the right to consideration for goods or services transferred to the customers. In the context of
property development and construction contracts, contract asset is the excess of cumulative revenue earned over the
billings to date. Contract asset is stated at cost less accumulated impairment.
Contract liability is the obligation to transfer goods or services to the customer for which the Group has received the
consideration or billed the customer. In the context of property development and construction contracts, contract
liability is the excess of the billings to date over the cumulative revenue earned. Contract liabilities include club
membership fees, down payments received from customers and other deferred income where the Group has billed or
collected the payment before the goods are delivered or services are provided to the customers.
6.10 Cash and cash equivalents

For the purpose of the statement of cash flows, cash and cash equivalents are held for the purpose of meeting short-
term cash commitments rather than for investment or other purposes. Cash and cash equivalents comprise cash on
hand, deposits held at call with financial institutions, other short term, highly liquid investments and short-term funds,
which are readily convertible to cash and which are subject to an insignificant risk of changes in value.
6.11 Share capital

6.11.1
Classification
Ordinary shares and non-redeemable preference shares with discretionary dividends are classified as equity.
6.11.2 Share issue costs

Costs directly attributable to the issue of new shares or options are deducted against equity.
6.11.3
Dividend distribution
Liability is recognised for the amount of any dividend declared, being appropriately authorised and no longer
at the discretion of the Group, on or before the end of the reporting period but not distributed at the end of
the reporting period.
Distributions to holders of an equity instrument is recognised directly in equity.
6.11.4 Purchase of own shares

Where any company within the Group purchases the Company’s equity instruments as a result of a share buy-
back, the consideration paid, including any directly attributable costs, net of tax, is deducted from equity
attributable to the owners of the Company as treasury shares until the shares are cancelled, reissued. Where
such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable
transaction costs and the related tax effects, is included in equity attributable to the owners of the Company.

6.11 Share capital (continued)
6.11.5 Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing:
• the profit attributable to owners of the Company, excluding any costs of servicing equity other than
ordinary shares; and
• by the weighted average number of ordinary shares outstanding during the financial year, adjusted for
bonus elements in ordinary shares issued during the financial year and excluding treasury shares.
Diluted earnings per share

Diluted earnings per share adjusts the figures in the determination of basic earnings per share to take
into account:
• the after income tax effect of interest and other financing costs associated with dilutive potential
ordinary shares; and
• the weighted average number of additional ordinary shares that would have been outstanding
assuming the conversion of all dilutive potential ordinary shares.
6.12 Trade payables

Trade payables represent liabilities for goods or services provided to the Group and the Company prior to the end of
financial year which are unpaid. Trade payables are classified as current liabilities when the Group and the Company
expect to settle the liability in its normal operating cycle and the Group and the Company have no unconditional right
to defer settlement of the liability for at least 12 months after the end of the reporting period. If not, they are presented
as non-current liabilities.
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method.
6.13 Borrowings and borrowing costs

6.13.1
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently
carried at amortised cost; any difference between initial recognised amount and the redemption amount is
recognised in profit or loss over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent
that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the
draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be
drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the
facility to which it relates.
Borrowings are removed from the statement of financial position when the obligation specified in the contract
is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has
been extinguished or transferred to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in profit or loss within interest expense.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement
of the liability for at least 12 months after the end of the reporting period.

30 June 2022

6.13 Borrowings and borrowing costs (continued)
6.13.2
Borrowing costs
General and specific borrowing costs directly attributable to the acquisition, construction or production of
qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their
intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready
for their intended use or sale.
The capitalisation of borrowing costs as part of the cost of a qualifying asset commences when expenditure for
the asset is being incurred, borrowing costs are being incurred and activities that are necessary to prepare the
assets for its intended use or sale are in progress. Capitalisation of borrowing costs is suspended or ceases
when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are
interrupted or completed.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
6.14 Current and deferred tax

Tax expense for the period comprises current and deferred tax. The income tax expense or credit for the period is the
tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction
adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax
losses. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive
income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity,
respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of
the reporting period in the countries where the Group’s subsidiaries, joint ventures and associates operate and
generate taxable income.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax
regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to
be paid to the tax authorities. This liability is measured using the single best estimate of the most likely outcome.
Deferred tax is recognised using the liability method, providing for temporary differences between the amounts
attributed to assets and liabilities for tax purposes and their carrying amounts in the financial statements. However,
deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred tax is also not
accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination
that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using
tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period and are
expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, unused tax losses or unused tax credits can be utilised.
Current and deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets against current tax liabilities and when the deferred income tax assets and liabilities relate to taxes levied by the
same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the
balances on a net basis. Unutilised investment tax allowance, being tax incentive that is not a tax base of an asset, is
recognised as a deferred tax asset to the extent that it is probable that the future taxable profits will be available
against which the unutilised tax incentive can be utilised.

6.15 Employee benefits
6.15.1 Short term employee benefits
Wages, salaries, paid annual leave and sick leave, bonuses, and non-monetary benefits that are expected to be
settled wholly within 12 months after the end of the period in which the employees render the related service
are recognised in respect of employees’ services up to the end of the reporting period and are measured at
the amounts expected to be paid when the liabilities are settled. The liabilities are presented as trade and
other payables in the statement of financial position.
Bonuses are recognised as an expense when there is a present, legal or constructive obligation to make such
payments, as a result of past events and when a reliable estimate can be made of the amount of the obligation.
6.15.2 Defined contribution plans

A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate
entity (a fund) and will have no legal or constructive obligations to pay further contributions if the fund does
not hold sufficient assets to pay all employees benefits relating to employee service in the current and prior
periods. The Company and its subsidiaries incorporated in Malaysia make contributions to a statutory provident
fund and its foreign subsidiaries make contributions to their respective countries’ statutory pension schemes.
The Group’s contributions to defined contribution plans are charged to profit or loss in the period to which
they relate. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in
the future payments is available.
6.16 Government grants

Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will
be received and the Group will comply with all attached conditions. Under the capital approach, government grants
relating to investment properties are credited to investment properties when the costs for which the benefit of the
grant is intended to compensate are incurred.
Government grants relating to development costs are netted against its relevant development expenditure when the
benefit of the grant is intended to compensate are incurred.
6.17 Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is
probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can
be made.
Where the Group expects a provision to be reimbursed by another party, the reimbursement is recognised as
a separate asset but only when the reimbursement is virtually certain. Provisions are not recognised for future
operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is
determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an
outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of management’s best estimate of the expenditures expected to be
required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of
money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as
finance cost.

30 June 2022

6.18 Contingent assets and liabilities
The Group does not recognise contingent assets and liabilities other than those arising from business combinations,
but discloses its existence in the financial statements. A contingent liability is a possible obligation that arises from past
events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events
beyond the control of the Group or a present obligation that is not recognised because it is not probable that an
outflow of resources will be required to settle the obligation. A contingent liability also arises in the extremely rare case
where there is a liability that cannot be recognised because it cannot be measured reliably. However, contingent
liabilities do not include financial guarantee contracts.
A contingent asset is a possible asset that arises from past events whose existence will be confirmed by the occurrence
or non-occurrence of one or more uncertain future events beyond the control of the Group. The Group does not
recognise contingent assets but discloses its existence where inflows of economic benefits are probable, but not
virtually certain.
6.19 Revenue recognition

6.19.1 Revenue from contracts with customers
Revenue which represents income arising in the course of the Group’s and the Company’s ordinary activities is
recognised by reference to each distinct performance obligation promised in the contract with customer when
or as the Group and the Company transfer the control of the goods and services promised in a contract and
the customer obtains control of the goods or services. Depending on the substance of the respective contract
with customer, the control of the promised goods or services may transfer over time or at point in time.
A contract with customer exists when the contract has commercial substance. The Group, the Company and
the customer have approved the contract and intend to perform their respective obligations, the Group’s, the
Company’s and the customer’s rights regarding the goods or services to be transferred and the payment
terms can be identified, and it is probable that the Group and the Company will collect the consideration to
which it will be entitled to in exchange of those goods or services.
(a) Revenue from property development and construction contracts
Property development, comprising residential and commercial properties are specifically identified by its
plot, lot or parcel number as set out in the sale and purchase agreement.
Contracts with customers include multiple promises to customers and therefore accounted for as
separate performance obligations. In this case, the transaction price will be allocated to each performance
obligation based on the stand-alone selling prices. When these are not directly observable, they are
estimated based on expected cost plus margin.
Revenue is recognised as and when control of the asset is transferred to the customer and it is probable
that the Group would collect the consideration to which it will be entitled in exchange for the asset that
would be transferred to the customer. Depending on the terms of the contract and the laws that apply
to the contract, control of the asset may transfer over time or at a point in time. Control of the asset is
transferred over time if the performance of the Group does not create an asset with an alternative use to
the Group and the Group has an enforceable right to payment for performance completed to date.
If control of the asset transfers over time, revenue is recognised over the period of the contract using the
input method by reference to the progress towards complete satisfaction of that performance obligation.
Otherwise, revenue is recognised at a point in time when the customer obtains control of the asset.
The Group recognises revenue over time using the input method, which is based on the actual costs
incurred to date on the property development project bear to the estimated costs for the respective
development projects.

6.19 Revenue recognition (continued)
6.19.1 Revenue from contracts with customers (continued)
(b) Sales of completed development properties
The Group recognises sales at a point in time for the sale of completed development properties, when
the control of the properties has been transferred to the purchasers, being when the properties have
been completed and delivered to the customers and it is probable that the Group will collect the
considerations to which it would be entitled to in exchange for the assets sold.
(c) Hotel operations
Hotel revenue represent income derived from room rentals, sales of food and beverage and other hotel
related income net of discount are recognised at a point in time upon delivery of products and customer
acceptance, if any, or performance of services.
(d) Club subscription fees
Club subscription fees, which are not refundable, are recognised over the subscription period.
(e) Sales of goods, services and rights of enjoyment
Revenue from sale of goods is recognised based on invoice value of goods sold and revenue from
services is recognised net of discounts as and when services are performed.
Entrance fees collected for rights of enjoyment of facilities are recognised when services are rendered.
(f) Others
Other revenue comprises of management fees, building maintenance fees, landscaping services and
sales of plantation produce. Revenue are recognised when services are rendered or upon delivery of
products and customer acceptance.
6.19.2
Lease income
Lease income from operating leases is recognised on a straight-line basis over the lease term. The aggregate
cost of incentives provided to the lessee is recognised as a reduction of rental income over the lease term on
a straight-line basis.
6.19.3
Dividend income
Dividend income is recognised when shareholder’s right to receive payment is established.
6.19.4
Interest income
Interest income is recognised using the effective interest method.

30 June 2022

6.20 Foreign currencies
6.20.1 Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency
of the primary economic environment in which the entity operates (the “functional currency”). The financial
statements are presented in Ringgit Malaysia, which is the Company’s functional and presentation currency.
6.20.2 Translation and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing
at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and
losses resulting from the settlement of such transactions and from the translation at year-end exchange
rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
However, exchange differences are deferred in other comprehensive income when they arose from qualifying
cash flow or net investment hedges or are attributable to items that form part of the net investment in a
foreign operation.
6.20.3
Group companies
The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary
economy) that have a functional currency different from the presentation currency are translated into the
presentation currency as follows:
• assets and liabilities for each statement of financial position presented are translated at the closing rate
at the date of that statement of financial position;
• income and expenses for each statement of profit or loss and statement of comprehensive income are
translated at average exchange rates (unless this average is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are
translated at the rate on the dates of the transactions); and
• all resulting exchange differences are recognised as a separate component of other comprehensive income.
Goodwill and fair value adjustments arising on the acquisitions of a foreign entity are treated as assets and
liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognised
in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net investment in foreign entities,
and of borrowings and other financial instruments designated as hedges of such investments, are recognised
in other comprehensive income.
On the disposal of a foreign operation (that is, a disposal of the Group’s entire interest in a foreign operation,
or a disposal involving loss of control over a subsidiary that includes a foreign operation, a disposal involving
loss of joint control over a joint venture that includes a foreign operation, or a disposal involving loss of
significant influence over an associate that includes a foreign operation), all of the exchange differences
relating to that foreign operation recognised in other comprehensive income and accumulated in the separate
component of equity are reclassified to profit or loss, as part of the gain or loss on disposal. In the case of a
partial disposal that does not result in the Group losing control over a subsidiary that includes a foreign
operation, the proportionate share of accumulated exchange differences are re-attributed to non-controlling
interests and are not recognised in profit or loss. For all other partial disposals (that is, reductions in the
Group’s ownership interest in associates or joint ventures that do not result in the Group losing significant
influence or joint control) the proportionate share of the accumulated exchange difference is reclassified to
profit or loss.

6.21 Financial instruments
6.21.1
Financial assets
(a) Classification
The Group and the Company classify their financial assets in the following measurement categories:
(i) those be measured subsequently at fair value (either through other comprehensive income or
through profit or loss); and
(ii) those to be measured at amortised costs.
The Group and the Company reclassify debt investments when and only when their business model for
managing those assets changes.
(b) Recognition and initial measurement
Regular way purchases and sales of financial assets are recognised on trade date, the date on which the
Group and the Company commit to purchase or sell the asset. Financial assets are derecognised when
the rights to receive cash flows from the financial assets have expired or have been transferred and the
Group and the Company have transferred substantially all the risks and rewards of ownership.
(c) Measurement
At initial recognition, the Group and the Company measure a financial asset at its fair value plus, in
the case of financial asset not at fair value through profit or loss (“FVTPL”), transaction costs that are
directly attributable to the acquisition of the financial assets. Transaction costs of financial assets carried
at FVTPL are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether
their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group’s and the Company’s business
model for managing the asset and the cash flow characteristics of the asset. The Group and the
Company reclassified debt investments when and only when their business model for managing those
assets changes.
The Group and the Company classify their debt instruments at amortised cost. Assets that are held for
collection of contractual cash flows where those cash flows represent solely payment of principal and
interest are measured at amortised cost. Interest income from these financial assets is included in other
income using the effective interest rate method. Any gain or loss arising from derecognition is recognised
directly in profit or loss together with foreign currency exchange gains or losses. Impairment losses are
Fair value through profit or loss (“FVTPL”)
Short term funds are measured at FVTPL. The Group may also irrevocably designate financial assets
at FVTPL if doing so significantly reduces or eliminates a mismatch created by assets and liabilities
being measured on different bases. Fair value changes are recognised in profit or loss in the period
which it arises.

30 June 2022

6.21 Financial instruments (continued)
6.21.1 Financial assets (continued)
(c) Measurement (continued)
Equity instruments
The Group and the Company subsequently measure all equity investments at fair value. Where the
Group’s and the Company’s management have elected to present fair value gains or losses on equity
investments in other comprehensive income, there is no subsequent reclassification of fair value
gains and losses to profit or loss following the derecognition of the investment. Dividends from such
investments continue to be recognised in profit or loss as other income when the Group’s and the
Company’s right to receive payments is established. Other net gains and losses are recognised in other
comprehensive income.
Changes in the fair value of financial assets at FVTPL are recognised in profit or loss as applicable.
6.21.2
Financial liabilities
Financial liabilities are initially recognised at fair value plus directly attributable transaction costs. The Group
and the Company classify financial instruments as liabilities or equity in accordance with the substance of the
contractual arrangement. A financial liability is classified into financial liabilities after initial recognition for the
purpose of subsequent measurement:
(i) Financial liabilities
Financial liabilities comprise non-derivative financial liabilities that are neither held for trading nor initially
designated as fair value through profit or loss.
Subsequent to initial recognition, financial liabilities are measured at amortised cost using the effective
interest method. Gains or losses on financial liabilities are recognised in profit or loss when the financial
liabilities are derecognised and through the amortisation process.
A financial liability is derecognised when, and only when, it is extinguished, i.e. when the obligation specified in
the contract is discharged or cancelled or expired. An exchange between an existing borrower and lender of
debt instruments with substantially different terms are accounted for as an extinguishment of the original
financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms
of an existing financial liability is accounted for as an extinguishment of the original financial liability and the
recognition of a new financial liability.
Any difference between the carrying amount of a financial liability extinguished or transferred to another party
and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in
profit or loss.
All financial liabilities of the Group and of the Company are measured at amortised cost except for financial
liabilities at fair value through profit or loss, which are held for trading (including derivatives) or designated at
fair value through profit or loss upon initial recognition.
At the end of each reporting period, the Group and the Company shall assess whether their recognised
insurance liabilities are adequate, using current estimates of future cash flows under their insurance contracts.
If this assessment shows that the carrying amount of the insurance liabilities is inadequate, the entire deficiency
shall be recognised in profit or loss.

6.21 Financial instruments (continued)
6.21.3 Financial guarantee contracts
The Group and the Company designate corporate guarantees given to banks for credit facilities granted to
subsidiaries as insurance contracts as defined in MFRS 4 ‘Insurance Contracts’. The Group and the Company
recognise these insurance contracts as insurance liabilities when there is a present obligation, legal or
constructive, as a result of a past event, when it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable estimate can be made of the amount of
the obligation.
6.21.4 Offsetting financial instruments

Financial assets and liabilities are offset and the net amount presented in the statement of financial position
when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle
on a net basis, or realise the asset and settle the liability simultaneously. The legally enforceable right must not
be contingent on future events and must be enforceable in the normal course of business and in the event
of default, insolvency or bankruptcy.
6.21.5 Derivative and hedging activities

(i) Derivative financial instruments and hedging activities
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
subsequently remeasured to their fair value at the end of each reporting period. The accounting for
subsequent changes in fair value depends on whether the derivative is designated as a hedging
instrument, and if so, the nature of the item being hedged. The Group designates certain derivatives as
hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly
probable forecast transactions (cash flow hedges).
The Group documents at the inception of the hedging transaction, the relationship between hedging
instruments and hedged items, as well as its risk management objective and strategy for undertaking
various hedge transactions. The Group also documents its assessment, both at hedge inception and on
an ongoing basis, of whether the derivatives that are used in hedging transactions have been and will
continue to be highly effective in offsetting changes in fair values or cash flows of hedged items.
A derivative financial instrument is carried as an asset when the fair value is positive and as a liability
when the fair value is negative. The fair value of a hedging derivative is classified as a non-current asset
or liability when the remaining maturity of the hedged item is more than twelve (12) months, and as a
current asset or liability when the remaining maturity of the hedged item is less than twelve (12) months.
(ii) Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash
flow hedges is recognised in other comprehensive income and accumulated in cash flow hedge reserve
in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item
affects profit or loss.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the
criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity
and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast
transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is
immediately reclassified to profit or loss.

30 June 2022

6.22 Impairment of financial assets and financial guarantee contracts
The Group and the Company recognise loss allowance for expected credit losses on financial assets measured at
amortised cost, debt investments measured at fair value through other comprehensive income, contract assets,
financial guarantee contracts. Expected credit losses (“ECL”) are probability-weighted estimate of credit losses.
ECL represent a probability-weighted estimate of the difference between present value of cash flow according to
contract and present value of cash flows that the Group and the Company expect to receive, over the remaining life of
the financial instrument. For financial guarantee contracts, the ECL is the difference between the expected payments
to reimburse the holder of the guaranteed debt instrument less any amounts that the Group and the Company expect
to receive from the holder, the debtor or any other party.
The measurement of ECL reflects:
• An unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes;
• The time value of money; and
• Reasonable and supportable information that is available without undue cost or effort at the reporting date about
past events, current conditions and forecasts of future economic conditions.
(a) General 3-stage approach for other receivables, amounts due from subsidiaries, amounts due from joint ventures
and amount due from associate
At each reporting date, the Group and the Company measure ECL through loss allowance at an amount equal to
12 months ECL if credit risk on a financial instrument or a group of financial instruments has not increased
significantly since initial recognition. For all other financial instruments, a loss allowance at an amount equal to
lifetime ECL is required.
(b) Simplified approach for trade receivables, lease receivables and contract assets
The Group and the Company apply the MFRS 9 simplified approach to measure ECL which uses a lifetime ECL for
all trade receivables, lease receivables and contract assets.
The Group and the Company measure loss allowances at an amount equal to lifetime expected credit loss, except for
debt securities that are determined to have low credit risk at the reporting date, cash and bank balance and other debt
securities for which credit risk has not increased significantly since initial recognition, which are measured at 12-month
expected credit loss. Loss allowances for trade receivables and contract assets are always measured at an amount
equal to lifetime expected credit loss.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and
when estimating expected credit loss, the Group and the Company consider reasonable and supportable information
that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information
and analysis, based on the Group’s and the Company’s historical experience and informed credit assessment and
including forward-looking information, where available.
Lifetime expected credit losses are the expected credit losses that result from all possible default events over the
expected life of the asset, while 12-month expected credit losses are the portion of expected credit losses that result
from default events that are possible within the 12 months after the reporting date. The maximum period considered
when estimating expected credit losses is the maximum contractual period over which the Group and the Company are
exposed to credit risk.
An impairment loss in respect of financial assets measured at amortised cost is recognised in profit or loss and the
carrying amount of the asset is reduced through the use of an allowance account.
An impairment loss in respect of debt investments measured at fair value through other comprehensive income is
recognised in other comprehensive income and the allowance account is recognised in other comprehensive income.

6.22 Impairment of financial assets and financial guarantee contracts (continued)
At each reporting date, the Group and the Company assess whether financial assets carried at amortised cost and debt
securities at fair value through profit or loss are credit impaired. A financial asset is credit impaired when one or more
events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.
The gross carrying amount of a financial asset is written off (either a portion or entirety) to the extent that there is no
realistic prospect of recovery. This is generally the case when the Group or the Company determine that the debtors
do not have assets or source of income that could generate sufficient cash flows to repay the amounts subject to the
write-off. However, financial assets that are written off could still be subject to enforcement activities in order to comply
with the Group’s or the Company’s procedures for recovery amounts due.
6.23 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing
performance of the operating segment, has been identified as the Board of Directors that makes strategic decisions.
Segment reporting is presented for enhanced assessment of the Group’s risks and returns. Business segments provide
products or services that are subject to risk and returns that are different from those of other business segments.
Segment revenue, expenses, assets and liabilities are those amounts resulting from the operating activities of a
segment that are directly attributable to the segment and the relevant portion that can be allocated on a reasonable
basis to the segment. Segment revenue, expenses, assets and liabilities are determined before intragroup balances
and intragroup transactions are eliminated as part of the consolidation process.
6.24 Fair value measurements

The fair value of an asset or a liability, (except for lease transactions) is determined as the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. The fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place
either in the principal market or in the absence of a principal market, in the most advantageous market.
The Group measures the fair value of an asset or a liability by taking into account the characteristics of the asset or
liability if market participants would take these characteristics into account when pricing the asset or liability. The Group
has considered the following characteristics when determining fair value:
(a) The condition and location of the asset; and
(b) Restrictions, if any, on the sale or use of the assets.
The fair value measurement for a non-financial asset takes into account the ability of the market participant to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant that would
use the asset in its highest and best use.
The fair value of a financial or non-financial liability or an entity’s own equity instrument assumes that:
(a) A liability would remain outstanding and the market participant transferee would be required to fulfil the
obligation. The liability would not be settled with the counterparty or otherwise extinguished on the measurement
date; and
(b) An entity’s own equity instrument would remain outstanding and the market participant transferee would take
on the rights and responsibilities associated with the instrument. The instrument would not be cancelled or
otherwise extinguished on the measurement date.
6.25 Reorganisation debit reserve

Reorganisation debit reserve arose from the reverse acquisition of the Company by IOI Properties Berhad in the
previous financial years pursuant to MFRS 3.

