Everybody, and thanks, Judy, for the introduction. Happy New Year.

I know this is not 1st or 2nd of January, but we're still in the month of January, and also soon we'll be celebrating Chinese New Year, right? Taking the opportunity to wish all of you ahead of time.

Can we go on to the first slide, please, Judy? What we have for you in this business update, I think it's a continuation of what you've seen last year.

In terms of operating metrics, are still looking very positive. Of course, we are also happy to share with you that the occupancy rate of our malls have gone back up to 99.9% post 31st December because the deal was signed sometime just after the closing of the first quarter, right?

Nonetheless, we have found two tenants to take over at Century Square and also at Causeway Point, we are back to 99.9%. In terms of the shopper traffic has also grown by 1.3% year-on-year, and sales continue to do pretty well for our portfolio at a growth of 2.7%.

In terms of our debt management, the debt gearing level is slightly, marginally above 40% at 40.3%, and the first Q cost of debt is at 3.5%. We will also be sharing a little bit about the update on Hougang Mall AEI when Pauline takes the section later on.

In terms of macroeconomics, I don't think we're going to spend a lot of time on that, but just a quick couple of points. Of course, the GDP grew by a hefty 5.7% year-on-year in Q4, faster than the 4.3% in the previous quarter, right?

We saw pretty strong performance overall, and we hope that some of this will carry through for the year 2026. CPI, again another very important component that we look at, seems to have kind of stabilized pretty much so.

In terms of retail sales index, in November, the wider retail sales index grew by 5.8% year-on-year. If you look at just for FCT's portfolio, for the overall tenant sales, we grew by 4.1%, slightly lower than the Singapore market RSI index number, partly, I believe, because month of November is also where you have a lot of sales happening, your Black Friday, your Singles' Day, etc.

A lot of sales and promotion that was going on in the city center malls. Nonetheless, we also grew by a good 4.1%.

Our F&B sales was very strong, grew by 4.7% year-on-year, far surpassed the retail sales index that you see for the whole of Singapore. I suppose that's also one reason why sometimes when people want to compare that F&B are not doing well overall in Singapore market.

When it comes to prime suburban mall, I think there is a differentiator. If you look at our portfolio, our F&B operators are still trading very well.

Prime suburban retail rents grew by 1.6% year-on-year. Again, if you look at for the full year last year, our rental reversion was at 7.8%.

Moving on. Next up is the financial highlights.

I will hand over to Annie. Annie?

Hi. Good morning, everyone.

Let me take you through the financial metrics for the quarter. For this quarter, gearing has increased slightly to 40.3% as compared to previous quarter, due mainly because of the ongoing AEI CapEx at Hougang Mall.

The interest coverage ratio remains healthy at 3.54 times. For cost of debt, it is unchanged from last quarter at 3.5%.

81.2% of our debt is fixed as at quarter end, and this percentage is expected to decrease in the next quarter once the interest rate swaps expire. We have approximately $839 million undrawn facilities as at quarter end, and credit rating from Moody's remain unchanged at Baa2.

Next slide, please. We have approximately $422 million loans due in this financial year, and subsequent to quarter end, we have executed loan facilities to refinance part of the loans that's due.

The remaining debt due in FY26 will be refinanced in this quarter. Following that, we will have no refinancing risk for FY26.

I think that's pretty straightforward for this quarter. I will now hand over to Pauline, who will go through financial portfolio highlights in the next section.

Thank you.

Yep. Thank you, Annie.

Thank you, everyone. I'm actually very excited to share with all of you the details of our strong operating results.

I'll go into occupancy. You'll see that, in terms of occupancy for retail portfolio, at 99.9% with the de-risking of the two cinema spaces.

That's close to full occupancy. We do see that across most of our malls within the portfolio as well, tracking at 100%, continuing to perform at a very robust and strong level.

Next slide, please, Judy. Now, shopper traffic, tenant sales, it's actually the foundation of retail performance.

Here we see that, in terms of the growth, in terms of shopper traffic as well as tenant sales, that has extended into the new financial year. The other point to note is that the trajectory of growth for tenant sales has actually surpassed shopper traffic.

That kind of indicates that it's just not about bringing people to the mall, it's also driving the sales, the unlocking of sales and the sales conversion to the malls. That's important for the trading health and sustainability of our retailers.

Next slide, please. This slide, we look at the WALE.

Now, the WALE is important. We see very healthy WALE of close to two years, which is very much in line with the fact that our average lease tenure is three years.