30 June 2022
7 REVENUE
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Revenue from contracts with customers (Note 7.1) 2,226,085 2,201,921 – –
Revenue from other sources

– Lease income 364,247 286,690 – –
– Dividend income – – 368,878 140,297
Total revenue 2,590,332 2,488,611 368,878 140,297
7.1 Disaggregation of revenue from contracts with customers

Revenue from contracts with customers is disaggregated in the table below by primary geographical market, major
products and service lines and timing of revenue recognition.
Group
2022 2021
RM’000 RM’000
Primary geographical markets

Malaysia 1,633,366 1,307,980
People’s Republic of China 592,719 879,147
Singapore – 14,794
Revenue from contracts with customers 2,226,085 2,201,921
Major products and service lines

Revenue from property development
– Ongoing development properties 459,670 1,314,763
– Completed development properties 1,642,245 794,822
2,101,915 2,109,585
Revenue from hospitality and leisure
– Hotel and hospitality services 84,752 66,847
– Leisure 28,342 16,718
113,094 83,565
Others
– Management fees 6,999 6,519
– Others 4,077 2,252
11,076 8,771
7 REVENUE (CONTINUED)
7.1 Disaggregation of revenue from contracts with customers (continued)
Group
2022 2021
RM’000 RM’000
Timing of revenue recognition

– Over time 466,669 1,321,282
– Point in time 1,759,416 880,639
Revenue from contracts with customers of the Group includes RM154,033,000 (2021: RM295,702,000) that was included
in contract liabilities at the beginning of the reporting period.
8 OPERATING PROFIT
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Operating profit has been arrived at after charging:
Auditors’ remuneration – statutory audit

– PricewaterhouseCoopers PLT 1,022 922 201 144
– Member firms of PricewaterhouseCoopers
International Limited 213 160 – –
– Firms other than member firms of
PricewaterhouseCoopers International Limited 140 132 – –
Non-audit services
– PricewaterhouseCoopers PLT 440 347 5 4
– Firms other than member firms of
PricewaterhouseCoopers International Limited 142 409 – –
Bad debts written off 63 635 – –
Depreciation of property, plant and equipment (Note 15) 49,742 42,464 – –
Fair value loss on investment properties (Note 17) – 71,061 – –
Impairment losses on:
– interests in subsidiaries – – – 5,333
– receivables 3,585 3,935 – –
Loss on disposal of investment properties – 88 – –
Management fees to:
– a subsidiary – – 547 1,068
– an affiliate 4,623 7,473 – –
Property, plant and equipment written off (Note 15) 94 16 – –
Property development costs* 1,278,957 1,233,918 – –
Unrealised loss on foreign currency translations 900 – 866 18
* The cost of inventories of the Group recognised as an expense during the financial year amounted to RM838,539,000 (2021: RM422,078,000) was included
in property development costs of the Group.

30 June 2022
8 OPERATING PROFIT (CONTINUED)

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Operating profit has been arrived at after crediting:
Bad debts recovered 10 – – –

Dividend income from subsidiaries in Malaysia – – 368,878 140,297
Gain on disposal of:
– property, plant and equipment 68 140 – –
– a subsidiary 85,982 – – –
Fair value gain on short term funds 4,722 176 2,998 176
Fair value gain on investment properties (Note 17) 48,924 – – –
Management services income from affiliates 876 – – –
Property project management services from:
– affiliates 757 2,290 – –
– a joint venture – 563 – –
Reversal of impairment losses on receivables 2,297 776 – –
Realised gain on foreign currency translations:
– redemption of redeemable preference shares
of subsidiaries – – 27,425 2,978
– subscription of redeemable preference shares
in subsidiaries – – 4,546 2,590
– others 331 298 1,054 633
Unrealised gain on foreign currency translations – 1 – –
9 STAFF COSTS
The staff costs of the Group and of the Company are as follows:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Wages, salaries and others 167,133 162,775 1,396 1,310

Defined contribution plan 17,051 16,474 – –
184,184 179,249 1,396 1,310
Included in staff costs are remuneration of the key management personnel of the Group and of the Company as disclosed
in Note 37.3 to the financial statements.
10 INTEREST INCOME
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Interest income from:

– Deposits with financial institutions 7,751 3,625 807 822
– Short term funds 8,139 8,083 4,672 2,052
– Subsidiaries – – – 7,013
– Joint ventures 9,527 7,574 – –
– Housing development accounts 2,435 2,711 – –
– Current accounts 12,087 9,694 191 141
– Stakeholders 1,541 2,245 – –
– Others 1,482 797 – –
42,962 34,729 5,670 10,028
11 INTEREST EXPENSE
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Interest expenses on:

– Borrowings 34,316 120 – 6,246
– Lease liabilities 84 113 – –
– Subsidiaries – – 15,456 14,823
Amortisation of banking facilities fee 202 67 – 196
34,602 300 15,456 21,265
The Group’s total interest expense and facilities fees charged by the banks of RM343,785,000 and RM24,952,000 (2021:
RM334,758,000 and RM14,007,000) have been capitalised as part of the costs of qualifying assets as disclosed in Notes 15,
16, 17 and 23 to the financial statements.
The Group’s weighted average capitalisation rate is 2% (2021: 2%) per annum.
12 TAXATION
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Current year tax expense

– Malaysian income taxation 149,087 134,258 306 599
– Foreign taxation 202,885 686,718 – –
– Deferred taxation* (Note 22) 23,638 (398,709) – –
375,610 422,267 306 599
Prior years
– Malaysian income taxation (1,582) 1,736 4 520
– Foreign taxation 46,935 (264) – –
– Deferred taxation (Note 22) (6,259) (9,052) – –
39,094 (7,580) 4 520
Tax expense 414,704 414,687 310 1,119
* The reversal of deferred tax expenses in previous financial year was arising from the completion of one of the Group’s development projects in China,
the tax obligation for that development had crystalised.

30 June 2022
12 TAXATION (CONTINUED)
A numerical reconciliation between the tax at applicable tax rate to tax expense of the Group and of the Company are
as follows:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Tax calculated at the Malaysian tax rate of 24% 264,666 258,720 95,155 29,920
Tax effects in respect of:
Non-allowable expenses 78,025 64,532 3,627 6,225

Non-taxable income (13,952) (10,819) (98,476) (35,546)
Different tax rates arising from fair value (gain)/loss
from real property investments (21,006) 9,928 – –
Different tax rates arising from gain on disposal of a
real property subsidiary (11,265) – – –
Different tax rates in foreign jurisdictions 122,074 165,076 – –
Different tax rate arising from prosperity tax 929 – – –
Unutilised tax losses and unabsorbed capital allowances
not recognised in loss-making subsidiaries 1,960 5,853 – –
Utilisation of previously unrecognised tax losses and
capital allowances (960) (29) – –
Tax incentives and allowances (4,813) (2,701) – –
Share of post-tax results of an associate (510) (8,394) – –
Share of post-tax results of joint ventures (39,538) (59,899) – –
375,610 422,267 306 599
Under/(Over) provision in prior years 39,094 (7,580) 4 520
Tax expense 414,704 414,687 310 1,119
Malaysian income tax is calculated at the statutory tax rate of 24% (2021: 24%) of the estimated assessable profit for the
financial year. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. Deferred tax
is calculated on temporary differences between the tax base of assets and liabilities and their carrying amounts in the
financial statements using tax rates that are expected to apply when the related deferred tax is settled.
The Finance Act 2021 gazetted on 31 December 2021 enacted the prosperity tax on companies that generate chargeable
income up to first RM100 million will be taxed at 24% and the remaining chargeable income will be taxed at one-off rate of
33% for year of assessment 2022.
13 EARNINGS PER SHARE

(a) Basic
The basic earnings per ordinary share for the financial year is calculated based on the profit for the financial year
attributable to owners of the Company divided by the weighted average number of ordinary shares in issue during the
financial year, after taking into consideration of treasury shares held by the Company.
Group
2022 2021
RM’000 RM’000
Profit attributable to owners of the Company 686,735 660,209
The adjusted weighted average number of ordinary shares for the computation of earnings per ordinary share is
arrived at as follows:
Group
2022 2021
’000 ’000
Weighted average number of ordinary shares in issue after deducting

the treasury shares 5,506,145 5,506,145
Basic earnings per ordinary share (sen) 12.47 11.99
(b) Diluted
Diluted earnings per ordinary share equals basic earnings per ordinary share.
14 DIVIDENDS
Dividends declared and paid by the Company are as follows:
Company
2022 2021
RM’000 RM’000
Interim single tier dividend in respect of financial year ended 30 June 2021 of 2.0 sen
per ordinary share, paid on 24 September 2021 110,123 –
Interim single tier dividend in respect of financial year ended 30 June 2020 of 1.5 sen
per ordinary share, paid on 23 October 2020 – 82,592
110,123 82,592
On 23 September 2022, the Board of Directors proposed a first and final single tier dividend of 4.0 sen per ordinary share
in respect of the financial year ended 30 June 2022 to be approved by the shareholders at the forthcoming Annual
General Meeting of the Company. Based on the issued and paid-up ordinary shares of the Company as at 30 June 2022
of 5,506,145,375, the proposed first and final dividend amounts to RM220,245,815.

30 June 2022
15 PROPERTY, PLANT AND EQUIPMENT

Golf course
Freehold development Plantation
land expenditure expenditure
Group RM’000 RM’000 RM’000
2022
At Cost
At beginning of financial year 130,379 75,717 4,839
Additions – 159 –
Transfer from investment properties (Note 17) 45 – –
Written off – – –
Disposals – – –
Foreign currency translation differences – – –
Reclassifications 30 – (795)
At end of financial year 130,454 75,876 4,044
Golf course
development Plantation
expenditure expenditure
2022
Less: Accumulated Depreciation
At beginning of financial year 16,253 602
Current year depreciation charge 1,599 130
Written off – –
Disposals – –
Foreign currency translation differences – –
At end of financial year 17,852 732
Furniture,
Buildings and Plant and Motor fittings and Right-of-use Construction-
improvements machinery vehicles equipment assets in-progress Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
946,106 84,206 16,275 91,199 79,543 390,317 1,818,581

12,042 4,649 319 6,980 1,274,456 255,710 1,554,315
– – – – – – 45
(79) (185) (13) (2,151) – – (2,428)
(33) (5) (1,657) (555) – – (2,250)
316 – 114 141 16,069 3,066 19,706
– – – – – 765 –
958,352 88,665 15,038 95,614 1,370,068 649,858 3,387,969
Furniture,
Buildings and Plant and Motor fittings and Right-of-use
improvements machinery vehicles equipment assets Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
125,299 53,740 11,628 59,285 21,102 287,909

21,959 6,202 1,326 8,117 10,409 49,742
(25) (185) (13) (2,111) – (2,334)
(1) (3) (1,657) (489) – (2,150)
59 – 49 36 538 682
147,291 59,754 11,333 64,838 32,049 333,849

30 June 2022
15 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

Golf course
Freehold development Plantation
land expenditure expenditure
2021
At Cost
At beginning of financial year 130,379 75,234 4,044
Additions – 483 795
Transfer to investment properties (Note 17) – – –
Written off – – –
Disposals – – –
Foreign currency translation differences – – –
At end of financial year 130,379 75,717 4,839
Golf course
development Plantation
expenditure expenditure
2021
At beginning of financial year 14,661 473
Current year depreciation charge 1,592 129
Written off – –
Disposals – –
Foreign currency translation differences – –
At end of financial year 16,253 602
Furniture,
Buildings and Plant and Motor fittings and Right-of-use Construction-
improvements machinery vehicles equipment assets in-progress Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
937,786 71,345 14,069 86,220 74,810 274,406 1,668,293

7,594 6,327 3,558 5,475 573 110,373 135,178
– 6,570 – – – (95) 6,475
– (36) (104) (574) – – (714)
(15) – (1,391) (142) – – (1,548)
741 – 143 220 4,160 5,633 10,897
946,106 84,206 16,275 91,199 79,543 390,317 1,818,581
Furniture,
Buildings and Plant and Motor fittings and Right-of-use
improvements machinery vehicles equipment assets Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
103,359 48,327 11,764 51,518 16,212 246,314

21,860 5,447 1,117 8,388 3,931 42,464
– (34) (104) (560) – (698)
– – (1,271) (113) – (1,384)
80 – 122 52 959 1,213
125,299 53,740 11,628 59,285 21,102 287,909

30 June 2022

Group
2022 2021
RM’000 RM’000
Carrying Amount
Freehold land 130,454 130,379
Golf course development expenditure 58,024 59,464
Plantation expenditure 3,312 4,237
Buildings and improvements 811,061 820,807
Plant and machinery 28,911 30,466
Motor vehicles 3,705 4,647
Furniture, fittings and equipment 30,776 31,914
Right-of-use assets 1,338,019 58,441
Construction-in-progress 649,858 390,317
3,054,120 1,530,672
Included in the Group’s buildings and improvements are mainly hotel properties. The recoverable amounts of the Group’s
hotel properties were determined based on the value-in-use method and they were in excess of its carrying amounts as at
the reporting date.
The value-in-use was prepared based on approved cash flow projection. The projection reflects management’s expectation
of revenue growth, operating costs and margin for the hotel properties based on past experience and future outlook.
The discount rate applied is benchmarked against peers at the reporting date. The key assumptions applied in the
value-in-use for current financial year are average growth in occupancy rates and pre-tax discount rate of 3% and 11%
(2021: 3% and 9%) per annum respectively. Changes in input would not have significant impact to the carrying amounts
of the assets.
15.1 Right-of-use assets

Leasehold Buildings and Plant and
land improvements machinery Total
Group RM’000 RM’000 RM’000 RM’000
2022
At Cost
At beginning of financial year 73,863 5,052 628 79,543
Additions 1,272,049 2,102 305 1,274,456
Foreign currency translation differences 15,958 111 – 16,069
At end of financial year 1,361,870 7,265 933 1,370,068

Current year depreciation charge 8,705 1,464 240 10,409
Foreign currency translation differences 473 65 – 538
At end of financial year 26,894 4,482 673 32,049
Carrying amount 1,334,976 2,783 260 1,338,019

15.1 Right-of-use assets (continued)
Leasehold Buildings and Plant and
land improvements machinery Total
Group RM’000 RM’000 RM’000 RM’000
2021
At Cost
Additions – 573 – 573
Foreign currency translation differences 4,122 38 – 4,160

Current year depreciation charge 2,192 1,526 213 3,931
Foreign currency translation differences 939 20 – 959
Carrying amount 56,147 2,099 195 58,441
Included in right-of-use assets is a balance of RM1,279,966,000 related to the 99 years leasehold land acquired
during the financial year for the development as a hotel property.
15.2 Additions to property, plant and equipment

Group
2022 2021
RM’000 RM’000
Additions 1,554,315 135,178

Financed by lease liabilities (2,407) (573)
Interest expenses capitalised (29,941) (11,497)
Total cash outflow 1,521,967 123,108

30 June 2022
16 LAND HELD FOR PROPERTY DEVELOPMENT

Freehold Long term Development
land leasehold land costs Total
Group RM’000 RM’000 RM’000 RM’000
2022
At Cost
At beginning of financial year 2,925,425 674,852 1,570,048 5,170,325
Additions – 3,439,245 489,821 3,929,066
Disposal of a subsidiary (Note 19.1) (25,331) – (1,567) (26,898)
Transfer to property development costs (Note 23) (11,420) (3,444) (23,292) (38,156)
Foreign currency translation differences – 38,970 3,512 42,482
At end of financial year 2,888,674 4,149,623 2,038,522 9,076,819
2021
At Cost
At beginning of financial year 2,925,285 572,852 1,349,521 4,847,658
Additions – – 175,502 175,502
Transfer from property development costs (Note 23) 140 – 45,025 45,165
Transfer from investment properties (Note 17) – 102,000 – 102,000
At end of financial year 2,925,425 674,852 1,570,048 5,170,325
Included in additions to land held for property development of the Group are interest expense and facilities fees
capitalised during the financial year amounting to RM124,217,000 and RM16,186,000 (2021: RM107,019,000 and
RM6,940,000) respectively.
Included in land held for property development of the Group are plantation land of RM689,812,000 (2021: RM698,855,000),
which are intended to be used for property development. Currently, the subsidiaries are harvesting oil palm crops from
the said land.
Certain titles of freehold land amounting to RM316,642,000 (2021: RM420,052,000) are registered under the name of the
affiliate, whereby the Group is the beneficiary owner. The Group is in the midst of perfecting the land titles.
17 INVESTMENT PROPERTIES
Freehold Leasehold
land and land and
buildings buildings Total
2022
At beginning of financial year 4,466,671 10,428,874 14,895,545
Additions 144,232 455,927 600,159
Transfer to property, plant and equipment (Note 15) (45) – (45)
Transfer to inventories (5,750) – (5,750)
Fair value adjustments 154,162 (105,238) 48,924
Foreign currency translation differences – 239,589 239,589
At end of financial year 4,759,270 11,019,152 15,778,422
2021
At beginning of financial year 4,366,129 9,968,574 14,334,703
Additions 176,012 469,431 645,443
Disposal (1,180) – (1,180)
Transfer from property, plant and equipment (Note 15) (6,475) – (6,475)
Transfer to land held for property development (Note 16) – (102,000) (102,000)
Transfer from inventories 3,003 – 3,003
Fair value adjustments (70,818) (243) (71,061)
Foreign currency translation differences – 93,112 93,112
At end of financial year 4,466,671 10,428,874 14,895,545
Included in the above are:

Group
2022 2021
RM’000 RM’000
At fair value:
Freehold land and buildings 4,245,910 4,096,760
Leasehold land and buildings 835,135 25,029
5,081,045 4,121,789
At cost:
Investment properties under construction 10,697,377 10,773,756
At end of the financial year 15,778,422 14,895,545
Movements in investment properties under construction during the financial year are mainly additions and foreign currency
translation differences of RM599,422,000 and RM230,667,000 (2021: RM637,033,000 and RM91,680,000) respectively. The
construction of IOI Mall Xiamen, China has completed and commenced operations during the financial year. It was reclassified
from investment properties under construction to completed investment properties and measured at fair value.

30 June 2022
17 INVESTMENT PROPERTIES (CONTINUED)

Included in additions to investment properties of the Group are interest expense and facilities fees capitalised during the
financial year amounting to RM184,917,000 and RM8,766,000 (2021: RM207,109,000 and RM7,067,000) respectively.
Right-of-use assets included in investment properties are leasehold land and buildings amounting to RM11,019,152,000
(2021: RM10,428,874,000).
Rental income generated from and direct operating expenses incurred on investment properties are as follows:
Group
2022 2021
RM’000 RM’000
Rental income 364,247 286,690

Direct operating expenses 125,600 96,718
The fair values of the above investment properties were estimated based on valuations by independent registered valuers,
which were based on:
(i) market evidence of transaction prices for similar properties for certain properties in which the values are adjusted for
differences in key attributes such as property size, location and quality of interior fittings under the comparison method.
(ii) receipts of contractual rentals, expected future market rentals, current market yields, void periods and maintenance
requirements and approximate capitalisation rates under the investment method.
(iii) aggregate amount of the value of land component by comparison method, and the gross replacement cost of the
buildings and other site improvements, allowing for depreciation under cost method.
The Group uses assumptions that are mainly based on market conditions existing at the end of each reporting period.
The valuations appraised by independent registered valuers are endorsed by the Board of Directors on an annual basis.
During the financial year, the fair value adjustments are mainly attributable to higher average rental rates secured as a result
of market recovery.
Investment properties under construction is measured at cost on the basis that the fair value of the work in progress
building is unable to be reliably measured.
Fair value is determined through various valuation methodologies using Level 3 inputs (defined as unobservable inputs for
asset or liability) in the fair value hierarchy of MFRS 13 Fair Value Measurement. Changes in fair value are recognised in the
profit or loss during the reporting period in which they are reviewed.
17 INVESTMENT PROPERTIES (CONTINUED)

The Level 3 inputs or unobservable inputs include:
Term yield – the rate of return that the investment properties are expected to generate based on current
passing rental including revision upon renewal of tenancies during the financial year;
Reversion yield – the rate of return that the investment properties are expected to generate upon expiry of
term rental; and
Price per square foot (psf) – estimated price psf for which a property should exchange on the date of valuation between a
willing buyer and a willing seller.
Impact of changes in
key inputs to fair value*
Inter-relationship between significant 2022 2021
Significant unobservable inputs unobservable inputs and fair value measurement RM’000 RM’000
Term and reversion yield Higher term and reversion yield rates, lower fair value 334,909 297,034
Price per square foot Higher price per square foot, higher fair value 60,800 62,744
* Changes in term and reversion yield rates by 50 basis points (2021: 50 basis points) and price per square foot by 10% (2021: 10%) are used as these are the
key inputs subjected to changes in market conditions.
The fair value measurements as at 30 June 2022 and 30 June 2021 are as follows:
Significant unobservable inputs

Fair value Term yield Reversion yield Price per sq foot
Group Valuation methodology RM’000 % % RM/psf
2022
Completed investment properties
Malls Investment method 3,134,174 3.25 - 6.50 3.50 - 7.00 –
Office buildings Investment method 1,205,900 4.75 - 6.00 5.25 - 6.00 –
Others Comparison method 461,300 – – 50 - 430
Investment method 132,471 2.25 - 6.00 2.75 - 7.50 –
Cost method 147,200 – – 3 - 345
5,081,045
2021
Completed investment properties
Malls Investment method 2,186,300 6.25 - 6.50 6.75 - 7.00 –
Office buildings Investment method 1,195,000 4.75 - 5.50 5.25 - 6.00 –
Others Comparison method 463,150 – – 56 - 640
Investment method 131,239 3.00 - 6.00 3.50 - 7.50 –
Cost method 146,100 – – 3 - 330
4,121,789

30 June 2022
18 GOODWILL ON CONSOLIDATION
Group
2022 2021
RM’000 RM’000
At beginning/end of financial year 11,472 11,472
For the purpose of impairment testing, goodwill is allocated to the Group’s CGUs identified according to the operating
segments as follows:
Group
2022 2021
RM’000 RM’000
Property development 3,802 3,802

Hospitality and leisure 7,670 7,670
11,472 11,472
Goodwill is tested for impairment on an annual basis by comparing the carrying amount with the recoverable amount of the
CGUs based on value-in-use. Value-in-use is determined by discounting the cash flows projections based on the financial
budgets approved by the management. The discount rate used is 6.0% (2021: 5.3%) per annum.
19 SUBSIDIARIES
Company
2022 2021
RM’000 RM’000
At Cost
Unquoted shares in Malaysia (Note 19.1) 14,925,740 14,789,402
Unquoted shares outside Malaysia (Note 19.1) 3,707,123 3,538,971
Equity contribution (Note 19.2) 932,887 1,032,267
19,565,750 19,360,640
Less: Accumulated impairment losses (Note 19.3) (475,967) (475,967)
19,089,783 18,884,673
19 SUBSIDIARIES (CONTINUED)
19.1 Interests in subsidiaries
Unquoted shares include redeemable preference shares (“RPS”) issued by subsidiaries (some of which are also issued
to non-controlling interests), which are redeemable at the option of issuer and entitle the Company to receive dividend
out of profits of the issuer at a rate to be determined by the issuer.
Details of the subsidiaries are set out in Note 43 to the financial statements.
2022
During the financial year, the following changes in the investments in subsidiaries were effected:
Incorporation of new subsidiaries

Boulevard View Pte. Ltd., a wholly-owned subsidiary of the Company, had on 21 October 2021 incorporated the
following wholly-owned subsidiaries:
i. Boulevard Midtown Pte. Ltd. (“BMPL”) in Singapore as a private limited company under the Companies Act,
(Cap.50) with registered share capital of S$100 divided into 100 ordinary shares. BMPL’s intended principal
activities are property investment, hotel and hospitality services.
ii. Boulevard Development Pte. Ltd. (“BDPL”) in Singapore as a private limited company under the Companies Act,
(Cap.50) with registered share capital of S$100 divided into 100 ordinary shares. BDPL’s intended principal activity
is property development.
Premier Landmark Limited, a wholly-owned subsidiary of the Company, had on 16 December 2021 incorporated a
wholly-owned subsidiary known as Shenzhen IOI Property Development Co. Ltd (“SIOIPD”) in Shenzhen, the People’s
Republic of China with a total registered capital of RMB10 million. SIOIPD’s intended principal activity is investment holding.
Disposal of a subsidiary
Hartawan Development Sdn Bhd (“HDSB”), an indirect subsidiary of the Company, had ceased to be a subsidiary
on 10 September 2021 pursuant to the completion of disposal of 100% equity interest pursuant to the sales of
shares agreement.
Details of the disposal were as follows:

At date of disposal
2022
Note RM’000
Non-current asset
Land held for property development 16 26,898
Current asset
Other receivables 128
Current liabilities
Other payables 10
Current tax liabilities 118
128
Net assets 26,898
Total disposal proceeds 112,880

Gain on disposal of a subsidiary 85,982
The total disposal proceeds included a deposit of RM7,902,000 received by the Group in the previous financial year and
an amount of RM3,386,000 remitted to the Director General of Inland Revenue by the acquirer.

30 June 2022
19.1 Interests in subsidiaries (continued)
2022 (continued)
Subscription of additional shares
No. of shares Amount
Company Type of shares ’000 RM’000
Boulevard View Pte. Ltd. (“BVPL”) RPS at an issue price of SGD1.00 each 10,635 33,603
Fortune Premiere Sdn. Bhd. (“FPSB”) RPS at an issue price of RM1.00 each 18 18
IOI City Park Sdn. Bhd. (“IOICP”) RPS at an issue price of RM1.00 each 130,000 130,000
IOI Materials Trading Sdn. Bhd. (“IOIMT”) Ordinary share at an issue price of 600 600
RM1.00 each
IOI Properties Empire Sdn. Bhd. (“IOIPE”) RPS at an issue price of RM1.00 each 340 340
Progressive View Pte. Ltd. (“PVPL”) RPS at an issue price of SGD1.00 each 100 314
Resort Villa Golf Course Bhd. (“RVGCB”) RPS at an issue price of RM1.00 each 27,977 27,977
Wealthy Link Pte. Ltd. (“WLPL”) RPS at an issue price of SGD1.00 each 95,900 301,097
Club IOI Loyalty Sdn. Bhd. (“CIL”) RPS at an issue price of RM1.00 each 338 338
The above subscriptions of additional shares of RM341,873,000 was partially settled by cash and the remaining amount
of RM147,868,000 was settled pursuant to the conversion of equity contribution. Accordingly, the Company had
recorded a realised foreign exchange gain on subscription of additional shares of RM4,546,000.
Redemption of shares
Commercial Wings Sdn. Bhd. (“CWSB”) RPS at a redemption price of RM1.00 each 2,900 2,900
IOI City Tower Two Sdn. Bhd. (“IOICT2”) RPS at a redemption price of RM1.00 each 1,135 1,135
IOI Business Hotel Sdn. Bhd. (“IBH”) RPS at a redemption price of RM1.00 each 17,200 17,200
IOI Consolidated (Singapore) Pte. Ltd. RPS at a redemption price of SGD1.00 each 62,900 166,862
(“IOIConso”)
Palmex Industries Sdn. Bhd. (“Palmex”) RPS at a redemption price of RM1.00 each 1,700 1,700
The above redemption of shares was redeemed at RM217,222,000 by cash. Accordingly, the Company had recorded a
realised foreign exchange gain on redemption of RM27,425,000.
2021
In the previous financial year, the Company acquired and subscribed for additional shares in its subsidiaries as follows:
Incorporation of new subsidiaries

On 5 January 2021, the Company had incorporated a wholly-owned subsidiary, namely Premier Landmark Limited
(“PLL”). PLL was incorporated in Hong Kong as a private limited company under the Companies Ordinance (Chapter
622) with share capital of HK$2 divided into 2 ordinary shares. PLL’s intended principal activity is investment holding.
On 19 January 2021, the Company had incorporated a wholly-owned subsidiary, namely Boulevard View Pte Ltd (“BVPL”).
BVPL was incorporated in Singapore as a private limited company under the Companies Act, (Cap.50) with share capital
of S$2 divided into 2 ordinary shares. BVPL’s intended principal activity is investment holding.
On 18 May 2021, the Company had incorporated a wholly-owned subsidiary, namely IOI Materials Trading Sdn Bhd
(“IMTSB”) under the Companies Act 2016 with share capital of RM2 divided into 2 ordinary shares. IMTSB will be
principally involved in trading of construction materials.
IOI (Xiamen) Business Management Co Ltd (“IBMC”), an indirect subsidiary of the Company, had on 18 March 2021
incorporated a wholly-owned subsidiary known as Xiamen Palm City Sports Technology Co. Ltd (“XPCST”) in Xiamen, the
People’s Republic of China with a total registered capital of RMB10 million. XPCST’s intended principal activity is leisure
and entertainment activities. On 5 June 2021, IBMC had entered into a joint venture agreement (the “JVA”) with Xiamen
Bowling Boy Education Technology Co. Ltd (“XBBET”), a private limited company registered in People’s Republic of
China, to operate indoor leisure and entertainment activities in IOI Palm City Mall, Xiamen, measuring 2,750 square
metres. Upon completion of the JVA, IBMC holds 60% equity stake in XPCST, while XBBET holds the remaining 40%
equity interest.
Strike off of subsidiaries

On 14 July 2020, IOI Properties Capital (L) Berhad (“IPC”), a wholly-owned subsidiary of the Company, had received a
notification from Labuan Financial Services Authority (“LFSA”) informing that the name of IPC had been struck off from
the register of LFSA under Section 151 of the Labuan Companies Act 1990. The Company had recorded an impairment
loss of RM52,000 arising from the said strike off.
On 1 April 2021, Dynamism Investment Limited (“DIL”), a wholly-owned subsidiary of the Company, had been
deregistered pursuant to section 751 of the Companies Ordinance, by notice published under Gazette Notice No.1885.
Subscription of additional shares

IOI Business Hotel Sdn. Bhd. (“IBH”) RPS at an issue price of RM1.00 each 2,273 2,273
Wealthy Link Pte. Ltd. (“WLPL”) RPS at an issue price of SGD1.00 each 65,600 202,802
Club IOI Loyalty Sdn. Bhd. (“CIL”) RPS at an issue price of RM1.00 each 387 387
The above subscriptions of additional shares of RM202,872,000 was settled by cash. Accordingly, the Company had
recorded a realised foreign exchange gain on subscription of additional shares of RM2,590,000.

30 June 2022
2021 (continued)
Redemption of shares

Commercial Wings Sdn. Bhd. (“CWSB”) RPS at a redemption price of RM1.00 each 16,900 16,900
IOI Harbour Front Sdn. Bhd. (“IOIHarbour”) RPS at a redemption price of RM1.00 each 5,149 5,149
Jutawan Development Sdn. Bhd. (“JDSB”) RPS at a redemption price of RM1.00 each 36,000 36,000
IOI City Tower Two Sdn. Bhd. (“IOICT2”) RPS at a redemption price of RM1.00 each 8,000 8,000
IOI Consolidated (Singapore) Pte. Ltd. RPS at a redemption price of SGD1.00 each 52,670 159,833
(“IOIConso”)
Palmex Industries Sdn. Bhd. (“Palmex”) RPS at a redemption price of RM1.00 each 10,000 10,000
The above redemption of shares was redeemed at RM238,860,000 by cash. Accordingly, the Company had recorded a
realised foreign exchange gain on redemption of RM2,978,000.
19.2 Equity contribution

Equity contribution represents capital contribution to subsidiaries for their working capital and repayment of
borrowing costs.
19.3 Accumulated impairment losses

The Company performed impairment assessments on its investments in subsidiaries. The recoverable amounts of
these investments in subsidiaries, which are involved in the property development, hospitality and leisure businesses,
are derived based on either the fair value less costs to sell or value-in-use methods. The recoverable amounts are
categorised as Level 3 in the fair value hierarchy. Based on the assessments performed, no impairment loss was
recognised during the financial year. In the previous financial year, impairment loss amounting to RM5,333,000 had
been recognised in profit or loss mainly due to the challenging market conditions caused by the COVID-19 pandemic.
19.4 Amounts due from/(to) subsidiaries

The current amounts due from subsidiaries represent payments made on behalf, which are unsecured, non-interest
bearing and repayable upon demand.
The non-current amount due to a subsidiary represents advances which are unsecured, bears interest ranging from
5.04% to 5.08% per annum (2021: 5.01% to 5.05%) and is repayable on 30 June 2024.
The current amounts due to subsidiaries represent advances and payments made on behalf, which are unsecured,
bear interest ranging from 1.67% to 2.10% (2021: 1.93% to 3.09%) per annum except for RM56,652,000 (2021:
RM41,606,000) which is non-interest bearing and is payable upon demand in cash and cash equivalents.
19.5 Material non-controlling interests
As at 30 June 2022, the total non-controlling interests are RM157,958,000 (2021: RM160,339,000), of which RM98,698,000
(2021: RM101,291,000), and RM24,452,000 (2021: RM27,197,000) are attributable to PINE MJR Development Sdn. Bhd.
(“PINE MJR”) and Legend Advance Sdn. Bhd. (“Legend”) respectively. The other non-controlling interests are not material
to the Group.
Set out below are the summarised financial information for PINE MJR and Legend that have non-controlling interests
that are material to the Group. The below financial information is based on amounts before inter-company eliminations.
PINE MJR Legend

2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Proportion of ordinary shares held by

non-controlling interests (%) 45.1% 45.1% 30.1% 30.1%
Summarised statements of comprehensive income:
Revenue 35,965 6,648 9,521 15,392
(Loss)/Profit and total comprehensive (loss)/income
for the financial year (966) (1,417) 846 1,941
(Loss)/Profit and total comprehensive (loss)/income
attributable to non-controlling interests (436) (639) 255 584
Dividend paid to non-controlling interests – – 3,000 3,000
Summarised statements of financial position:

Current assets 298,690 263,632 52,316 53,546
Current liabilities (41,677) (20,406) (9,736) (5,857)
Non-current assets 1,543 1,347 31,913 35,958
Non-current liabilities (39,217) (24,268) – –
Net assets 219,339 220,305 74,493 83,647
Summarised cash flows:

Cash flows (used in)/generated from operating activities (36,141) (57,710) (2,426) 10,456
Cash flows generated from/(used in) investing activities 100 108 (19) 704
Cash flows generated from/(used in) financing activities 33,309 59,101 2,404 (14,649)
Net (decrease)/increase in cash and cash equivalents
during the financial year (2,732) 1,499 (41) (3,489)
Cash and cash equivalents at beginning of the financial year 7,513 6,014 3,079 6,568
Cash and cash equivalents at end of the financial year 4,781 7,513 3,038 3,079
There was a dividend of RM489,000 (2021: RM2,596,000) paid to immaterial non-controlling interests during the
financial year.

30 June 2022
20 ASSOCIATE
Group
2022 2021
RM’000 RM’000
Unquoted shares, at cost 23,601 23,601

Redeemable preference shares, at cost 5,232 5,232
Share of post-acquisition results and reserves 24,840 22,716
53,673 51,549
20.1 Investment in an associate

RPS issued by associates, which are redeemable at the option of issuer and entitle the Group and the Company to
receive dividend out of profits of the issuer at a rate to be determined by the issuer. The RPS rank pari passu without
any preference or priority among themselves and in priority over the ordinary shares in respect of:
(a) Payment of the preference dividend (when, as and if declared); and
(b) In the event of a winding up of or return of capital by the associate, payment of any preference dividend that
has accrued to holder of preference shares and is unpaid (whether or not then due) as well as the subscription
price paid for the preference shares.
In the previous financial year, the associate had redeemed total shares of 47,838,000 for RM47,838,000 from both
equity holders.
The associate of the Group is accounted for using the equity method in the consolidated financial statements. Details
of the associate is set out in Note 43 to the financial statements.
20.2 Summary of financial information of the associate is as follows:

GLM Emerald Industrial Park
(Jasin) Sdn. Bhd.
2022 2021
RM’000 RM’000
Assets and liabilities

Total current assets 19,807 26,870
Total non-current assets 149,802 150,064
Total current liabilities (1,245) (14,593)
Total non-current liabilities (635) (1,250)
Results
Revenue 13,701 274,830
Profit and total comprehensive income for the financial year 6,638 109,291
In the previous financial year, the Group received dividend of RM45,109,000 from the associate.
20 ASSOCIATE (CONTINUED)
20.3 The reconciliation of net assets of the associate to the carrying amount of the investment in an associate
is as follows:
Group
2022 2021
RM’000 RM’000
Net assets as at 30 June 167,729 161,091

Share of net assets of the Group/Carrying amount in the statement
of financial position 53,673 51,549
Share of profit of the Group 2,124 34,973
21 JOINT VENTURES
Group
2022 2021
RM’000 RM’000

Redeemable preference shares (“RPS”) (Note 21.2) 3,094,609 3,288,918
Share of post-acquisition results and reserves 471,125 220,257
3,975,489 3,919,025
Amounts due from joint ventures (Note 21.3) 414,663 515,182
4,390,152 4,434,207
The joint arrangements of the Group are regarded as joint ventures pursuant to the contractual rights and obligations of the
joint venture agreements that provide the Group with the rights to the net assets of the joint ventures. The joint ventures are
accounted for using the equity method in the consolidated financial statements. Details of the joint ventures are set out in
Note 43 to the financial statements.

30 June 2022
21 JOINT VENTURES (CONTINUED)

21.1 Financial information of joint ventures
Set out below is the summarised financial information for joint ventures that are material to the Group, which are
accounted for using the equity method.
(i) Summarised statements of financial position:

Scottsdale Pinnacle
Properties (Sentosa)
Pte. Ltd. Pte. Ltd.
RM’000 RM’000
2022
Non-current:
Non-current assets 7,745,894 4,890
Current:
Cash and cash equivalents 188,280 12,238
Other current assets 33,440 4,286,529
Total current assets 221,720 4,298,767
Total assets 7,967,614 4,303,657
Non-current:
Financial liabilities (excluding trade and other payables and provisions) – 70,346
Other liabilities (including trade and other payables and provisions) 113,330 –
Total non-current liabilities 113,330 70,346
Current:
Financial liabilities (excluding trade and other payables and provisions) 3,687,545 1,592,181
Other liabilities (including trade and other payables and provisions) 71,328 15,125
Total current liabilities 3,758,873 1,607,306
Total liabilities 3,872,203 1,677,652
Net assets 4,095,411 2,626,005


21.1 Financial information of joint ventures (continued)
Set out below are the summarised financial information for joint ventures that are material to the Group, which are
accounted for using the equity method. (continued)
(i) Summarised statements of financial position: (continued)

Scottsdale Pinnacle
Pte. Ltd. Pte. Ltd.
RM’000 RM’000
2021
Non-current:
Non-current assets 7,578,677 4,783
Current:
Cash and cash equivalents 213,659 1,070
Other current assets 458,063 4,189,511
Total current assets 671,722 4,190,581
Total assets 8,250,399 4,195,364
Non-current:
Financial liabilities (excluding trade and other payables and provisions) – 1,188,957
Other liabilities (including trade and other payables and provisions) 82,818 –
Total non-current liabilities 82,818 1,188,957
Current:
Financial liabilities (excluding trade and other payables and provisions) 3,699,696 464,105
Other liabilities (including trade and other payables and provisions) 280,914 13,724
Total current liabilities 3,980,610 477,829
Net assets 4,186,971 2,528,578


30 June 2022

(ii) Summarised statements of comprehensive income:

Scottsdale Pinnacle
Pte. Ltd. Pte. Ltd.
RM’000 RM’000
2022
Revenue 917,413 104,141
Depreciation and amortisation 53,652 –

Interest income 103 6
Interest expense (52,970) (34,607)
Profit before taxation 244,504 39,025
Taxation (36,919) –
2021
Revenue 1,059,473 88,263
Depreciation and amortisation 50,953 –

Interest income 120 9
Profit before taxation 208,700 240,057
Taxation (42,414) –
There was no dividend paid by the joint ventures in both the financial years.

(iii) Reconciliation of the summarised information presented to the carrying amounts of interest in joint
ventures is set out below:
Scottsdale Pinnacle
Pte. Ltd. Pte. Ltd.
RM’000 RM’000
2022
Net assets:
As at 1 July 2021 4,186,971 2,528,578

Movement in share capital (389,397) –
Foreign currency translation differences 90,252 58,402
As at 30 June 2022 4,095,411 2,626,005
Interest in joint ventures as at year end 49.9% 64.9%

Redeemable preference shares 891,615 2,182,993
Share of post-acquisition results and reserves 746,823 (478,115)
Total investments in joint ventures 2,043,610 1,706,903
Amounts due from joint venture – 37,892
Total interests in joint ventures 2,043,610 1,744,795
2021
Net assets:
As at 1 July 2020 4,327,851 2,277,917

Movement in share capital (326,795) –
Foreign currency translation differences 19,629 10,604
As at 30 June 2021 4,186,971 2,528,578
Interest in joint ventures as at year end 49.9% 64.9%

Redeemable preference shares 1,085,924 2,182,993
Share of post-acquisition results and reserves 598,203 (541,442)
Total investments in joint ventures 2,089,299 1,643,576

30 June 2022

The entities are accounted for as joint ventures due to the approvals required by all shareholders for key operating,
financing and budgeting decisions.
Set out below are the summarised information of all individually immaterial joint ventures on an aggregate basis.
2022 2021
RM’000 RM’000
Unquoted shares, redeemable preference shares and share of post-acquisition

results and reserves 224,976 186,150
Amounts due from joint ventures 376,771 515,182
Total interests in joint ventures 601,747 701,332
Share of joint ventures' profits and total comprehensive income 35,790 10,567
There was no dividend paid by immaterial joint ventures during the financial year.
21.2 Redeemable preference shares

RPS issued by joint ventures, which are redeemable at the option of issuer and entitle the Group to receive dividend
out of profits of the issuer at a rate to be determined by the issuer. The RPS rank pari passu without any preference or
priority among themselves and in priority over the ordinary shares in respect of:
(a) Payment of the preference dividend (when, as and if declared); and
(b) In the event of a winding up of or return of capital by the joint venture, payment of any preference dividend that
has accrued to holder of preference shares and is unpaid (whether or not then due) as well as the subscription
price paid for the preference shares.
During the financial year, a joint venture has redeemed total RPS of RM194,309,000 (2021: RM163,070,000).
21.3 Amounts due from joint ventures

The non-current amounts due from joint ventures in the current financial year mainly represent outstanding amounts
arising from the Group’s subsidiaries’ proportionate share in the advances and working capital to the joint ventures
for the acquisition of land and its development properties in Singapore. The amounts due from joint ventures are
unsecured and non-interest bearing, except for an amount due from a joint venture amounting to RM376,771,000
(2021: RM515,182,000) which is unsecured and interest bearing at rate of 2.00% (2021: 1.00% to 1.50%) per annum.
The current amount due from a joint venture included in the previous financial year represented mainly advances
to a joint venture in Malaysia. The amount was unsecured and bore interest at rates ranging from 3.26% to 3.29%
(2021: 3.26% to 3.64%) per annum. The outstanding amount has been fully settled by a joint venture during the
financial year.
22 DEFERRED TAXATION
Group
2022 2021
RM’000 RM’000
At beginning of financial year (453,248) (848,882)

Recognised in the profit or loss (Note 12):
– Current year (23,638) 398,709
– Prior years 6,259 9,052
(17,379) 407,761
Foreign currency translation differences (187) (12,127)
At end of financial year (470,814) (453,248)
The following amounts, determined after appropriate offsetting, are shown in the consolidated statement of financial
position:
Group
2022 2021
RM’000 RM’000
Deferred tax assets 197,614 209,016

Deferred tax liabilities (668,428) (662,264)
(470,814) (453,248)
22.1 The amount of the deferred tax income or expenses recognised in the consolidated statement of profit or
loss during the financial year are as follows:
Group
2022 2021
RM’000 RM’000
At beginning of financial year (453,248) (848,882)
Recognised in profit or loss (Note 12):
Temporary differences on:

– Capital allowances (7,249) (4,518)
– Fair value adjustment on investment properties 1,686 10,581
– Profit from sales of development properties 1,558 364,856
– Accruals and provisions 6,605 (756)
– Development properties 2,154 1,681
– Unabsorbed capital allowances 1,282 4,846
– Unrealised profits (22,958) 24,635
– Unutilised tax losses 3,384 674
– Other deductible temporary differences (3,841) 5,762
(17,379) 407,761
Foreign currency translation differences (187) (12,127)
At end of financial year (470,814) (453,248)

30 June 2022
22 DEFERRED TAXATION (CONTINUED)

22.2 The components of deferred tax liabilities and assets at the end of the reporting period comprise the tax
effects of:
Group
2022 2021
RM’000 RM’000
Deferred tax assets
Accruals and provisions 21,544 14,939

Profit from sales of development properties 62,133 61,906
Unutilised tax losses 8,012 4,628
Unabsorbed capital allowances 9,047 7,765
Unrealised profits 57,225 80,183
Unutilised investment tax allowance 40,957 40,957
Other deductible temporary differences 7,185 10,886
Deferred tax assets (before off-setting) 206,103 221,264
Off-setting (8,489) (12,248)
Deferred tax assets (after off-setting) 197,614 209,016
Deferred tax liabilities
Fair value adjustment on investment properties^ 214,393 215,752

Capital allowances 114,313 107,064
Profit from sales of development properties 645 1,976
Development properties *
347,566 349,720
Deferred tax liabilities (before off-setting) 676,917 674,512
Off-setting (8,489) (12,248)
Deferred tax liabilities (after off-setting) 668,428 662,264
* Comprises mainly of deferred tax adjustments on temporary differences arising from land held for property development, property development
costs and inventories.
^ Deferred tax recognised on investment properties carried at fair value are measured using the tax rates that would apply on the sale on those
assets at their carrying values at the reporting date.

The following are the unutilised tax losses and unabsorbed capital allowances for which deferred tax assets have not
been recognised, at gross:
Group
2022 2021
RM’000 RM’000
Unutilised tax losses 54,474 50,441

Unaborbed capital allowances 3,128 2,995
57,602 53,436
22 DEFERRED TAXATION (CONTINUED)

Deferred tax assets of certain subsidiaries have not been recognised in respect of these items as it is not probable that
taxable profit of the subsidiaries will be available against which the deductible temporary differences can be utilised.
The following unutilised tax losses, including those recognised as deferred tax assets, are as follows:
Group
2022 2021
RM’000 RM’000
Tax losses:
– Expiring within the next 10 years 87,857 –
– Expiring within the next 7 years – 59,452
Under the Malaysian Finance Act 2018 which was gazetted on 27 December 2018, unutilised tax losses are imposed with
a time limit of utilisation of 7 years. This time limit of utilisation was further extended to 10 years following the approval
of Budget 2022. Upon expiry of the 10 (2021: 7) years, the unabsorbed tax losses will be disregarded. The unutilised tax
losses of the People’s Republic of China (“PRC”) will only be available for carry forward for a period of 5 consecutive years.
Upon expiry of the 5 years, the unutilised losses will be disregarded.
23 PROPERTY DEVELOPMENT COSTS

Accumulated
Long term cost charged
Freehold leasehold Development to profit
land land costs or loss Total
Group RM’000 RM’000 RM’000 RM’000 RM’000
2022
At Cost
At beginning of financial year 208,898 1,495,755 1,198,845 (679,792) 2,223,706
Costs incurred – – 289,224 – 289,224
Transfer from land held for property
development (Note 16) 11,420 3,444 23,292 – 38,156
Transfer to inventories (13,178) (1,209,764) (334,953) – (1,557,895)
Foreign currency translation differences – 16,036 2,759 (3,106) 15,689
Recognised as part of cost of sales in
profit or loss – – (171,215) (269,203) (440,418)
Completed projects (8,842) (302,028) (198,154) 509,024 –
At end of financial year 198,298 3,443 809,798 (443,077) 568,462

30 June 2022
23 PROPERTY DEVELOPMENT COSTS (CONTINUED)

Accumulated
Long term cost charged
Freehold leasehold Development to profit
land land costs or loss Total
2021
At Cost
At beginning of financial year 245,629 1,767,335 1,799,491 (683,453) 3,129,002
Costs incurred – – 541,264 – 541,264
Transfer to land held for property
development (Note 16) (140) – (45,025) – (45,165)
Transfer to inventories (16,665) (74,127) (602,954) – (693,746)
Foreign currency translation differences – 95,780 25,942 (17,531) 104,191
Recognised as part of cost of sales in
profit or loss – – (108,852) (702,988) (811,840)
Completed projects (19,926) (293,233) (411,021) 724,180 –
At end of financial year 208,898 1,495,755 1,198,845 (679,792) 2,223,706
Included in recognised as part of cost of sales in profit or loss is property development costs written down of RM171,215,000
(2021: RM108,852,000).
Included in costs incurred in property development of the Group are interest expense capitalised during the financial year
amounting to RM4,710,000 (2021: RM9,133,000).
24 INVENTORIES
Group
2022 2021
RM’000 RM’000
At Cost
Completed development properties 3,048,197 2,409,197

Others 3,469 2,955
3,051,666 2,412,152
25 TRADE AND OTHER RECEIVABLES

Group
2022 2021
RM’000 RM’000
Trade receivables (Note 25.1) 96,670 258,970

Other receivables, deposits and prepayments (Note 25.2) 607,456 135,439
Lease receivables 12,938 4,302
Contract costs (Note 25.3) 6,150 13,784
723,214 412,495
Company
2022 2021
RM’000 RM’000
Other receivables, deposits and prepayments (Note 25.2) 318 15,640
25.1 Trade receivables

Group
2022 2021
RM’000 RM’000
Trade receivables 103,801 266,589

Less: Accumulated impairment losses (7,131) (7,619)
96,670 258,970
(a) Included in trade receivables of the Group are amounts due from affiliates of RM5,418,000 (2021: RM9,057,000)
for property project management services, provision of landscaping services and related costs provided by
subsidiaries, which are unsecured and payable within the credit period in cash and cash equivalents.
(b) The normal trade credit terms granted by the Group range from 7 to 90 days (2021: 7 to 90 days) from date of
invoice and progress billing. They are recognised at their original invoiced amounts, which represent their fair
values on initial recognition.
(c) The reconciliation of movements in provision for impairment losses on trade receivables are as follows:
Group
2022 2021
RM’000 RM’000
At beginning of financial year 7,619 4,895

Charge for the financial year 1,844 3,283
Reversal (2,219) (545)
Written off (113) (14)
At end of financial year 7,131 7,619

30 June 2022
25 TRADE AND OTHER RECEIVABLES (CONTINUED)

25.2 Other receivables, deposits and prepayments
Group
2022 2021
RM’000 RM’000
Other receivables 549,830 69,379

Less: Accumulated impairment losses (5,319) (3,656)
544,511 65,723
Deposits 37,790 52,941
Prepayments 25,155 16,775
607,456 135,439
Company
2022 2021
RM’000 RM’000
Other receivables 264 20

Deposits 4 15,570
Prepayments 50 50
318 15,640
In the previous financial year, included in other receivables of the Group were receivable of RM375,000 in relation to a
government grant for the infrastructure costs of certain development projects undertaken by the Group.
Included in deposits of the Group is an amount of RM2,774,000 (2021: RM2,774,000) paid for new land acquisitions.
Included in the other receivables are the Goods and Services Tax and Value Added Tax receivable amounting to
RM486,783,000 (2021: RM4,778,000).
(a) The reconciliation of movements in provision for impairment losses on other receivables are as follows:
Group
2022 2021
RM’000 RM’000
At beginning of financial year 3,656 3,245

Charge for the financial year 1,741 652
Reversal (78) (231)
Written off – (10)
At end of financial year 5,319 3,656
25 TRADE AND OTHER RECEIVABLES (CONTINUED)

25.3 Contract costs
Group
2022 2021
RM’000 RM’000
Cost to obtain a contract 6,150 13,784
Cost to obtain a contract primarily comprises incremental sales commission fees paid to intermediaries as a result of
obtaining property development contracts.
Capitalised sales commission fees are amortised when the related revenue is recognised. During the current financial
year, RM26,102,000 (2021: RM15,622,000) comprising of commission fees paid for both on-going and completed
projects was amortised to profit and loss.
26 CONTRACT ASSETS AND CONTRACT LIABILITIES

Group
2022 2021
RM’000 RM’000
Contract assets
– Property development contracts 143,686 109,958
– Stakeholder sums 34,070 52,765
177,756 162,723
Contract liabilities
– Property development contracts (101,999) (186,682)
75,757 (23,959)
(a) Property development contracts and stakeholder sums
Contracts assets and contracts liabilities represent the timing differences in revenue recognition and the milestone
billings. The milestone billings are structured and/or negotiated with customers to reflect physical completion of
the contracts.
Contract assets are transferred to trade receivables when the rights to economic benefits become unconditional.
This usually occurs when the Group issues billing to the customer. Contract liabilities are recognised as revenue
when performance obligations are satisfied.
Stakeholder sums are payable upon expiry of defect liability period up to 24 months (2021: up to 24 months).

30 June 2022
26 CONTRACT ASSETS AND CONTRACT LIABILITIES (CONTINUED)

(b) The movements in the contract assets and contract liabilities from property development contracts are as follow:
Group
2022 2021
RM’000 RM’000
Balance as at 1 July (76,724) (183,102)
Net property development revenue recognised 459,670 1,314,763

Net progress billing during the financial year (338,729) (1,194,259)
Foreign currency translation differences (2,530) (14,126)
Balance as at 30 June 41,687 (76,724)
(c) The movement of stakeholder sums

Group
2022 2021
RM’000 RM’000
Balance as at 1 July 52,765 55,265
Additions 7,344 31,951

Amount transferred to trade receivables (26,039) (34,451)
Balance as at 30 June 34,070 52,765
(d) Unsatisfied performance obligations
The following table shows revenue from performance obligations that are unsatisfied (or partially unsatisfied) at the
reporting date.
Group
2022 2021
RM’000 RM’000
Revenue from property development activities

– Within one year 557,048 607,629
– More than one year 31,424 147,324
588,472 754,953
27 SHORT TERM FUNDS

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Investments in fixed income trust funds in Malaysia 735,444 263,698 – 263,698
Investments in fixed income trust funds represent investments in highly liquid money market instrument and deposits with
financial institution in Malaysia with maturity of less than three (3) months. These short term funds are subject to an
insignificant risk of changes in value. The distribution income from these funds was tax exempted up to 31 December 2021.
With effect from 1 January 2022, the distribution income from these fund is subject to income tax.
28 DEPOSITS WITH FINANCIAL INSTITUTIONS

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Deposits with financial institutions 510,576 277,082 186,732 100,695
As at 30 June 2022, the effective interest rates of the Group’s and of the Company’s short term deposits range from 0.09% to
3.66% and 0.35% to 1.50% per annum (2021: 0.06% to 3.10% and 0.08% to 1.00% per annum) respectively. All short term
deposits have average maturity less than three (3) months.
29 CASH AND BANK BALANCES

Included in the Group’s cash and bank balances are amounts of:
(i) RM117,459,000 (2021: RM156,639,000) held under the Housing Development Account pursuant to Section 7A of
the Housing Development (Control and Licensing) Act, 1966 in Malaysia, as amended by the Housing Developers
(Housing Development Account) (Amendment) Regulation, 2002 in Malaysia, which can only be used for property
development activities; and
(ii) RMB24,443,000 (2021: RMB93,679,000), equivalent to approximately RM16,042,000 (2021: RM60,198,000) held
under Housing Developers (Project Account) Rules, Fujian Province, Administration of Pre-sale of Commodity Premises
Regulations (Revised), in People’s Republic of China (“PRC”), which can only be used for property development activities.
30 SHARE CAPITAL
Group and Company
2022 2021
Number Number
of shares Amount of shares Amount
’000 RM’000 ’000 RM’000
Issued and fully paid-up:

Ordinary shares with no par value
At beginning/end of financial year 5,506,145 18,514,233 5,506,145 18,514,233

30 June 2022
31 RESERVES
Group
2022 2021
RM’000 RM’000
Foreign currency translation reserve (Note 31.1) 135,391 (51,088)

Cash flow hedge reserve (Note 31.2) 10,494 (120,658)
145,885 (171,746)
31.1 Foreign currency translation reserve

The foreign currency translation reserve is used to record foreign currency exchange differences arising from the
translation of the financial statements of foreign operations whose functional currencies are different from that of the
Group’s presentation currency.
31.2 Cash flow hedge reserve

The cash flow hedge reserve represents the deferred fair value adjustment relating to derivative financial instruments
used to hedge floating rate of the Group’s certain foreign currency denominated borrowings.
Movement in the cash flow hedge reserve during the financial year is as follows:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
At beginning of financial year (120,658) (212,312) – (1,075)

Fair value gain on derivatives 137,651 93,769 – 1,754
Reclassifications from profit and loss
– Interest rate differences (3,677) (795) – (446)
– Foreign exchange rate differences (2,822) (1,320) – (233)
(6,499) (2,115) – (679)
At end of financial year 10,494 (120,658) – –
32 BORROWINGS
Group
2022 2021
RM’000 RM’000
Non-current liabilities
Unsecured
Term loans 1,440,735 8,436,108
Sukuk Murabahah 1,890,000 2,240,000
3,330,735 10,676,108
Current liabilities
Unsecured
Term loans 13,116,178 334,003
Revolving credit 19,745 –
Sukuk Murabahah 350,000 –
13,485,923 334,003
Total borrowings 16,816,658 11,010,111
The range of contractual interest rate per annum as at 30 June 2022 for borrowings are as below:
Group
2022 2021
Term loans 1.46% to 4.70% 0.98% to 4.85%

Revolving credit 3.10% –
Sukuk Murabahah 3.90% to 5.05% 3.90% to 5.05%

30 June 2022
32 BORROWINGS (CONTINUED)
The maturity profile of borrowings is as follows:
Fixed interest rate Floating interest rate
<1 1–2 2–3 3–4 >4 <1 1–2 2–3 3–4 >4
year years years years years year years years years years Total
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2022
Unsecured:
Term loans denominated in:
– Ringgit Malaysia ("RM") – – – – – – 10,587 72,636 44,669 134,480 262,372
– Singapore Dollar ("SGD")* – – – – – 12,043,205 – – 631,920 – 12,675,125
– Renminbi ("RMB") 945,651 264,770 278,582 – – 127,322 2,625 466 – – 1,619,416
945,651 264,770 278,582 – – 12,170,527 13,212 73,102 676,589 134,480 14,556,913
Revolving credit
denominated in:
– RM – – – – – 19,745 – – – – 19,745
Sukuk Murabahah
denominated in:
– RM 350,000 530,000 160,000 1,000,000 200,000 – – – – – 2,240,000
1,295,651 794,770 438,582 1,000,000 200,000 12,190,272 13,212 73,102 676,589 134,480 16,816,658
* The Group has entered into interest rate swaps for borrowings of RM5,124,871,000 (equivalent to SGD1.6 billion) to hedge against fluctuation in
interest rate.
Fixed interest rate Floating interest rate
<1 1–2 2–3 3–4 >4 <1 1–2 2–3 3–4 >4
year years years years years year years years years years Total
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2021
Unsecured:
Term loans denominated in:
– RM – – – – – 55,593 – 10,789 57,549 179,078 303,009
– SGD* – – – – – – 6,262,044 – – 617,760 6,879,804
– US Dollar (“USD”)* – – – – – 276,513 – – – – 276,513
– RMB – 926,731 260,063 – – 1,897 122,094 – – – 1,310,785
– 926,731 260,063 – – 334,003 6,384,138 10,789 57,549 796,838 8,770,111
Sukuk Murabahah
denominated in:
– RM – 350,000 530,000 160,000 1,200,000 – – – – – 2,240,000
– 1,276,731 790,063 160,000 1,200,000 334,003 6,384,138 10,789 57,549 796,838 11,010,111
* The Group has entered into interest rate swaps for borrowings of RM276,513,000 (equivalent to USD66.7 million) and RM5,010,034,000 (equivalent
to SGD1.6 billion).
33 LEASE LIABILITIES
Group
2022 2021
RM’000 RM’000
Due later than 1 year 1,882 740
Current liabilities
Due not later than 1 year 1,257 1,629
3,139 2,369
The underlying assets of the lease liabilities are included in property, plant and equipment in Note 15 to the financial
statements. Lease contracts are typically entered for fixed periods and the terms are negotiated on an individual basis and
contains a wide range of different terms and conditions. The maturity periods of the lease liabilities are disclosed in Note
39.4.2 to the financial statements.
33.1 Leases not included in lease liabilities

Lease liabilities do not include leases of low-value assets and short-term leases. Details of these leases which are
charged to profit or loss and included in cash flows from operating activities in the current financial year are as follows:
Group
2022 2021
RM’000 RM’000
Short-term leases 703 –

Leases of the low-value assets 329 178
1,032 178
34 DERIVATIVE FINANCIAL ASSETS/(LIABILITIES)

The Group’s derivative financial assets/(liabilities) are as follows:
Group
2022 2021
RM’000 RM’000
Derivative designated in hedging relationship
– IRS as cash flow hedge on a SGD denominated borrowing – (45,426)
Current assets/(liabilities)
– IRS as cash flow hedge on a USD denominated borrowing – (2,230)
– IRS as cash flow hedge on a SGD denominated borrowing 7,785 (79,304)
7,785 (81,534)

30 June 2022
34 DERIVATIVE FINANCIAL ASSETS/(LIABILITIES) (CONTINUED)

The details of the IRS are set out as below:
Commencement/
Maturity date Contract/Notional amount Interest rate
2022 2021
RM’000 RM’000
18 May 2017/ – 276,513 The Group pays a fixed interest rate of 2.95% per annum
1 December 2021 in exchange for receiving LIBOR plus a spread on the
outstanding principal amount as disclosed in Note 32 to
the financial statements.
3 December 2018/ 1,579,800 1,544,400 The Group pays a fixed interest rate of 3.00% per annum
8 March 2023 in exchange for receiving SOR plus a spread on the contract
amount as disclosed in Note 32 to the financial statements.
7 December 2018/ 631,920 617,760 The Group pays a fixed interest rate of 2.98% per annum
9 January 2019/ 947,880 926,640 The Group pays a fixed interest rate of 2.88% per annum
13 December 2019/ 1,579,800 1,544,400 The Group pays a fixed interest rate of 2.28% per annum
13 March 2020/ 385,471 376,834 The Group pays a fixed interest rate of 2.28% per annum
The settlement dates of the IRS coincide with the dates on which principal and interest are payable on the underlying
borrowing and settlement.
35 TRADE AND OTHER PAYABLES

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Non-current
Trade payables (Note 35.1) 55,936 38,903 – –
Current
Trade payables and accruals (Note 35.1) 905,151 887,896 – –
Other payables and accruals (Note 35.2) 211,382 192,969 964 925
1,116,533 1,080,865 964 925
35 TRADE AND OTHER PAYABLES (CONTINUED)

35.1 Trade payables and accruals
Group
2022 2021
RM’000 RM’000
Current
Trade payables 288,146 344,723
Accruals 545,733 488,740
Deposits 71,272 54,433
905,151 887,896
The Group’s non-current trade payables are in relation to security deposits received from tenants. The discounting
impact is immaterial.
Included in trade payables of the Group are retention monies of RM178,712,000 (2021: RM188,175,000). The retention
monies are repayable upon expiry of the defect liability period up to 24 months (2021: up to 24 months).
35.2 Other payables and accruals

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Current
Other payables 48,469 69,562 13 4
Accruals 162,913 123,407 951 921
211,382 192,969 964 925
36 CASH AND CASH EQUIVALENTS

Cash and cash equivalents at end of financial year comprise:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Short term funds (Note 27) 735,444 263,698 – 263,698

Deposits with financial institutions (Note 28) 510,576 277,082 186,732 100,695
Cash and bank balances (Note 29) 1,105,064 1,307,428 341,806 91,861
2,351,084 1,848,208 528,538 456,254

30 June 2022
37 SIGNIFICANT RELATED PARTY DISCLOSURES

37.1 Identities of related parties
Parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control the party
or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the
Group and the party are subject to common control or common significant influence. Related parties may be individuals
or other entities.
Related parties of the Group include:
i. Vertical Capacity Sdn. Bhd. (“VCSB”) is the immediate and ultimate holding company;
ii. Direct and indirect subsidiaries as disclosed in Note 43 to the financial statements;
iii. Direct and indirect subsidiaries of the ultimate holding company;
iv. Associate and joint ventures as disclosed in Note 43 to the financial statements;
v. Key management personnel which is the Directors and officers of the Company whom having authority and
responsibility for planning, directing and controlling the activities of the Group and of the Company directly or
indirectly; and
vi. Affiliates, companies in which the Directors who are also the substantial shareholders of the Company have
substantial shareholdings interest, including IOI Corporation Berhad and its subsidiaries.
37.2 Significant related party transactions

In addition to the transactions detailed elsewhere in the financial statements, the Group and the Company had
undertaken the following transactions with related parties during the financial year:
Group
2022 2021
RM’000 RM’000
Affiliates
Management services income 876 –
Property project management services 757 2,290
Rental income 4,635 4,777
Sales of plant and landscaping services 618 462
Sales of palm products 58,251 45,149
Agency fees expense (2,904) (2,169)
Management fee (4,623) (7,473)
Rental expenses (219) (179)
Associate
Dividend income – 45,109
Joint ventures
Interest income 9,527 7,574
Property project management services – 563
37 SIGNIFICANT RELATED PARTY DISCLOSURES (CONTINUED)

37.2 Significant related party transactions (continued)
In addition to the transactions detailed elsewhere in the financial statements, the Group and the Company had
undertaken the following transactions with related parties during the financial year: (continued)
Company
2022 2021
RM’000 RM’000
Subsidiaries
Dividend income 368,878 140,297
Interest income – 7,013
Management fees (547) (1,068)
The related party transactions described above were carried out on terms and conditions negotiated and agreed
between the parties.
Information regarding outstanding balances arising from related party transactions as at 30 June 2022 are disclosed in
Notes 19.2, 19.4, 21.3 and 25.1 to the financial statements.
37.3 Key management personnel compensation

The remuneration of key management personnel during the financial year is as follows:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Directors
Fees 1,280 1,200 1,280 1,200
Salaries and bonuses 13,505 11,581 116 110
Defined contribution plan 1,449 1,311 – –
Estimated monetary value of benefits-in-kind 241 234 – –
16,475 14,326 1,396 1,310
Officers
Salaries and bonuses 6,513 5,878 – –
Defined contribution plan 770 703 – –
Estimated monetary value of benefits-in-kind 79 44 – –
7,362 6,625 – –
23,837 20,951 1,396 1,310

30 June 2022
38 CAPITAL MANAGEMENT
The primary objective of the Group’s capital management is to ensure that entities of the Group are able to continue as going
concern while maximising the return to shareholders through the optimisation of the debt and equity mix.
The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. Capital of
the Group comprises equity and borrowings. To maintain or adjust the capital structure, the Group may adjust the dividend
payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives,
policies or processes during the financial years ended 30 June 2022 and 30 June 2021.
The Group uses the gearing ratio to assess the appropriateness of its debt level. The ratio is calculated as total debt divided
by equity attributable to owners of the Company.
Group
2022 2021
RM’000 RM’000
Borrowings (Note 32) 16,816,658 11,010,111

Less: Cash and cash equivalents (Note 36) (2,351,084) (1,848,208)
Net debt 14,465,574 9,161,903
Equity 20,452,612 19,558,369
Gearing ratio 0.71 0.47
The Group is subject to certain externally imposed requirements in the form of loan covenants. The Group monitors gearing
ratios and compliance with loan covenants based on the terms of the respective loan agreements. The Group and the
Company have complied with loan covenants during and as at the financial year.
39 FINANCIAL INSTRUMENTS
Financial risk management objectives and policies
The Group’s activities expose it to a variety of financial risks such as market risk (including foreign currency exchange risk and
interest rate risk), credit risk and liquidity and cash flow risk. The Group’s overall financial risk management objective is to
ensure that the Group creates value for its shareholders whilst minimising potential adverse effects on the financial
performance of the Group. Financial risk management is carried out through risk reviews, internal control systems, insurance
programmes and adherence to the Group’s financial risk management policies. The management regularly reviews these
risks and approves the treasury policies, which covers the management of these risks.
39 FINANCIAL INSTRUMENTS (CONTINUED)

39.1 Foreign currency risk
The Group operates internationally and is exposed to various currencies, mainly Singapore Dollar (“SGD”) and US Dollar
(“USD”). Foreign currency denominated assets and liabilities give rise to foreign currency exposures.
The Group’s foreign currency risk management objective is to minimise foreign currency exposure that gives rise to
economic impact, both at transaction and reporting period translation levels.
39.1.1 Risk management approach

The Group maintains a natural hedge, whenever possible, by borrowing in the currency of the country, in
which the property or investment is located or by borrowing in currencies that match the future revenue
stream to be generated from its investments.
When necessary, CCIRS is used to hedge the volatility in the cash flow attributable to variability in the foreign
currency denominated borrowings from the inception to maturity of the borrowings.
Foreign currency exposures in transactional currencies other than functional currencies of the operating
entities are kept to an acceptable level.
39.1.2 Foreign currency risk exposure

The Group and the Company are not exposed to significant foreign currency risk as the majority of the Group’s
and the Company’s transactions, assets and liabilities are denominated in the functional currencies of the
respective entities within the Group except for the SGD deposits, USD deposits, USD borrowings and
intercompany advances.
As defined by MFRS 7 ‘Financial Instruments: Disclosure’, currency risks arise on account of monetary assets
and liabilities being denominated in a currency that is not the functional currency.
As at 30 June 2022, the Group’s and the Company’s net monetary assets/(liabilities) are as tabled below.
The effects to the Group’s and the Company’s profit before tax, had these foreign currencies denominated net
monetary assets/(liabilities) strengthened by 5% against RM, are as follows:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Net monetary assets/(liabilities) denominated in

– USD 416 (270,596) 117 122
– SGD 211,174 217,136 186,972 188,608
Increase/(Decrease) in profit or loss if the

currency had strengthened by 5% (2021: 5%)
– USD 21 (13,530) 6 6
– SGD 10,559 10,857 9,349 9,430
Net exposure 10,580 (2,673) 9,355 9,436
Except as disclosed above, other foreign currency exchange risks exposures are not material and did not have
any significant impact on the financial statements of the Group and of the Company as at 30 June 2022, hence
sensitivity analysis is not presented.

30 June 2022

39.2 Interest rate risk
The Group’s interest rate risk arises from its interest-bearing financial instruments that could impact fair value and
future cash flows due to fluctuation in market interest rates.
The Group’s objective on interest rate risk management is to achieve a balance in repricing risks and the optimisation
of its cost of funds whilst ensuring sufficient liquidity to meet funding needs.

The Group actively reviews its debt portfolio, taking into account the nature and requirements of its businesses
as well as the current business and economic environment. This strategy allows it to achieve an optimum cost
of capital whilst locking in long term funding rates for long term investments.
Funds held for liquidity purposes and temporary surpluses are placed in short term interest-bearing financial
instruments.
39.2.2 Interest rate risk exposure

The exposure of the Group to interest rate risk on financial assets arises primarily from cash held in Housing
Development Accounts, short term deposits with financial institutions and investments in fixed income trust
funds. The Group considers the risk of significant changes to interest rates on those deposits to be unlikely.
The exposure of the Group to interest risk on financial liabilities arises primarily from its borrowings and loans.
The Group manages its interest rate exposure by monitoring a mix of fixed and floating rate borrowings. The
Group also entered into IRS to hedge the floating rate interest payable on borrowings as disclosed in Note 34
to the financial statements.
As at 30 June 2022, after taking into account the effect of IRS, the borrowings of the Group of RM7,962,784,000
(2021: RM2,296,770,000) are at floating interest rates.
As at 30 June 2022, the net amounts due to subsidiaries of the Company of RM322,582,000 (2021:
RM361,292,000) are at floating interest rates.
39.2.3
Sensitivity analysis
Sensitivity analysis on interest rate is applied on floating rate financial instruments only, as the carrying amount
of fixed rate financial instruments are measured at amortised cost.
A 50 basis points movement in interest rates of the borrowings would increase or decrease the additions to
land held for property development, property development costs, property, plant and equipment and
investment properties arising from capitalised borrowing costs of the Group by approximately RM39,814,000
(2021: RM11,484,000). The interest expense would be charged to profit or loss based on percentage of
completion method. The interest rate risk exposure to the profit or loss is deemed immaterial to the Group,
hence sensitivity analysis is not presented.
A 50 basis points movement in interest rates of the net amounts due to subsidiaries would decrease or increase
the profit or loss of the Company by approximately RM1,613,000 (2021: RM1,806,000).

39.3 Credit risk
The Group’s credit risk exposure is mainly related to external counter-party credit risk on monetary financial assets and
trade credits. Credit risk is managed at the business unit level, but macro group-wide policies on the granting of credit
and credit control are issued and monitored centrally, such as those relating to credit risk concentration, adequacy of
formal credit rating and evaluation of counter parties, credit impairment and unit level credit control performance.
The Group’s objective on credit risk management is to avoid significant exposure to any individual customer or counter
party and to minimise concentration of credit risk.

Credit risk or financial loss from the failure of customers or counter parties to discharge their financial and
contractual obligations from trade credits is managed through the application of credit approvals, credit limits,
insurance programmes and monitoring procedures on an on-going basis. If necessary, the Group may obtain
collateral from counter parties as a mean of mitigating losses in the event of default.
The Group’s credit risk varies with the different classes of counter-parties as outlined below:
(i) Property
Generally, property units sold are progressively invoiced and settled by end-buyers’ financiers posing
minimal credit risk. Property investment, hospitality and leisure segments for which sales are generally
cash settled; and the rental property sub-segment which poses a certain degree of collection risk in
correlation with the macroeconomic environment.
Policies and procedures
(a) Tail-end progress billings on property units sold that serve as retention sum are closely monitored
and claimed upon expiry of defect liability period;
(b) Credit granted for corporate clients in the hospitality segment are duly assessed and selectively
approved with established limits;
(c) All tenants of its investment properties are subjected to deposits requirement averaging one (1) to
five (5) months rental; and
(d) Credit exposure is monitored on limits and aging, managed and reviewed periodically. Debtors with
emerging credit problems are identified early and remedial actions are taken promptly to minimise
further exposure and to restore past due status.
Collateral and credit enhancement
In general, a combination of:
(a) Title retention and conveyance on clearance for property development;
(b) Security deposits for rental segment; and
(c) Cash deposits/advance for hospitality segment.


30 June 2022

39.3 Credit risk (continued)
39.3.1 Risk management approach (continued)
(ii) Financial institutions and exchanges
The Group places its working capital and surplus funds in current accounts, money market, time-deposits
with financial institutions; and investment in fixed income trust fund managed by licensed financial
institutions. Beyond the minimal deposit guarantee offered by certain sovereign nation’s deposit
insurance schemes, the Group is exposed to a degree of counter-parties’ credit risk in times of severe
economic or financial crisis.
Policies and procedures
(a) Funds are mainly placed with licensed financial institutions with credit rating of “A- and above”; and
(b)
Funds placements are centrally monitored, and where applicable are spread out based on
location need.
Collateral and credit enhancement
In general, a combination of:
(a) National deposit insurance; and
(b) Fidelity guarantee.
In general, all business units of the Group have a comprehensive policy that governs the need for formal
credit rating system and evaluation on counter parties prior to any contractual arrangement that would
result in credit risk exposure. Besides exposure amount, credit risk is also measured and monitored by
way of credit quality segregation, past due aging analysis, and limits breach alerts.
39.3.2 Credit risk exposures and concentration

(i) Exposure to credit risk – trade and other receivables and contract assets
The Group does not have any significant credit risk from its property development activities as sale of
development properties are made to large number of property purchasers with end financing facilities
from reputable end-financiers, and the ownership and rights to the properties revert to the Group in the
event of default.
Credit risk arising from the Group’s property investment segment is limited as all tenants of its investment
properties are subjected to security deposits requirement averaging one (1) to five (5) months rental.
The other receivables and contract assets impairment are assessed individually to determine whether
there was objective evidence that an impairment had been incurred but not yet identified. The Group’s
other receivables mainly comprise of Goods and Services Tax, Value Added Tax and deposits placed with
utilities companies and local authorities. The Group applies the 3-stage approach, which utilises three
(3) categories (performing, under-performing and non-performing) to reflect the credit risk and how loss
allowance is determined for each of the categories. The Group has determined that the other receivables
are performing, and there is no indication that the amounts are not collectible and therefore the ECL
allowance is immaterial.

39.3.2 Credit risk exposures and concentration (continued)
(ii) Exposure to credit risk - cash and cash equivalents
Credit risk from cash and cash equivalents is generally low as the counter-parties involved are reputable
financial institutions.
(iii) Exposure to credit risk – related party balances
Credit risk with respect to amounts due from joint ventures and subsidiaries are assessed to be low as
the significant amounts due are from companies which have sufficient liquid assets to repay the loan
if demanded. Hence, the impact of ECL is immaterial.
At the end of the reporting period, the maximum exposure of the Group and of the Company to credit risk
is represented by the carrying amount of each class of financial assets recognised on the statement of
financial position.
Credit risk concentration profile
Concentrations of credit risk with respect of trade and other receivables are limited due to the Group’s large
number of customers, who are dispersed over a broad spectrum of industries and businesses.
The credit risk concentration of the Group is mainly in the “receivables” class of assets, except for non-
refundable deposits, prepayments, contract costs, goods and services tax and value added tax, and this is
further analysed below to reveal the credit risk concentration by geographic location and business segment.
Hospitality
Property Property & leisure
Group development investment and others Total
RM’000 % RM’000 % RM’000 % RM’000 %
2022
Malaysia 119,304 85% 17,884 35% 8,168 83% 145,356 72%
Asia (excluding Malaysia) 21,684 15% 33,621 65% 1,691 17% 56,996 28%
140,988 100% 51,505 100% 9,859 100% 202,352 100%
2021
Malaysia 171,768 52% 31,270 99% 8,705 91% 211,743 57%
Asia (excluding Malaysia) 161,508 48% 258 1% 875 9% 162,641 43%
333,276 100% 31,528 100% 9,580 100% 374,384 100%

30 June 2022

39.3.2 Credit risk exposures and concentration (continued)
The following table provides information about the Group’s and the Company’s exposure of credit risk and
expected credit losses for trade and other receivables (excluding non-refundable deposits, prepayments,
contract costs, goods and services tax and value added tax) and contract assets as at 30 June 2022 and
30 June 2021 which are grouped together as they are expected to have similar risk nature.
Past due
Not Less than Between 91 More than
past due 90 days to 120 days 120 days Total
2022
Trade and other receivables 170,865 17,104 – 26,833 43,937
Contract assets 177,756 – – – –
Amounts due from joint ventures 414,663 – – – –
763,284 17,104 – 26,833 43,937
Individual impairment – – – (12,450) (12,450)
Net total 763,284 17,104 – 14,383 31,487
2021
Trade and other receivables 292,260 50,902 – 42,497 93,399
Contract assets 162,723 – – – –
Amounts due from joint ventures 538,551 – – – –
993,534 50,902 – 42,497 93,399
Individual impairment – – – (11,275) (11,275)
Net total 993,534 50,902 – 31,222 82,124
Company
2022 2021
RM’000 RM’000
Not past due
Trade and other receivables 268 15,590

Amounts due from subsidiaries 544 5
Net total 812 15,595

39.4 Liquidity and cash flow risk
Liquidity and cash flow risk arise when financial resources are insufficient to meet financial obligations as and when
they fall due, or have to be met at excessive cost.
As at 30 June 2022, the Group’s exposure to liquidity risk primarily arose from bank borrowings with total outstanding
amount of RM13,485,923,000 for which the repayment is due within 12 months from the end of the current financial
year. In order to meet this repayment obligation in the next 12 months from the end of the current financial year, the
Group has put in place the following financing plans:
a) The Group successfully tendered for a development land in Singapore on 29 September 2021. A short term loan
of RM5,491,625,000 was utilised for the said acquisition, maturing on 4 October 2022. As part of the loan
agreement, the Group is required to put in place a long term refinancing plan prior to the maturity. Subsequent
to the financial year end, the Group obtained approval for an extension of up to 12 months from October 2022 to
October 2023 from the consortium of lenders for the maturity date of the outstanding short term loan.
Concurrently, the Group has been working with the consortium of lenders on the overall long term refinancing
plan which was already envisaged as part of the terms of the current short term loan obtained, as disclosed
above. At this juncture, the Directors do not foresee any adverse circumstances to restructure the short term
loan into a long term loan, in line with the expected project development period given that the Group’s solid
historical track record.
b) Subsequent to the financial year end, the Group obtained approval for an extension of 18 months for repayment
of two outstanding term loans totalling RM6,561,057,000 from March 2023 to September 2024. This extension is
in line with the 18-month extension of the project completion period granted by the Urban Redevelopment
Authority of Singapore on 29 June 2021.
c) The Group has a term loan of RM918,820,000 due in the next 12 months, utilised for financing the development
projects in China. The Group is finalising the terms of the re-financing with existing lenders and is expected to
complete the re-financing before the maturity of the said term loan.
d) As for the remaining borrowings of RM514,421,000, the Group has sufficient internally generated funds to
repay these facilities.
Based on above mentioned financing plans of the Group, the Directors are of the opinion that the Group’s exposure
to liquidity risk is appropriately mitigated.

The Group leverages on IOI Properties Group Berhad (“IOIPG”) as the public listed parent company whereby
treasury related activities are centralised and where the optimal weighted average costs of funds is managed.
The Company, as a parent company plays a central liquidity management role where the Group’s longer term
funding requirements are managed based on business and liquidity needs, whilst the day-to-day operational
liquidity needs are decentralised at the business unit level. The Group practises an arm’s-length market based
policy with regard to funding costs.
The Group actively manages its debt maturity profile, operating cash flows and the availability of funding so as
to ensure all operating, investing and financing needs are met. To mitigate liquidity risk, management measures
and forecasts its cash commitments, monitors and maintains a level of cash and cash equivalents deemed
adequate to finance the Group’s operations and investment activities. In addition, the Group strives to maintain
available banking facilities at a reasonable level against its overall debt position. As at 30 June 2022, the Group
has undrawn debt facilities of RM9,115,559,000 (2021: RM10,503,950,000).

30 June 2022

39.4 Liquidity and cash flow risk (continued)
39.4.1 Risk management approach (continued)
The Group manages its liquidity risk with a combination of the following methods:
(i) Maintain a balanced contractual maturity profile of financial assets to meet financial liabilities (particularly
on near and immediate term maturity);
(ii) Maintain a diversified range of funding sources with adequate back-up facilities;
(iii) Maintain debt financing and servicing plan; and
(iv) Maintain medium to long term cash flow planning incorporating funding positions and requirements of
all its subsidiaries.
As a group’s policy, all business units conform to the following processes in ensuring its liquidity profiles are
balanced and that all its obligations can be met when due:
(i) Perform annual cash flow budgeting and medium term cash flow planning, in which the timing of
operational cash flows and its resulting surplus or deficit are reasonably determined. The aggregation of
these allows for an overview of the Group’s forecast cash flow and liquidity position, which in turn
facilitates further consolidated cash flow planning;
(ii) Manage contingent liquidity commitment and exposures;
(iii) Monitor liquidity ratios against internal thresholds;
(iv) Manage working capital for efficient use of funds and optimise cash conversion cycle; and
(v) Manage concentration and maturity profile of both financial and non-financial liabilities.
39.4.2 Liquidity risk exposure

The following table details the maturity profile of the Group’s and of the Company’s financial liabilities at the
end of the reporting period based on contractual undiscounted repayment obligations:
Less than 1-2 2-3 3-4 More than

1 year years years years 4 years Total
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2022
Trade and other payables* 1,116,012 55,936 – – – 1,171,948
Borrowings 13,778,706 916,757 595,350 1,711,033 342,620 17,344,466
Lease liabilities 1,395 1,714 119 6 – 3,234
14,896,113 974,407 595,469 1,711,039 342,620 18,519,648
2021
Trade and other payables* 1,072,099 38,903 – – – 1,111,002
Borrowings 649,497 7,925,403 893,720 294,526 2,040,279 11,803,425
Lease liabilities 1,640 587 91 73 – 2,391
Derivative financial liabilities 81,654 45,664 – – – 127,318
1,804,890 8,010,557 893,811 294,599 2,040,279 13,044,136
* Includes retention monies of RM178,712,000 (2021: RM188,175,000) which are repayable within the normal operating cycle i.e. upon
expiry of the defect liability period of up to 24 months (2021: up to 24 months).

39.4 Liquidity and cash flow risk (continued)
39.4.2 Liquidity risk exposure (continued)
The following table details the maturity profile of the Group’s and of the Company’s financial liabilities at the
end of the reporting period based on contractual undiscounted repayment obligations: (continued)
Less than 1-2 2-3 3-4 More than

1 year years years years 4 years Total
Company RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2022
Amounts due to subsidiaries 373,159 13,221 – – – 386,380
Trade and other payables 964 – – – – 964
374,123 13,221 – – – 387,344
2021
Amounts due to subsidiaries 308,518 5,027 104,769 – – 418,314
Trade and other payables 925 – – – – 925
309,443 5,027 104,769 – – 419,239
39.5 Fair values

(a) Methods and assumptions used to estimate fair value
The fair values of financial assets and financial liabilities are determined as follows:
(i) Financial instruments that are not carried at fair value and whose carrying amounts are reasonable
approximation of fair value.
Except as otherwise disclosed, the carrying amounts of the current financial assets and liabilities are
disclosed at reasonable approximation of its fair value due to their short term nature.
(ii) Fixed rate borrowings
The fair value of these financial instruments are estimated by discounting expected future cash flows at
market incremental lending rate for similar types of borrowing at the end of each reporting period.
(b) Fair value hierarchy
Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical
assets or liabilities.
Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1
that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal
and interest cash flows, discounted at the market rate of interest at the end of the reporting period.
Level 3 fair value measurements are those derived from inputs for the asset or liability that are not based on
observable market data (unobservable inputs).

30 June 2022

39.5 Fair values (continued)
(b) Fair value hierarchy (continued)
The following tables set out the financial instruments carried at fair value and those not carried at fair value for
which fair value is disclosed, together with their fair values and carrying amounts shown in the statement of
financial position.
Fair value of financial instruments Fair value of financial instruments

carried at fair value not carried at fair value Total
fair Carrying
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total value amount
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2022
Financial assets
Amortised costs
– Amounts due from
joint ventures – – – – – 414,663 – 414,663 414,663 414,663
Fair value through
profit or loss
– Short term funds 735,444 – – 735,444 – – – – 735,444 735,444
– Derivative
financial assets – 7,785 – 7,785 – – – – 7,785 7,785
735,444 7,785 – 743,229 – 414,663 – 414,663 1,157,892 1,157,892
carried at
amortised costs
– Borrowings – – – – – 16,720,746 – 16,720,746 16,720,746 16,816,658
– Trade and
other payables – – – – – 55,936 – 55,936 55,936 55,936
– – – – – 16,776,682 – 16,776,682 16,776,682 16,872,594

financial position. (continued)

fair Carrying
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2021
Financial assets
Amortised costs
– Amounts due from
joint ventures – – – – – 515,182 – 515,182 515,182 515,182
Fair value through
profit or loss
– Short term funds 263,698 – – 263,698 – – – – 263,698 263,698
263,698 – – 263,698 – 515,182 – 515,182 778,880 778,880
carried at
amortised costs
– Borrowings – – – – – 11,004,386 – 11,004,386 11,004,386 11,010,111
– Trade and
other payables – – – – – 38,903 – 38,903 38,903 38,903
Fair value through
profit or loss
– Derivative financial
liabilities – 126,960 – 126,960 – – – – 126,960 126,960
– 126,960 – 126,960 – 11,043,289 – 11,043,289 11,170,249 11,175,974

30 June 2022

financial position. (continued)

fair Carrying
Company RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2022
carried at
amortised costs
– Amount due to
a subsidiary – – – – – 12,582 – 12,582 12,582 12,582
– – – – – 12,582 – 12,582 12,582 12,582
2021
Financial assets
Fair value through
profit or loss
– Short term funds 263,698 – – 263,698 – – – – 263,698 263,698
263,698 – – 263,698 – – – – 263,698 263,698
carried at
amortised costs
– Amount due to
a subsidiary – – – – – 99,742 – 99,742 99,742 99,742
– – – – – 99,742 – 99,742 99,742 99,742

39.6 Classification of financial instruments
The financial assets and liabilities are classified into the following categories after initial recognition for the purpose of
subsequent measurement:
Fair value
Amortised through
costs profit or loss Total
Financial assets RM’000 RM’000 RM’000
Group
2022
Trade and other receivables, net of goods and services tax,
non-refundable deposits and prepayments 202,352 – 202,352
Amounts due from joint ventures 414,663 – 414,663
Short term funds – 735,444 735,444
Deposits with financial institutions 510,576 – 510,576
Cash and bank balances 1,105,064 – 1,105,064
Derivative financial assets – 7,785 7,785
2,232,655 743,229 2,975,884
2021
Trade and other receivables, net of goods and services tax,
non-refundable deposits and prepayments 374,384 – 374,384
Amounts due from joint ventures 538,551 – 538,551
Cash and bank balances 1,307,428 – 1,307,428
2,497,445 263,698 2,761,143

30 June 2022

39.6 Classification of financial instruments (continued)
subsequent measurement: (continued)
Fair value
Amortised through
costs profit or loss Total
Financial assets RM’000 RM’000 RM’000
Company
2022
Trade and other receivables, net of prepayments 268 – 268
Amounts due from subsidiaries 544 – 544
Cash and bank balances 341,806 – 341,806
529,350 – 529,350
2021
Trade and other receivables, net of prepayments 15,590 – 15,590
Amount due from a subsidiary 5 – 5
Cash and bank balances 91,861 – 91,861
208,151 263,698 471,849

39.6 Classification of financial instruments (continued)
subsequent measurement: (continued)
Financial Fair value

liabilities at through
amortised costs profit or loss Total
Financial liabilities RM’000 RM’000 RM’000
Group
2022
Borrowings 16,816,658 – 16,816,658
Trade and other payables* 1,171,948 – 1,171,948
Lease liabilities 3,139 – 3,139
17,991,745 – 17,991,745
2021
Borrowings 11,010,111 – 11,010,111
Trade and other payables* 1,111,002 – 1,111,002
Derivative financial liabilities – 126,960 126,960
Lease liabilities 2,369 – 2,369
12,123,482 126,960 12,250,442
Company
2022
Trade and other payables 964 – 964
Amounts due to subsidiaries 379,234 – 379,234
380,198 – 380,198
2021
Trade and other payables 925 – 925
Amounts due to subsidiaries 402,898 – 402,898
403,823 – 403,823
* Excludes goods and services tax.


30 June 2022
40 COMMITMENTS
40.1 Capital commitments
Group
2022 2021
RM’000 RM’000
Authorised capital expenditure not provided for in the financial statements

– Contracted
Additions of land held for property development 81,359 81,359
Additions of property, plant and equipment 177,354 221,820
Additions of investment properties 1,197,192 1,486,246
1,455,905 1,789,425
40.2 Operating lease commitments

40.2.1 The Group as lessor
The future minimum lease payments receivable under operating leases contracted for as at end of reporting
period but not recognised as receivables are as follows:
Group
2022 2021
RM’000 RM’000
Not later than one (1) year 332,186 244,200

One (1) year to two (2) years 235,729 199,532
Two (2) years to three (3) years 130,042 118,011
Three (3) years to four (4) years 51,037 65,846
Four (4) years to five (5) years 26,717 32,009
More than five (5) years 103,900 117,452
879,611 777,050
The Group entered into non-cancellable operating lease agreements on its investment properties and unsold
properties. These leases have remaining non-cancellable lease terms of between one (1) to twenty (20) years
(2021: one (1) to fifteen (15) years).
41 SIGNIFICANT EVENT DURING THE FINANCIAL YEAR

Acquisition of a leasehold land at Marina View in the Republic of Singapore (“Singapore”)
On 29 September 2021, Boulevard View Pte Ltd (“BVPL”), a wholly-owned subsidiary of the Company has successfully
tendered a parcel of leasehold land measuring approximately 7,817.6 square metres at Marina View, Singapore for a
consideration of SGD1,508,000,101 from the Urban Redevelopment Authority (“URA”), acting as agent for and on behalf of
the Government of Singapore.
BVPL had on 27 October 2021 obtained URA’s approval to appoint its wholly-owned subsidiaries, Boulevard Development
Pte Ltd (“BDPL”) and Boulevard Midtown Pte Ltd (“BMPL”) to jointly carry out the development on the land parcel and sign
the building agreement. BDPL and BMPL had entered into a building agreement with the collector of Land Revenue on
behalf of the President of Singapore for the grant of a lease in relation to the land for a term of 99 years.
Pursuant to the terms and conditions of the Land Tender, the Land Tender was deemed completed on 27 December 2021.
42 SEGMENTAL INFORMATION
The Group has four (4) reportable operating segments that are organised and managed separately according to the nature
of products and services, specific expertise and technological requirements, which require different business and marketing
strategies. The reportable segments are summarised as follows:
Property development Development of residential, commercial and industrial properties
Property investment Investments in shopping malls, office buildings, office complexes and other properties
Hospitality and leisure Management and operation of hotels, resorts, golf course and amusement park
Other operations Project and building services management, landscape services and other operations which
are not sizeable to be reported separately
The Group’s chief operating decision maker monitors the operating results of its business units separately for the purpose
of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on
operating profit or loss which, in certain aspects as explained in the table below, is measured differently from operating profit
or loss in the consolidated financial statements. The Group’s financing (including interest expense) and income taxes are
managed on a group basis and are not allocated to operating segments.
The transactions between segments are carried out on terms and conditions negotiated and agreed between the parties.
Segment assets exclude current tax assets, deferred tax assets, derivative financial assets and assets used primarily for
corporate purposes such as goodwill on consolidation, short term funds and deposits with financial institutions.
Segment liabilities exclude current tax liabilities, deferred tax liabilities, borrowings and derivative financial liabilities that are
managed under centralised treasury function.
Details are provided in the reconciliations from segment assets and liabilities to the Group position.

30 June 2022
42 SEGMENTAL INFORMATION (CONTINUED)

Property Property Hospitality Other
development investment & leisure operations Elimination Total
2022 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Revenue
External 2,101,915 364,247 113,094 11,076 – 2,590,332
Inter-segment – 6,059 – 140,662 (146,721) –
Total revenue 2,101,915 370,306 113,094 151,738 (146,721) 2,590,332
Results
Segment operating profit/(loss) 901,803 160,929 (29,194) 6,289 – 1,039,827
Property development costs
written down (171,215) – – – – (171,215)
Fair value gain on investment
properties – 48,924 – – – 48,924
Share of result of an associate 2,124 – – – – 2,124
Share of results of joint ventures 115,806 72,227 (23,292) – – 164,741
Profit before interest and taxation 848,518 282,080 (52,486) 6,289 – 1,084,401

development investment & leisure operations Total
2022 RM’000 RM’000 RM’000 RM’000 RM’000
Assets
Operating assets 14,160,073 16,647,877 2,596,941 130,632 33,535,523
Interest in an associate 53,673 – – – 53,673
Interests in joint ventures 2,362,417 1,563,977 463,758 – 4,390,152
Segment assets 16,576,163 18,211,854 3,060,699 130,632 37,979,348
Liabilities
Segment liabilities 892,781 305,723 42,614 36,489 1,277,607
Other information
Capital expenditure 3,938,878 651,381 1,493,247 27 6,083,533
Depreciation and amortisation 6,825 12,038 30,809 70 49,742
Non-cash items other than depreciation
and amortisation 170,468 (49,301) 61 (1,724) 119,504

development investment & leisure operations Elimination Total
2021 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Revenue
External 2,109,585 286,690 83,565 8,771 – 2,488,611
Inter-segment – 4,224 – 135,080 (139,304) –
Total revenue 2,109,585 290,914 83,565 143,851 (139,304) 2,488,611
Results
Segment operating profit/(loss) 790,063 129,512 (29,815) 4,341 – 894,101
Property development costs
written down (108,852) – – – – (108,852)
Fair value loss on investment
properties – (71,061) – – – (71,061)
Share of result of an associate 34,973 – – – – 34,973
Share of results of joint ventures 243,360 36,441 (30,220) – – 249,581
Profit before interest and taxation 959,544 94,892 (60,035) 4,341 – 998,742
Included in the Group’s share of results of joint ventures is reversal of write down value of a development properties in
Singapore of RM136,224,000.

development investment & leisure operations Total
2021 RM’000 RM’000 RM’000 RM’000 RM’000
Assets
Operating assets 11,844,935 15,296,242 989,693 7,545 28,138,415
Interest in an associate 51,549 – – – 51,549
Interests in joint ventures 2,298,528 1,577,707 557,972 – 4,434,207
Segment assets 14,195,012 16,873,949 1,547,665 7,545 32,624,171
Liabilities
Segment liabilities 915,737 368,424 21,244 3,414 1,308,819
Other information
Capital expenditure 180,195 714,176 61,543 209 956,123
Depreciation and amortisation 6,777 10,715 24,880 92 42,464
Non-cash items other than depreciation
and amortisation 108,636 74,498 74 – 183,208

30 June 2022

Reconciliation of reportable segment revenue, profit or loss, assets and liabilities to the Group’s corresponding amounts are
as follows:
Group
2022 2021
RM’000 RM’000
Profit or loss
Profit before interest and taxation 1,084,401 998,742
Interest income 42,962 34,729
Interest expense (34,602) (300)
Net foreign currency translation gain/(loss) on:
– borrowings 4,273 46,122
– deposits 5,739 (1,293)
Profit before taxation 1,102,773 1,078,000
Taxation (414,704) (414,687)
Profit after taxation 688,069 663,313
Assets
Segment assets 37,979,348 32,624,171
Unallocated corporate assets 1,522,021 808,735
Total assets 39,501,369 33,432,906
Liabilities
Segment liabilities 1,277,607 1,308,819
Unallocated corporate liabilities 17,613,192 12,405,379

Geographical segments
The Group’s major businesses operate in the following principal geographical areas:
Malaysia Development of residential, commercial and industrial properties.

Investments in shopping mall, office building and other properties.
Management and operation of hotels, resorts, golf course and amusement park.
Project and building management services, landscape services and other operations.
Singapore Development of residential and commercial properties.

Investments in retail, hotel and office building.
PRC Development of residential and commercial properties.

Investments in shopping mall, hotel and office building.
Management and operation of amusement park.
Malaysia PRC Singapore Total

RM’000 RM’000 RM’000 RM’000
2022
Revenue from external customers by location of customers 1,957,932 632,400 – 2,590,332
Segment operating profit/(loss) 725,558 333,168 (18,899) 1,039,827
Non-current assets^ 11,031,844 1,369,268 19,537,411 31,938,523
2021
Revenue from external customers by location of customers 1,594,670 879,147 14,794 2,488,611
Segment operating profit/(loss) 520,976 376,949 (3,824) 894,101
Non-current assets^ 10,565,928 1,191,464 13,809,724 25,567,116
^ Excluding financial assets, deferred tax assets and goodwill on consolidation.

There is no single external customer from which the revenue generated exceeded 10% of the Group’s revenue.

30 June 2022
43 LIST OF SUBSIDIARIES, ASSOCIATE AND JOINT VENTURES

The subsidiaries, associate and joint ventures incorporated in Malaysia except otherwise stated, are as follows:
Effective Group Interest

2022 2021
Name of Company % % Principal Activities
Direct Subsidiaries
Boulevard View Pte. Ltd.* 100.0 100.0 Investment holding
(Incorporated in Singapore)
Bukit Kelang Development Sdn. Bhd. 100.0 100.0 Property development and cultivation of
plantation produce
Club IOI Loyalty Sdn. Bhd. 100.0 100.0 Provision of management loyalty
programme services
Fortune Growers Sdn. Bhd. 100.0 100.0 Property development and cultivation of
plantation produce
Fortune Premiere Sdn. Bhd. 100.0 100.0 Provision of treasury services
IOIPG Capital Sdn. Bhd. 100.0 100.0 Provision of treasury management services
IOI Business Hotel Sdn. Bhd. 100.0 100.0 Provision of hotel and hospitality services
IOI City Mall Sdn. Bhd. 100.0 100.0 Property investment, property management
and investment holding
IOI Consolidated (Singapore) Pte. Ltd.* 100.0 100.0 Investment holding
IOI Materials Trading Sdn. Bhd. 100.0 100.0 Trading of construction materials
IOI Properties Berhad 99.9 99.9 Property development, property investment
IOI Properties Empire Sdn. Bhd. 100.0 100.0 Property development and property investment
IOIP Capital Management Sdn. Bhd. 100.0 100.0 Provision of treasury management services
Mayang Development Sdn. Bhd. 100.0 100.0 Property development, property investment
Nice Skyline Sdn. Bhd. 99.9 99.9 Property development, investment holding
and cultivation of plantation produce
Novel Vortex Limited** 100.0 100.0 Provision of treasury services
(Incorporated in the British Virgin Islands)
Nusa Properties Sdn. Bhd. 100.0 100.0 Property development and property investment
Palmex Industries Sdn. Bhd. 100.0 100.0 Property development
PMX Bina Sdn. Bhd. 100.0 100.0 General contractor for the construction of
real estate
Premier Landmark Limited# 100.0 100.0 Investment holding
(Incorporated in Hong Kong)
Progressive View Pte. Ltd.* 100.0 100.0 Investment holding
Resort Villa Development Sdn. Bhd. 100.0 100.0 Property investment and provision of hotel
and hospitality services
Resort Villa Golf Course Berhad 100.0 100.0 Property investment and management of a
golf club known as Palm Garden Golf Club
43 LIST OF SUBSIDIARIES, ASSOCIATE AND JOINT VENTURES (CONTINUED)

The subsidiaries, associate and joint ventures incorporated in Malaysia except otherwise stated, are as follows: (continued)

2022 2021
Direct Subsidiaries (continued)

Resort Villa Golf Course Development 100.0 100.0 Provision of hotel and hospitality services
Sdn. Bhd.
Wealthy Link Pte. Ltd.* 100.0 100.0 Property investment
Emerald Property Services Sdn. Bhd. 100.0 100.0 Provision of management services
Vital Initiative Limited# 100.0 100.0 Investment holding
Subsidiaries of IOI Properties Berhad
Cahaya Kota Development Sdn. Bhd. 99.9 99.9 Property development, property investment
Commercial Wings Sdn. Bhd. 99.9 99.9 Property investment
Dynamic Management Sdn. Bhd. 99.9 99.9 Property development, investment holding
and provision of management services
Flora Development Sdn. Bhd. 99.9 99.9 Property development and property investment
Flora Horizon Sdn. Bhd. 99.9 99.9 Property development and cultivation of
plantation produce
Hartawan Development Sdn. Bhd.@ – 99.9 Property development and cultivation of
plantation produce
IOI Harbour Front Sdn. Bhd. 99.9 99.9 Property development and property investment
IOI Landscape Services Sdn. Bhd. 99.9 99.9 Landscape services, sale of ornamental plants
and turfing grass
IOI Land Singapore Pte. Ltd.* 99.9 99.9 Investment holding
IOI Lavender Sdn. Bhd. 99.9 99.9 Property development and property investment
IOI Medini Sdn. Bhd. 99.9 99.9 Property development and property investment
IOI Medini Management Sdn. Bhd. 99.9 99.9 Provision of management services
IOI Mulberry Sdn. Bhd. 99.9 99.9 Property development and property investment
IOI PFCC Hotel Sdn. Bhd. 99.9 99.9 Provision of hotel and hospitality services
IOI Prima Property Sdn. Bhd. 99.9 99.9 Property development and property investment
IOI Properties (Singapore) Pte. Ltd. *
99.9 99.9 Property investment and investment holding
Jutawan Development Sdn. Bhd. 89.9 89.9 Property development and property investment
Knowledge Vision Sdn. Bhd. 99.9 99.9 Property development and property investment
Multi Wealth (Singapore) Pte. Ltd. *
99.9 99.9 Investment holding
Palmy Max Limited# 99.9 99.9 Investment holding and provision of
(Incorporated in Hong Kong) consultancy services

30 June 2022


2022 2021
Subsidiaries of IOI Properties Berhad

(continued)
Paska Development Sdn. Bhd. 99.9 99.9 Property development and property investment
Pilihan Teraju Sdn. Bhd. 99.9 99.9 Property development and property investment
Pine Properties Sdn. Bhd. 99.9 99.9 Property development and property investment
Property Skyline Sdn. Bhd. 99.9 99.9 Provision of management services and
investment holding
Speed Modulation Sdn. Bhd. 99.9 99.9 Property investment
Subsidiaries of IOI City Holdings Sdn. Bhd.
IOI City Hotel Sdn. Bhd. 100.0 100.0 Provision of hotel and hospitality services
IOI City Park Sdn. Bhd. 100.0 100.0 Car park operator and provision of car park
management services
IOI City Tower One Sdn. Bhd. 100.0 100.0 Property management and property investment
IOI City Tower Two Sdn. Bhd. 100.0 100.0 Property management and property investment
Subsidiaries of Cahaya Kota
Development Sdn. Bhd.
IOI Building Services Sdn. Bhd. 99.9 99.9 Provision of building maintenance services
Lush Development Sdn. Bhd. 99.9 99.9 Property development and property investment
Riang Takzim Sdn. Bhd. 99.9 99.9 Investment holding
Tanda Bestari Development Sdn. Bhd. 99.9 99.9 Property development and property investment
Subsidiaries of Dynamic Management
Sdn. Bhd.
Legend Advance Sdn. Bhd. 69.9 69.9 Property development and property investment
Paksi Teguh Sdn. Bhd. 99.9 99.9 General contractor for the construction of
real estate
Pilihan Megah Sdn. Bhd. 99.9 99.9 Property development, property investment
and provision of management services
Subsidiary of IOI City Mall Sdn. Bhd.
IOI City Holdings Sdn. Bhd. 100.0 100.0 Investment holding and property investment
Subsidiary of Multi Wealth (Singapore)
Pte. Ltd.
Clementi Development Pte. Ltd.* 87.9 87.9 Property development
Subsidiaries of Boulevard View Pte. Ltd.
Boulevard Midtown Pte. Ltd. 100.0 – Property investment, provision of hotel and
(Incorporated in Singapore) hospitality services
Boulevard Development Pte. Ltd. 100.0 – Property development


2022 2021
Subsidiaries of Property Skyline Sdn. Bhd.

Nice Frontier Sdn. Bhd. 99.9 99.9 Property development, property investment
and cultivation of plantation produce
Property Village Berhad 99.9 99.9 Property development, operations of golf club
and provision of recreational services and
investment holding
Trilink Pyramid Sdn. Bhd. 99.9 99.9 Property development and provision of
management services
Wealthy Growth Sdn. Bhd. 99.9 99.9 Property development
Subsidiary of Property Village Berhad
Baycrest Sdn. Bhd. 99.9 99.9 General contractor
Subsidiaries of Palmy Max Limited
IOI (Xiamen) Business Management Co. Ltd.# 99.9 99.9 Business management, property management
(Incorporated in the People’s Republic of China) and procurement of construction materials
IOI (Xiamen) Properties Co. Ltd.# 99.9 99.9 Property development, property investment and
(Incorporated in the People’s Republic of China) provision of hotel and hospitality services
Prime Joy Investments Limited# 99.9 99.9 Investment holding
Subsidiary of Prime Joy Investments Limited
Xiamen Double Prosperous Real Estate 99.9 99.9 Property development and property
Development Co. Ltd.# management services
(Incorporated in the People’s Republic of China)
Subsidiary of Premier Landmark Limited
Shenzhen IOI Property Development Co. Ltd.# 100.0 – Property development and property investment
Subsidiaries of IOI (Xiamen) Properties
Co. Ltd.
Xiamen Palm City Management Services Co. Ltd.# 99.9 99.9 Provision of management services
Xiamen Palm Kaiyue Real Estate 99.9 99.9 Property development, property management
Development Co. Ltd.# and car park management
Subsidiary of IOI (Xiamen) Business
Management Co. Ltd.
Xiamen Palm City Sports Technology Co. Ltd.# 59.9 59.9 Leisure and entertainment activities
Subsidiary of Pine Properties Sdn. Bhd.
PINE MJR Development Sdn. Bhd. 54.9 54.9 Property development
Associate of IOI Properties Berhad
GLM Emerald Industrial Park (Jasin) 32.0 32.0 Property development and operation of oil
Sdn. Bhd.# palm estate

30 June 2022


2022 2021
Joint Venture of IOI Consolidated (Singapore)

Pte. Ltd.
Scottsdale Properties Pte. Ltd.# 49.9 49.9 Investment holding
Joint Venture of IOI Land Singapore Pte. Ltd.
Seaview (Sentosa) Pte. Ltd.# 49.9 49.9 Property development
Joint Venture of IOI Properties Berhad
PJ Midtown Development Sdn. Bhd. 49.9 49.9 Property development
Joint Venture of IOI Properties (Singapore)
Pte. Ltd.
Pinnacle (Sentosa) Pte. Ltd.# 64.9 64.9 Property development
Joint Venture of Multi Wealth (Singapore)
Pte. Ltd.
Mergui Development Pte. Ltd.^ – 59.9 Property development
# Audited by a firm other than member firm of PricewaterhouseCoopers International Limited and PricewaterhouseCoopers PLT.
* Audited by member firm of PricewaterhouseCoopers International Limited which is a separate and independent legal entity from PricewaterhouseCoopers PLT.
** The subsidiary is not required by their local laws to appoint statutory auditors.
@ Ceased to be a subsidiary on 10 September 2021 pursuant to the completion of disposal of 100% equity interest under the sale of shares agreement.
^ Struck off from the register of ACRA with effect from 7 April 2022.
44 AUTHORISATION FOR ISSUE

The financial statements of the Group and of the Company for the financial year ended 30 June 2022 were authorised for
issue by the Board of Directors on 23 September 2022.
Statement by Directors Pursuant to

Section 251(2) of the Companies Act 2016
In the opinion of the Directors, the financial statements set out on pages 180 to 288 have been drawn up in accordance with
Malaysian Financial Reporting Standards, International Financial Reporting Standards, and the provisions of the Companies Act
2016 in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company as at 30 June 2022 and
of the financial performance and cash flows of the Group and of the Company for the financial year then ended.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
LEE YEOW SENG LEE YOKE HAR

Director Director
23 September 2022
Statutory Declaration Pursuant to

Section 251(1) of the Companies Act 2016
I, Shen Yan Chao (MIA 31632), being the officer primarily responsible for the financial management of IOI Properties Group
Berhad, do solemnly and sincerely declare that the financial statements set out on pages 180 to 288 are, to the best of my
knowledge and belief, correct and I make this solemn declaration conscientiously believing the same to be true and by virtue of
the provisions of the Statutory Declarations Act 1960.
Subscribed and solemnly declared )

by the abovenamed )
at Puchong, Selangor Darul Ehsan )
this 23 September 2022 )
Before me
NG SAY JIN
COMMISSIONER FOR OATHS
No. B195
Independent Auditors’ Report

To the Members of IOI Properties Group Berhad
(Incorporated in Malaysia)
Registration No. 201301005964 (1035807-A)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Our opinion
In our opinion, the financial statements of IOI Properties Group Berhad (“the Company”) and its subsidiaries (“the Group”) give a
true and fair view of the financial position of the Group and of the Company as at 30 June 2022, and of their financial performance
and their cash flows for the financial year then ended in accordance with Malaysian Financial Reporting Standards, International
Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia.
What we have audited

We have audited the financial statements of the Group and of the Company, which comprise the statements of financial position
as at 30 June 2022 of the Group and of the Company, and the statements of profit or loss, statements of comprehensive income,
statements of changes in equity and statements of cash flows of the Group and of the Company for the financial year then ended,
and notes to the financial statements, including a summary of significant accounting policies, as set out on pages 180 to 288.
Basis for opinion

We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing.
Our responsibilities under those standards are further described in the “Auditors’ responsibilities for the audit of the financial
statements” section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence and other ethical responsibilities

We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics, Conduct and
Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (including International Independence Standards) (“IESBA Code”), and
we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code.
Our audit approach

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial
statements of the Group and of the Company. In particular, we considered where the Directors made subjective judgements;
for example, in respect of significant accounting estimates that involved making assumptions and considering future events that
are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including
among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement
due to fraud.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the financial statements
as a whole, taking into account the structure of the Group and of the Company, the accounting processes and controls, and the
industry in which the Group and the Company operate.
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED)

Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the Group and of the Company for the current financial year. These matters were addressed in the context of our
audit of the financial statements of the Group and of the Company as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
Key audit matters How our audit addressed the key audit matters
1. Revenue recognition from property We have performed the following procedures:

development activities
• Reviewed the terms and conditions of the major sales
Total revenue recognised for the Group on sale of transactions to determine that revenue recognised conforms
development properties amounted to RM2,101.9 with the Group policies and the requirements of MFRS 15
million for financial year ended 30 June 2022, of which “Revenue from contracts with customers”;
RM459.7 million relates to ongoing projects.
• Tested the key controls in respect of the budgeting process
The Group recognises revenue from ongoing property of total property development costs;
development projects in the statements of profit or • Tested controls over monitoring of costs incurred for work
loss by reference to the stage of completion of the performed to date;
development activity at the end of the reporting • Assessed the reasonableness of samples of estimated total
period. The stage of completion is determined based property development costs on the property development
on the actual costs certified by professional consultants projects by comparing to contracts, quotations from
as a percentage of total estimate costs. contractors and cost estimates from quantity surveyors for
newly launched projects;
Given the nature of property development projects, • Assessed sample of revision of estimated total property
we focused on this area as significant estimates and development costs to supporting documentations such as
judgements are required in: quotation from contractors and variation orders received
and approved by management for ongoing projects;
• Determining the extent of property development
costs accruals to reflect work performed up to • Evaluated variances between actual costs incurred and
the reporting date; budgeted property development costs to assess whether
total estimated costs to completion have been properly
• Determining the estimated total property
updated;
development costs to completion; and
• Assessed the reasonableness of allocation of total
• Determining the common costs allocation to the
budgeted common costs to the project phases by
project phases from the total budgeted common
comparing the budget to the approved master layout plan;
costs attributable to the respective property
development projects. • Tested samples of actual sales of development properties
to signed sales and purchase agreements;
Refer to Note 5.1 (Significant Accounting Estimates • Tested samples of costs incurred to date to supporting
and Judgements – Revenue and Cost Recognition from documentations such as contractors’ claim certificates
Property Development Activities), Note 6.19 (Significant or suppliers invoices. Where costs have not been billed
Accounting Policies – Revenue Recognition), Note 7 or certified, assessed the adequacy of management’s
(Revenue) and Note 23 (Property Development Costs) accruals of such costs by reviewing subsequent contractors’
claims certificates, supplier invoices or approved architect’s
certificates; and
• Recomputed the stage of completion by computing the
proportion of property development costs incurred for
work performed to date as a percentage of total estimated
costs of the property development projects.
Based on our work done, we did not identify any material

exceptions.


Key audit matters (continued)
2. Fair value of completed investment properties External valuations

As at 30 June 2022, the Group’s completed investment We obtained and read the valuation reports obtained by
properties, which are carried at fair value, amounted management from independent external valuers. Based on
to RM5,081.0 million. The valuations of the Group’s these reports, we discussed the valuation methodologies
completed investment properties were performed and assumptions used in the valuation with the independent
by independent external valuers based on Investment external valuers.
Method and Comparison Method. The valuers have
considered factors related to the properties’ overall We have assessed the independent external valuers’ competency,
condition and demand as a whole in arriving at the capabilities and objectivity by checking the valuers’ qualification
fair values. and their registration to the respective boards of each country.
We focused on this area due to complexities Valuation methodologies

in determining the fair value of the investment We carried out the following procedures to assess the inputs
properties, which involved significant estimates and underpinning the valuation of the properties:
judgements in determining the appropriate valuation
methodologies and estimating the underlying • Agreed rental rates, rental periods, net lettable area and
assumptions to be applied. outgoing expenses to the underlying tenancy agreements
where applicable, and held discussions with valuers to
Refer to Note 5.4 (Significant Accounting Estimates understand the factors they have considered in adjusting
and Judgements – Fair Value of Investment Properties), the inputs, including any market factors;
Note 6.3 (Significant Accounting Policies – Investment
• Benchmarked the term yield, reversion yield and allowance
Properties) and Note 17 (Investment Properties)
for void used by the valuers to comparable properties;
• Discussed with valuers to understand the basis of
adjustments made to transacted price per square foot
of comparable peers by considering factors related to
the characteristics of each individual property, such as
location, accessibility to the location, size, tenure and
comparable transaction dates; and
• Challenged the valuers on certain key inputs and estimates
used in consideration of the current market condition.
We have also assessed the sensitivity analysis prepared by

management on the yields and price per square foot underpinning
the valuation, where applicable.
Based on the above procedures performed, we did not identify

any material exceptions.

Key audit matters (continued)
3. Assessment of funding requirements and ability We have performed the following procedures:
to meet the short term obligations
• Reviewed the letters of extension provided by the Facility
As at 30 June 2022, the Group had a net current Agents of the respective borrowing facilities for which
liability position of RM7,894.7 million, consisting of management sought an extension of the repayment
RM13,485.9 million in borrowings which are due in the due date;
next 12 months. We focused on the Group’s funding
• Checked the latest available correspondences with
and ability to meet its short term obligations due to
the banks on the status of the refinancing of the short
the significant amount of the short term borrowings.
term borrowings;
Refer to Note 39.4 (Financial Instruments – Liquidity and • Checked repayment profile of the Group based on existing
Cash Flow Risk) loan agreements and that the debt covenants of the
Group were met;
• Checked extent of debt that the Group can raise from its
existing facilities;
• Discussed with management on key assumptions used in
developing the cash flow forecasts for the Group including
cash collection trends, payment profiles and significant
transactions in developing the cash flow forecasts for the
Group; and
• Reviewed the appropriateness of disclosures in the
financial statements in relation to the Group’s liquidity
risk management.
Based on the procedures performed above, we did not find

any material exceptions to the Directors’ assessment that the
Group will be able to meet its short term obligations.
We have determined that there are no key audit matters to report for the Company.


Information other than the financial statements and auditors’ report thereon
The Directors of the Company are responsible for the other information. The other information comprises the Directors’ Report
and contents in the 2022 Annual Report, but does not include the financial statements of the Group and of the Company and our
auditors’ report thereon.
Our opinion on the financial statements of the Group and of the Company does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the financial statements of the
Group and of the Company or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the financial statements

The Directors of the Company are responsible for the preparation of the financial statements of the Group and of the Company
that give a true and fair view in accordance with Malaysian Financial Reporting Standards, International Financial Reporting
Standards and the requirements of the Companies Act 2016 in Malaysia. The Directors are also responsible for such internal
control as the Directors determine is necessary to enable the preparation of financial statements of the Group and of the Company
that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements of the Group and of the Company, the Directors are responsible for assessing the Group’s
and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Company or to cease
operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the Company as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
approved standards on auditing in Malaysia and International Standards on Auditing will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we
exercise professional judgement and maintain professional scepticism throughout the audit. We also:
(a) Identify and assess the risks of material misstatement of the financial statements of the Group and of the Company, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
(b) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and of the Company’s
internal control.
(c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Directors.

Auditors’ responsibilities for the audit of the financial statements (continued)
(d) Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Group’s or on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditors’ report to the related disclosures in the financial statements of the Group and
of the Company or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group or the
Company to cease to continue as a going concern.
(e) Evaluate the overall presentation, structure and content of the financial statements of the Group and of the Company,
including the disclosures, and whether the financial statements of the Group and of the Company represent the underlying
transactions and events in a manner that achieves fair presentation.
(f) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within
the Group to express an opinion on the financial statements of the Group. We are responsible for the direction, supervision
and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding independence,
and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Directors, we determine those matters that were of most significance in the audit of the
financial statements of the Group and of the Company for the current financial year and are therefore the key audit matters. We
describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

In accordance with the requirements of the Companies Act 2016 in Malaysia, we report that the subsidiaries of which we have not
acted as auditors, are disclosed in Note 43 to the financial statements.
OTHER MATTERS
This report is made solely to the members of the Company, as a body, in accordance with Section 266 of the Companies Act 2016
in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.
PRICEWATERHOUSECOOPERS PLT SOO HOO KHOON YEAN

LLP0014401-LCA & AF 1146 02682/10/2023 J
Chartered Accountants Chartered Accountant
Kuala Lumpur
23 September 2022
296 Group’s Material Properties IOI Properties Group Berhad
Group’s Material Properties
DEVELOPMENT PROPERTIES
2022 Carrying
Remaining Amount as at
Land Area Year of 30 June 2022
Location Tenure (Acres) Usage Acquisition RM’000
MALAYSIA
Klang Valley
IOI Resort City, Putrajaya Freehold and 358 On-going mix development 1990, 1994 2,075,056
Various parcels of land 99 years and future development land and 2016
in Dengkil, Sepang leasehold
Bandar Puteri Bangi Freehold 206 On-going mix development 2013 548,090
Various parcels of land
in Beranang
Mukim of Ulu Langat
Warisan Puteri @ Sepang Freehold and 186 On-going mix development 2012 372,949
Various parcels of land 99 years
in Mukim of Dengkil leasehold
Dengkil, Sepang
Bandar Puteri, Puchong Freehold 142 On-going mix development 1990 277,463
in Puchong, Petaling
16 Sierra, Puchong South 99 years 183 On-going mix development 2001 and 220,020
Various parcels of land leasehold and future development land 2002
in Dengkil, Sepang
BC Industrial Park, Banting Freehold 325 Future development land 2017 173,242
in Daerah Kuala Langat,
Negeri Sembilan Darul Khusus
Bandar IOI, Bahau Freehold 779 On-going mix development 1990 and 182,365
Various parcels of land and future development land 2014
in Mukim of Rompin, Jempol
Negeri Sembilan Darul Khusus
DEVELOPMENT PROPERTIES (CONTINUED)

2022 Carrying
Remaining Amount as at
Land Area Year of 30 June 2022
Location Tenure (Acres) Usage Acquisition RM’000
MALAYSIA
Johor Darul Takzim
Bandar Putra Kulai Freehold 3,498 On-going mix development 1988 and 300,020
Various parcels of land and future development land 2012
in Senai Kulai, Johor Bahru
Johor Darul Takzim
Bandar IOI, Segamat Freehold 1,277 On-going mix development and 2014 285,856
Various parcels of land future development land
in Mukim Sungai Segamat
Mukim Pagoh, District of Segamat
Johor Darul Takzim
i-Synergy Freehold 265 On-going commercial 2015 236,489
Various parcels of land development
in Senai, Kulai
Johor Bahru
Johor Darul Takzim
Taman Plentong – Freehold 20 On-going mix development and 2011 238,149
Various parcels of land future development land and 2013
in Plentong
Johor Darul Takzim
Various parcels of land Freehold 16 Future development land 2013 194,426
in Mukim of Pulai
Johor Darul Takzim
Taman Kempas Utama Freehold 33 On-going mix development 2006 185,721
in Tebrau
Johor Bahru
Johor Darul Takzim
Various parcels of land 99 years 7 Future development land 2013 159,813
in Nusa Jaya, Johor leasehold
Johor Darul Takzim
A parcel of Land Freehold 404 Future development land 2014 147,884
in Kulai Jaya
Johor Darul Takzim
OVERSEAS
The Republic of Singapore
Lot No. 483K and 484N 99 years 2 On-going residential development 2021 3,791,730
Town Subdivision 30 at leasehold (part of)
Marina View
Singapore
INVESTMENT PROPERTIES
Carrying
Net Lettable Age of Amount as at
Area (‘000 sq ft) Building 30 June 2022
Location Tenure (Approximately) Usage (Years) RM’000
RETAILS
IOI City Mall Freehold 1,473 4-storey shopping mall 7 1,843,085^
Lebuh IRC together with car park
IOI Resort City
Putrajaya
IOI City Mall (Phase 2) Freehold 1,044 6-storey shopping mall * 804,454^
Lebuh IRC together with car park
IOI Resort City
Putrajaya
IOI Palm City Mall, Xiamen 40 years 639 6-storey shopping mall 1 809,874
Xinglin Bay Road and leasehold together with car park
Jimei Main Road
Jimei New Town Zone 11-12
Jimei District, Xiamen
Fujian Province
The People’s Republic of China
IOI Mall Freehold 641 3-storey shopping mall 25 444,936
Bandar Puchong Jaya together with car park
Puchong
IOI Mall (new wing) Freehold 261 4-storey shopping mall 13 227,064
Bandar Puchong Jaya together with car park
Puchong
OFFICES
IOI Central Boulevard 99 years 1,279 Integrated mixed * 9,930,391
within Marina Bay area leasehold development including office
Opposite Telok Ayer Market towers and retail podium
Singapore
IOI City Tower 1 and Freehold 968 2 blocks of purpose-built 7 343,700
IOI City Tower 2 office building together
Lebuh IRC with car park
IOI Resort City
Putrajaya
Puchong Financial Corporate Freehold 379 2 blocks of purpose-built 13 144,000
Centre (“PFCC”) office building together
Towers 1 and 2 with car park
Bandar Puteri Puchong
PFCC Freehold 504 2 blocks of purpose-built 8 231,000
Towers 4 and 5 office building together
Bandar Puteri Puchong with car park
INVESTMENT PROPERTIES (CONTINUED)

Carrying
Net Lettable Age of Amount as at
Area (‘000 sq ft) Building 30 June 2022
Location Tenure (Approximately) Usage (Years) RM’000
OFFICES
Conezion Freehold 925 Stratified shop and office 5 317,000
IOI Resort City lots together with car park
Putrajaya
One IOI Square and Freehold 434 2 blocks of purpose-built 19 170,200
Two IOI Square office building together
IOI Resort City with car park
Putrajaya
IOI Palm City Office, Xiamen 50 years 371 10 blocks of purpose-built * 253,626
Xinglin Bay Road and leasehold office building together
Jimei Main Road with car park
Jimei New Town Zone 11-12
Jimei District, Xiamen
Fujian Province
OTHERS
Lot PT 92 Freehold – A parcel of commercial land N/A 370,000
Pekan Bukit Bisa
Sepang
Bungalow (Beverly Row) Freehold 268 37 units of 17-25 120,000
IOI Resort City residential bungalow
Putrajaya
* The investment properties are currently under construction.
^ Included purpose-built car park which classified as property, plant and equipment with carrying amount of RM551,413,000.
HOSPITALITY AND LEISURE PROPERTIES

Carrying
Built-up Age of Amount as at
Land Area Area Building 30 June 2022
Location Tenure (Acres) (‘000 sq. ft.) Usage (Year) RM’000
MALAYSIA
Klang Valley
IOI Palm Garden Golf Club Freehold 146 171 18-hole golf course 10 196,494
IOI Resort City and club house
Putrajaya
Le Méridien Putrajaya Freehold 37 326 353-room hotel 6 181,530
Lebuh IRC (part of)
IOI Resort City
Putrajaya
Putrajaya Marriott Hotel Freehold 16 1,521 488-room hotel 19 144,613
IOI Resort City (part of)
Putrajaya
Four Points by Sheraton Puchong Freehold 8 242 249-room hotel 7 101,713
Bandar Puteri (part of)
Puchong
Palm Garden Hotel, Putrajaya, Freehold 3 130 151-room hotel 29 61,997
a Tribute Portfolio Hotel
IOI Resort City
Putrajaya
OVERSEAS
Sheraton Grand 40 years 7 * 370-room hotel * 270,628
Jimei District leasehold (part of)
Xiamen, Fujian Province
The Republic of Singapore
Lot No. 483K and 484N 99 years 2 * 350-room hotel * 1,395,813
Town Subdivision 30 at leasehold (part of)
Marina View
Singapore
* The hotels are currently under construction.
Shareholders Information
As at 30 August 2022
Type of shares : Ordinary shares

Voting rights : One vote per shareholder on a show of hands
One vote per ordinary share on a poll
Number of shareholders : 23,289
ANALYSIS OF SHAREHOLDINGS
Size of holdings No. of holders Total holdings %
1 – 99 1,411 43,350 *
100 – 1,000 5,311 3,142,434 0.06
1,001 – 10,000 11,763 48,339,212 0.88
10,001 – 100,000 4,130 120,747,701 2.19
100,001 – 275,307,267 672 1,297,470,436 23.56
275,307,268 and above 2 4,036,402,242 73.31
Total 23,289 5,506,145,375 100.00
* Negligible
LIST OF TOP 30 SHAREHOLDERS

(without aggregating securities from different securities accounts belonging to the same person)
Name No. of shares held %
1. Vertical Capacity Sdn Bhd 1,716,236,641 31.17

2. Vertical Capacity Sdn Bhd 1,330,174,400 24.15
3. Vertical Capacity Sdn Bhd 569,652,700 10.34
4. Citigroup Nominees (Tempatan) Sdn Bhd 420,338,501 7.63
Employees Provident Fund Board
5. AmanahRaya Trustees Berhad 247,163,985 4.49
Amanah Saham Bumiputera
6. AnnHow Holdings Sdn Bhd 102,338,400 1.86
7. CIMB Group Nominees (Tempatan) Sdn Bhd 60,113,750 1.09
Exempt an for DBS Bank Limited
8. Lai Ming Chun @ Lai Poh Lin 40,000,000 0.73
Amanah Saham Malaysia
Amanah Saham Malaysia 2 – Wawasan
11. Pertubuhan Keselamatan Sosial 34,949,600 0.63
12. Citigroup Nominees (Asing) Sdn Bhd 34,234,931 0.62
Exempt an for UBS AG Singapore
302 Shareholders Information IOI Properties Group Berhad
Shareholders Information
As at 30 August 2022
LIST OF TOP 30 SHAREHOLDERS (CONTINUED)

(without aggregating securities from different securities accounts belonging to the same person)
Name No. of shares held %

Amanah Saham Malaysia 3
14. CGS-CIMB Nominees (Tempatan) Sdn Bhd 20,119,999 0.37
Pledged Securities Account for Rickoh Holdings Sdn Bhd
15. HLB Nominees (Tempatan) Sdn Bhd 18,480,700 0.34
Securities Account for Datuk Tan Kim Heung
16. HLB Nominees (Tempatan) Sdn Bhd 18,011,244 0.33
Pledged Securities Account for Rickoh Holdings Sdn Bhd
17. CIMSEC Nominees (Tempatan) Sdn Bhd 17,321,600 0.31
CIMB for Chan Cha Lin
18. Citigroup Nominees (Asing) Sdn Bhd 17,219,110 0.31
CBNY for Norges Bank
Great Eastern Life Assurance (Malaysia) Berhad
20. Carbatan Nominees (Tempatan) Sdn Bhd 13,535,138 0.25
PBTB for Takafulink Dana Ekuiti
21. Koon KM Holding Sdn Bhd 13,300,000 0.24
CIMB for Tan Pei Geok
Pledged Securities Account-UBS AG Singapore for Annhow Holdings Sdn Bhd
24. Cartaban Nominees (Tempatan) Sdn Bhd 10,852,728 0.20
PAMB for Prulink Equity Fund
CIMB for Lai Ming Chun @ Lai Poh Lin
26. Lee Yeow Seng 9,298,100 0.17
27. Cartaban Nominees (Asing) Sdn Bhd 9,292,300 0.17
SSBT Fund ZYEF for Vanguard Global Ex-US real Estate Index Fund
Employees Provident Fund Board (Affin Hwang)
Great Eastern Life Assurance (Malaysia) Berhad
CIMSEC Nominees (Tempatan) Sdn Bhd 8,397,900 0.15
30. CIMB for Annhow Holdings Sdn Bhd
Total 4,882,316,566 88.67
SUBSTANTIAL SHAREHOLDERS
No. of Ordinary Shares held
Lee Yeow Seng 69,298,100 1.26 3,616,063,741* 65.67

Dato’ Lee Yeow Chor 6,837,500 0.12 3,616,063,741 *
65.67
Vertical Capacity Sdn Bhd (“VCSB”) 3,616,063,741 65.67 – –
Employees Provident Fund Board 442,944,001 8.05 – –
* Deemed interested by virtue of his interest in VCSB pursuant to Section 8 of the Companies Act 2016.
304 Notice IOI Properties Group Berhad
Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN THAT the Tenth Annual General Meeting (“10th AGM”) of IOI Properties Group Berhad (the “Company”)
will be conducted virtually through live streaming to be hosted at https://conveneagm.my/ioipropertiesagm2022 (Domain
Registration No. D6A475992) from the broadcast venue at Millennium Ballroom 1 (Level 1), Le Méridien Putrajaya, Lebuh IRC,
IOI Resort City, 62502 Putrajaya, Malaysia on Tuesday, 8 November 2022 at 10:00 am (Malaysia time) for the following purposes:
AGENDA
As Ordinary Business
1 To receive the Audited Financial Statements for the financial year ended 30 June 2022 and the Reports of Note C1
the Directors and Auditors thereon.
2 To approve the payment of a first and final single tier dividend of 4.0 sen per ordinary share for the
financial year ended 30 June 2022. Resolution 1
3 To re-elect the following Directors who are to retire pursuant to Article 91 of the Company’s Constitution:
(i) Datuk Tan Kim Leong Resolution 2

(ii) Lee Yeow Seng Resolution 3
4 To approve the payment of Directors’ fees (inclusive of Board Committees’ fees) of RM1,300,000 for
the financial year ending 30 June 2023 payable quarterly in arrears after each month of completed
service of the Directors during the financial year. Resolution 4
5 To approve the payment of Directors’ benefits (other than Directors’ fees) of up to an aggregate amount
of RM290,000 for the period from 9 November 2022 until the next Annual General Meeting of the
Company pursuant to Section 230(1)(b) of the Companies Act 2016. Resolution 5
6 To re-appoint PricewaterhouseCoopers PLT, the retiring Auditors for the financial year ending 30 June
2023 and to authorise the Audit Committee to fix their remuneration. Resolution 6
As Special Business
To consider and, if thought fit, to pass the following Ordinary Resolution:
7 Proposed Renewal of Existing Share Buy-Back Authority
“THAT subject to compliance with applicable laws, regulations and the approval of all relevant authorities,
approval be and is hereby given to the Company to utilise up to the aggregate of the Company’s latest
audited retained earnings, to purchase, from time to time during the validity of the approval and authority
under this resolution, such number of ordinary shares in the Company as may be determined by the
Directors of the Company from time to time through Bursa Malaysia Securities Berhad (“Bursa Malaysia”)
upon such terms and conditions as the Directors may deem fit, necessary and expedient in the interest
of the Company provided that the aggregate number of shares which may be purchased and/or held by
the Company as treasury shares pursuant to this resolution shall not exceed ten percent (10%) of the
total number of issued shares of the Company at any point in time of purchase(s) and the maximum
funds to be allocated by the Company for the purpose of purchasing its ordinary shares shall not exceed
the total retained earnings of the Company at the time of purchase (“Proposed Purchase”);
THAT upon completion of the purchase by the Company of its own ordinary shares, the Directors of the
Company be and are hereby authorised to deal with the ordinary shares purchased in their absolute
discretion as defined in Section 127 of the Companies Act 2016 in the following manner:
(i) cancel the ordinary shares so purchased; and/or
(ii) retain the ordinary shares so purchased in treasury for distribution as dividend to the shareholders
and/or resell on the market of Bursa Malaysia; and/or
(iii) retain part thereof as treasury shares and cancel the remainder.
THAT such authority conferred by this resolution shall continue to be in force until:
(i) the conclusion of the next Annual General Meeting of the Company at which time the authority
shall lapse unless by an ordinary resolution passed at a general meeting, the authority is renewed
either unconditionally or subject to conditions;
(ii) the expiration of the period within which the next Annual General Meeting after that date is required
by law to be held; or
(iii) revoked or varied by ordinary resolution of the shareholders of the Company in a general meeting,
whichever is the earlier, but not so as to prejudice the completion of purchase(s) by the Company before
the aforesaid expiry date and, in any event, in accordance with the provisions of the Main Market Listing
Requirements of Bursa Malaysia or any other relevant authorities.
AND THAT the Directors of the Company be and are hereby authorised to take all such steps as are
necessary (including executing all such documents as may be required) and enter into any agreements,
arrangements and guarantees with any party or parties to implement, finalise and give full effect to the
Proposed Purchase with full powers to assent to any conditions, modifications, revaluations, variations
and/or amendments (if any) as may be imposed by the relevant authorities from time to time or as the
Directors may in their discretion deem necessary and to do all such acts and things as the said Directors
may deem fit and expedient in the best interests of the Company.” Resolution 7
8 To transact any other business of which due notice shall have been given.
NOTICE OF FIRST AND FINAL DIVIDEND ENTITLEMENT AND PAYMENT

NOTICE IS ALSO HEREBY GIVEN THAT subject to the approval of the shareholders at the 10th AGM, a first and final single
tier dividend of 4.0 sen per ordinary share for the financial year ended 30 June 2022 will be payable on 2 December 2022 to
shareholders whose names appear in the Record of Depositors and Register of Members of the Company at the close of business
on 23 November 2022.
A Depositor shall qualify for entitlement only in respect of:
a) Shares transferred into the Depositor’s Securities Account before 4:30 pm on 23 November 2022 in respect of transfers;
b) Shares deposited into the Depositor’s Securities Account before 12:30 pm on 21 November 2022 (in respect of shares which
are exempted from mandatory deposit); and
c) Shares bought on Bursa Malaysia on a cum entitlement basis according to the Rules of Bursa Malaysia.
By Order of the Board,
Chee Ban Tuck (SSM PC 202208000217) (MIA 24078)

Company Secretary
Putrajaya
7 October 2022
Notes
A. Remote Participation and Electronic Voting
1 The 10th AGM of the Company will be conducted virtually through live streaming and voting using the Remote
Participation and Electronic Voting (“RPEV”) facility at https://conveneagm.my/ioipropertiesagm2022 (“ConveneAGM
Meeting Platform”) from the broadcast venue. With the RPEV facility, shareholders/proxies/corporate representatives
may exercise their rights to participate (including to pose questions to the Chairman, Board of Directors and/or Management
of the Company) and vote at the 10th AGM, safely from their home. Please refer to the Administrative Guide for the
detailed steps on RPEV facility.
2 The broadcast venue is strictly for the purpose of complying with Section 327(2) of the Companies Act 2016 (the “Act”)
which requires the Chairman of the meeting of the Company to be present at the main venue in Malaysia. Shareholders/
proxies/corporate representatives are required to participate in the meeting online.
3 As guided by the Securities Commission Malaysia’s Guidance Note and Frequently Asked Questions on the conduct
of General Meetings for Listed Issuers and its subsequent amendments, the right to speak is not limited to verbal
communication only but includes other modes of expression. Therefore, all shareholders, proxies and/or corporate
representatives shall communicate via real-time submission of textual question available at ConveneAGM Meeting
Platform during live streaming of the 10th AGM as the primary mode of communication.
B. Appointment of Proxy
1 Only shareholders whose names appear in the Record of Depositors and Register of Members as at 31 October 2022
shall be eligible to participate and vote at the 10th AGM or appoint proxy to participate and vote on his or her behalf.
2 A shareholder may appoint any person to be his or her proxy and there shall be no restriction as to the qualification of
the proxy.
3 If an instrument appointing a proxy is submitted in hard copy, it must be in writing under the hand of the appointor or
of his or her attorney duly authorised in writing or, if the appointor is a corporation, either under seal or under the hand
of two (2) authorised officers, one (1) of whom shall be a director, or of its attorney duly authorised in writing.
4 A shareholder of the Company [including an authorised nominee as defined under the Securities Industry (Central
Depositories) Act 1991 and Exempt Authorised Nominee who holds ordinary shares in the Company for multiple
beneficial owners in one (1) securities account (Omnibus Account)] may appoint more than one (1) proxy, provided
that the shareholder specifies the proportion of his or her shareholdings to be represented by each proxy. When two
(2) or more valid but differing appointments of proxy are delivered or received for the same share for use at the same
meeting, the one which is last validly delivered or received (regardless of its date or the date of its execution) shall be
treated as replacing and revoking the other or others in respect of that share. If the Company is unable to determine
which appointment was last validly delivered or received, none of them shall be treated as valid in respect of that share.
5 An instrument appointing a proxy may specify the manner in which the proxy is to vote in respect of a particular
resolution and, where an instrument of proxy so provides, the proxy is not entitled to vote on the resolution except as
specified in the instrument.
6 The proxy form may be made in hard copy or by electronic means, not less than forty-eight (48) hours before the
time for holding the 10th AGM or any adjournment thereof, as follows:
(i) In hard copy form

The proxy form must be deposited at the office of our Administration and Polling Agent, KPMG Management &
Risk Consulting Sdn Bhd at Concourse, KPMG Tower, No. 8, First Avenue, Bandar Utama, 47800 Petaling Jaya,
Selangor Darul Ehsan, Malaysia.
(ii) By electronic means

The proxy form can also be lodged electronically through ConveneAGM Meeting Platform at https://conveneagm.
my/ioipropertiesagm2022 or email to support_conveneagm@kpmg.com.my. Please follow the procedures
provided in the Administrative Guide for the 10th AGM on how to deposit the proxy form electronically.
7 Any corporation which is a shareholder can appoint one (1) or more corporate representatives who may exercise on
its behalf all of its power as a shareholder in accordance with the Act.
8 For all the above resolutions which are proposed as ordinary resolutions, more than half of the votes cast must be in
favour of the resolutions. Pursuant to Paragraph 8.29A(1) of the Main Market Listing Requirements of Bursa Malaysia,
all resolutions shall be put to vote by way of a poll.
C. Explanatory Notes to the Agenda

To help make things clearer, we have explained each resolution here. The Directors consider all the resolutions to be in the
best interests of the Company and our shareholders as a whole. They unanimously recommend that shareholders vote in
favour of them.
1. To receive Audited Financial Statements for the financial year ended 30 June 2022
This Agenda item is meant for discussion only as under the provision of Section 340(1)(a) of the Act, the audited
financial statements do not require a formal approval of the shareholders. Hence, this resolution will not be put forward
for voting.
The Chairman will give shareholders an opportunity to ask questions about, and make comments on the financial
statements and reports and the Group’s performance in accordance with the mode of communication as provided in
the Administrative Guide.
Shareholders will also be given an opportunity to ask the representative(s) of the Company’s External Auditors,
PricewaterhouseCoopers PLT (“PwC”), questions relevant to audit matters, including the Auditors’ Report.
2. Ordinary Resolution 1 – First and final single tier dividend
On 23 September 2022, the Board had considered the amount of a first and final single tier dividend and decided to
recommend the same for the shareholders’ approval. The Directors of the Company are satisfied that the Company will
be solvent as it will be able to pay its debts as and when the debts become due within twelve (12) months immediately
after the payment is made on 2 December 2022 in accordance with the solvency requirements under Section 132 of
the Act.
3. Ordinary Resolutions 2 to 3 – Re-election of Directors
Datuk Tan Kim Leong and Lee Yeow Seng, who retire in accordance with Article 91 of the Company’s Constitution,
are standing for re-election as Directors of the Company and being eligible for re-election, have offered themselves
for re-election at the 10th AGM.
Each of the Directors standing for re-election has undergone a performance evaluation and had provided his annual
declaration on his fitness and propriety to continue acting as Directors of the Company in accordance with the Fit and
Proper Policy of the Group, as well as independence confirmation for Independent Chairman. Upon the Governance,
Nominating and Remuneration Committee (“GNRC”)’s assessment, the performance and suitability of each of the
retiring Directors was found to be satisfactory and that each of the retiring Directors had demonstrated his commitment
to the role and continues to be an effective and valuable member of the Board of Directors (the “Board”).
Based on the above premise, the GNRC had recommended for the retiring Directors to be re-elected at the 10th AGM
and the Board had endorsed the GNRC’s recommendations. The retiring Directors had abstained from deliberations
and decisions on their re-election at the Board meeting.
No individual is seeking election (other than re-election of Directors) as Director at the 10th AGM of the Company.
Detailed profile of each Director, including their career history, competencies and experience can be found from
pages 126 to 132 of the Integrated Annual Report 2022.
4. Ordinary Resolutions 4 and 5 – Directors’ fees and benefits payable
The GNRC and the Board have reviewed the Directors’ fees after taking into account fee levels and trends for similar
positions in the market and time commitment required from the Directors. The payment of Directors’ fees (inclusive of
Board Committees’ fees) for the financial year ending 30 June 2023 shall be payable quarterly in arrears after each
month of completed service of the Directors during the financial year.
The Directors’ benefits (other than Directors’ fees and Board Committees’ fees) comprise attendance allowances,
insurance coverage, non-cash benefits-in-kind (“BIK”) and golf privilege benefit. In determining the estimated total
amount of Directors’ benefits, the Board has considered various factors, among others, the estimated number of
meetings for the Board and its Committees, estimated proportionate paid and payable insurance premium, estimated
BIK for living accommodation and the estimated usage of golf facilities based on the limits provided by the Company
during the relevant period.
5. Ordinary Resolution 6 – Re-appointment of Auditors
The Company’s External Auditors, PwC must offer themselves for re-appointment at each AGM at which Audited
Financial Statements are presented. The performance and effectiveness of PwC have been evaluated by the Audit
Committee (“AC”), which included an assessment of PwC’s independence, suitability and objectivity. The AC having
satisfied with the performance, suitability and independence of PwC, had recommended to the Board that PwC be
re-appointed and its remuneration be determined by the AC. The representatives of PwC will be participating at
the 10th AGM.
6. Ordinary Resolution 7 – Proposed Renewal of Existing Share Buy-Back Authority
Ordinary Resolution 7 is to seek a renewal of the authority granted at the 9th AGM of the Company held on 28 October
2021, which will lapse at the conclusion of the 10th AGM to be held on 8 November 2022. The resolution authorises
the Company to make market purchases of its own ordinary shares as permitted by the Act.
The Board seeks authority to purchase up to ten percent (10%) of the Company’s total number of issued shares,
should market conditions and price justify such action.
The Directors only intend to use this authority to make such purchases if to do so could be expected to lead to
an increase in net assets value per share for the remaining shareholders and would be in the best interests of the
Company generally, having due regard to appropriate gearing levels, alternative investment opportunities and the
overall financial position of the Company.
Any purchases of ordinary shares would be by means of market purchases through Bursa Malaysia. Any shares
purchased under this authority may either be cancelled or held as treasury shares by the Company. Treasury shares
may subsequently be cancelled or resold for cash or distributed as dividends or be dealt with by the Directors in the
manners allowed by the Act. The Company did not purchase any ordinary shares during FY2022.
This authority, unless revoked or varied by the Company at a general meeting, will expire at the conclusion of the
next AGM of the Company.
Please refer to the explanatory information in the Share Buy-Back Statement dated 7 October 2022.
PERSONAL DATA PRIVACY:

By submitting an instrument appointing a proxy(ies) and/or representative(s) to participate and vote at the 10th AGM and/or any
adjournment thereof, a shareholder of the Company (i) consents to the collection, use and disclosure of the shareholder’s personal
data by the Company (or its agents) for the purpose of the processing and administration by the Company (or its agents) of
proxy(ies) and representative(s) appointed for the 10th AGM (including any adjournment thereof), and the preparation and
compilation of the attendance lists and other documents relating to the 10th AGM (including any adjournment thereof), and in
order for the Company (or its agents) to comply with any applicable laws, listing requirements, regulations and/or guidelines
(collectively, the “Purposes”), (ii) warrants that where the shareholder discloses the personal data of the shareholder’s proxy(ies)
and/or representative(s) to the Company (or its agents), the shareholder has obtained the prior consent of such proxy(ies) and/or
representative(s) for the collection, use and disclosure by the Company (or its agents) of the personal data of such proxy(ies) and/
or representative(s) for the Purposes, and (iii) agrees that the shareholder will indemnify the Company in respect of any penalties,
liabilities, claims, demands, losses and damages as a result of the shareholder’s breach of warranty.
This page has been intentionally left blank.
IOI PROPERTIES GROUP BERHAD
Company Registration No. [201301005964 (1035807-A)]
PROXY FORM
I/We ___________________________________________________________________________________________________________________________________________________________________
(full name in block letters)
NRIC/Passport/Company No. ______________________________________________________________________ Mobile Phone No ______________________________________________
of _________________________________________________________________________________________________________________________________________________________________________
(full address)
being a member(s) of IOI Properties Group Berhad, hereby appoint:
Full Name (in block) NRIC/Passport/Company No. Proportion of Shareholdings
No. of Shares %
Mobile No Email Address
and/or (delete as appropriate)

Full Name (in block) NRIC/Passport/Company No. Proportion of Shareholdings
No. of Shares %
Mobile No Email Address
or failing him/her, the Chairman of the Tenth Annual General Meeting (“10th AGM”) of the Company as my/our proxy/proxies to vote for me/us on
my/our behalf at the 10th AGM of the Company which will be conducted virtually through live streaming to be hosted at https://conveneagm.my/
ioipropertiesagm2022 (Domain Registration No. D6A475992) from the broadcast venue at Millennium Ballroom 1 (Level 1), Le Méridien Putrajaya, Lebuh IRC,
IOI Resort City, 62502 Putrajaya, Malaysia on Tuesday, 8 November 2022 at 10:00 am (Malaysia time) or any adjournment thereof.
My/our proxy/proxies shall vote as follows:
(Please indicate with an “X” or “√” in the space provided as to how you wish your votes to be cast. If you do not do so, the proxy/proxies will vote, or abstain from
voting on the resolutions as he/she/they may think fit)
First Proxy “A” Second Proxy “B”
No. Ordinary Resolutions For Against For Against
1. To approve the payment of a first and final single tier dividend of 4.0 sen per ordinary share
2. To re-elect Datuk Tan Kim Leong as a Director
3. To re-elect Lee Yeow Seng as a Director
4. To approve the payment of Directors’ fees (inclusive of Board Committees’ fees) of RM1,300,000 for the
financial year ending 30 June 2023 payable quarterly in arrears after each month of completed service of
the Directors during the financial year
5. To approve the payment of Directors’ benefits (other than Directors’ fees) of up to an aggregate amount
of RM290,000 for the period from 9 November 2022 until the next Annual General Meeting of the
Company pursuant to Section 230(1)(b) of the Companies Act 2016.
6. To re-appoint PricewaterhouseCoopers PLT, the retiring Auditors for the financial year ending 30 June 2023
and to authorise the Audit Committee to fix their remuneration.
7. Proposed Renewal of Existing Share Buy-Back Authority.
Dated this _____________________ day of _____________________ 2022 No. of Shares held : ______________________________________
CDS A/C No. : ______________________________________
____________________________________________
Signature of Shareholder/Common Seal
Notes:
1. Only shareholders whose names appear in the Record of Depositors and Register of KPMG Tower, No. 8, First Avenue, Bandar Utama, 47800 Petaling Jaya, Selangor
Members as at 31 October 2022 shall be eligible to participate and vote at the 10th AGM Darul Ehsan, Malaysia.
or appoint proxy to participate and vote on his or her behalf. (ii) By electronic means
2. A shareholder may appoint any person to be his or her proxy and there shall be no The proxy form can also be lodged electronically through ConveneAGM Meeting
restriction as to the qualification of the proxy. Platform at https://conveneagm.my/ioipropertiesagm2022 or email to support_
3. If an instrument appointing a proxy is submitted in hard copy, it must be in writing under conveneagm@kpmg.com.my. Please follow the procedures provided in the
the hand of the appointor or of his or her attorney duly authorised in writing or, if the Administrative Guide for the 10th AGM on how to deposit the proxy form electronically.
appointor is a corporation, either under seal or under the hand of two (2) authorised 7. Any corporation which is a shareholder can appoint one (1) or more corporate
officers, one (1) of whom shall be a director, or of its attorney duly authorised in writing. representatives who may exercise on its behalf all of its power as a shareholder in
4. A shareholder of the Company [including an authorised nominee as defined under the accordance with the Companies Act 2016.
Securities Industry (Central Depositories) Act 1991 and Exempt Authorised Nominee who holds
ordinary shares in the Company for multiple beneficial owners in one (1) securities account
Personal Data Privacy
(Omnibus Account)] may appoint more than one (1) proxy, provided that the shareholder
specifies the proportion of his or her shareholdings to be represented by each proxy. When two By submitting an instrument appointing a proxy(ies) and/or representative(s) to participate and
(2) or more valid but differing appointments of proxy are delivered or received for the same vote at the 10th AGM and/or any adjournment thereof, a shareholder of the Company (i) consents
share for use at the same meeting, the one which is last validly delivered or received (regardless to the collection, use and disclosure of the shareholder’s personal data by the Company (or its
of its date or the date of its execution) shall be treated as replacing and revoking the other or agents) for the purpose of the processing and administration by the Company (or its agents) of
others in respect of that share. If the Company is unable to determine which appointment was proxy(ies) and representative(s) appointed for the 10th AGM (including any adjournment thereof),
last validly delivered or received, none of them shall be treated as valid in respect of that share. and the preparation and compilation of the attendance lists and other documents relating to the
10th AGM (including any adjournment thereof), and in order for the Company (or its agents) to
5. An instrument appointing a proxy may specify the manner in which the proxy is to vote in
comply with any applicable laws, listing requirements, regulations and/or guidelines (collectively,
respect of a particular resolution and, where an instrument of proxy so provides, the
the “Purposes”), (ii) warrants that where the shareholder discloses the personal data of the
proxy is not entitled to vote on the resolution except as specified in the instrument.
shareholder’s proxy(ies) and/or representative(s) to the Company (or its agents), the shareholder
6. The proxy form may be made in hard copy or by electronic means, not less than forty-eight has obtained the prior consent of such proxy(ies) and/or representative(s) for the collection, use
(48) hours before the time for holding the 10th AGM or any adjournment thereof, as follows: and disclosure by the Company (or its agents) of the personal data of such proxy(ies) and/or
(i) In hard copy form representative(s) for the Purposes, and (iii) agrees that the shareholder will indemnify the Company
The proxy form must be deposited at the office of our Administration and in respect of any penalties, liabilities, claims, demands, losses and damages as a result of the
Polling Agent, KPMG Management & Risk Consulting Sdn Bhd at Concourse, shareholder’s breach of warranty.
1st fold here
STAMP
Administration and Polling Agent of

KPMG Management & Risk Consulting Sdn Bhd
Concourse, KPMG Tower
No. 8, First Avenue, Bandar Utama
47800 Petaling Jaya
2nd fold here

This report is printed on sustainably-sourced paper.
www.ioiproperties.com.my

201301005964 (1035807-A)
Level 29, IOI City Tower 2, Lebuh IRC, IOI Resort City,
62502 Putrajaya, Malaysia.

Inspiring A Climate of Trust: Integrated Annual Report 2022

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Integrated Annual Report 2022

BUSINESS REVIEW Profile of Senior Management Team 134

Chairman’s Statement 6 HOW WE ARE GOVERNED

– Group Financial Review 44 Group’s Material Properties 296

Today, we move forward with a focus on making positive

Vision Trusted... to safeguard

Our Group Operations

The Group is committed to deliver sustainable

IOI Central Boulevard Towers

1 Desaria, Sungai Ara

2 Bandar Puchong Jaya &

3 16 Sierra, Puchong South

4 IOI Resort City, Putrajaya

5 Bandar Puteri Bangi

7 Bandar IOI, Bahau

9 Bandar IOI Segamat

13 Taman Kempas Utama

East Coast Expressway

The Edge Property

IOIPG emerged as one of Malaysia’s Most Preferred Graduate

IOIPG was ranked Top 3 in the Property Developer category

ASEAN Le Méridien Putrajaya and Four Points by Sheraton Puchong

StarProperty StarProperty Awards 2022 – Real Estate Developer recognises

Putrajaya Marriott Hotel, Le Méridien Putrajaya and Four Points by

The Group will stay

Datuk Tan Kim Leong

The Group will continue to leverage on

As part of our plans to continue to have

Against these challenges, I am pleased

Executive Vice Chairman’s Statement

IOI Mall Xiamen

environment while phasing new will continue to be in demand. This is

For retail segment, we are optimistic ACKNOWLEDGEMENTS

How We Create Value

Our value creation centres around

Underpinned by: Robust Corporate Governance Framework

Value we create for stakeholders Value created in

Trusted by future generations to safeguard the environment Human Capital

* Net Lettable Area

People & Culture

Progress achieved in FY2022

Our focus next year

Health, safety and security risks

Read more about our efforts to enhance connectivity within

Sustainable Design Principles & Practices

Progress achieved in FY2022

Our focus next year

Rising inflationary pressures, increase

Office demand has risen in 2022

Recovery Trajectory Barring adverse external shocks such

People & Integrated Sustainable Design

The People’s Republic of China (“PRC”)

People & Integrated

The nation is transitioning into the

Retail Market in Malaysia

People & Integrated

Impact Our Responses

Risk We will shift the focus of our housing launches to