The other takeaway is that there is no concentration risk, not just for the immediate year, but also for the medium term. We are looking at lease expiries of, on average, 1/3 for FY27, FY28.

This is evidence of the quality of the investment cash flow that is yielded by our portfolio of very strong malls, right? The other observation is the leasing traction.

We see that for the remaining FY26, in terms of leases to be de-risked, we are looking at only 17.5%. Pretty good traction for the first quarter of this year, which bodes well for the retail sector.

Next slide, please. Right, what we wanted to showcase here is the fact that the Singapore retail scene continues to be very dynamic.

We see a lot of new brands as well as concepts that we are bringing into our portfolio. Over the first quarter of this financial year, we have brought 32 new-to-portfolio.

This is new-to-portfolio. At the malls, the refresh continues, right, as the individual malls change out the tenancies.

At portfolio level, we have brought in 32 new tenancies just in the first quarter. This is not just concentrated in one particular sector per se.

It's actually broad-based, a broad-based refresh across the various trade mix that we have in our malls. Next slide, please.

Yeah. We continue to celebrate with our communities.

I think our malls are very much entrenched in the lifestyle of the heartlanders. Over the festive period this quarter, with various celebrations at Christmas, Halloween, and so forth across our portfolio of malls.

Next slide, please. We position our malls as social hubs.

We see our malls as living spaces for our community of shoppers. A lot of our marketing and promotions are centered on not just engaging our shoppers, but exciting and also enriching their lives.

This is how I think in my earlier slide, I did show that footfall has continued to grow, sales conversion has also continued to grow. It's a lot of hard work, not just in terms of curation of leases, but also continuing to bring that excitement and the engagement to our community.

Next slide, please. Happy to show the progress of Hougang Mall AEI.

You'll recall that we announced the commencement of Hougang Mall AEI sometime in April last year. To date, it has actually progressed well.

We've garnered more than 80% leasing commitment. In terms of the ROI target, when we look at the leasing traction, the cost of the CapEx, and also the progress of works, we are very much running ahead on the 7% ROI that we have indicated when we announced this, right?

Also again, the focus on refreshing the trade mix remains. We have actually brought 33 new-to-Hougang concepts.

If we look at the leases that have been committed, this actually represents more than 50% of the leases that we have committed to date for the AEI. Wanted to also indicate that it's not a case of Hougang Mall being urgent need of AEI.

I think a lot of the unlocking of the value requires that looking ahead, looking at the opportunities that can actually be unlocked with the catchment. Hougang, I think there are few key areas of growth that we have actually identified.

In terms of the catchment, it's a very strong catchment. It's also an underserved catchment.

We are looking at the retail floor space per capita of 2.4 square feet versus Singapore average of about 8 square feet per capita. There's also a lot of exciting developments that's coming into this catchment with the Cross Island Line that will enhance the overall accessibility and connectivity.

The implication of that is that that very strong catchment of Hougang will also be expanded, right, with these infrastructural developments. There's also more scale that is coming into this catchment, which is important, right?

As shoppers, we naturally gravitate to malls whereby there is the choice and also the diversity of offerings. That's important for Hougang, and we see that coming.

In a way, this AEI is to future-proof the mall for even stronger performance. Next slide, please.

Phase 1 of the AEI was actually launched in November 2025 last year, just in time for the festive period, Christmas, and the year-end celebrations. What you see on this slide is a wide range of retail offering, F&B as well as lifestyle offering.

Anecdotally, we do hear that the local community is very excited about some of these new options that is coming into their community mall. Next slide, please.

We are also very proud to deliver on our commitment and conviction that there's substantial value to unlock from NEX. You'll recall that we had announced the potential for a major AEI at NEX when we acquired the mall, and that is very much part of the value proposition of the acquisition.

I'm very happy to say that, after further feasibility and engagement of the authorities, we are ready to start the AEI in the second quarter of this year. This entails conversion of 62,000 square feet of GFA from the car park, which is non-commercial space, to commercial, retail, as well as office space, and an increase in the NLA of about 44,000 square feet for NEX, right?

It's also our ambition to actually solidify NEX as a key retail hub in the northeast. Again, NEX is a very strong performing mall, 100% occupancy.

The footfall is tremendous. We're looking at four over million footfall or shoppers going through the mall on a monthly basis, right?

Again, we see that there's actually opportunity to further improve the performance of this very strong asset, right? We are looking at a target ROI of 7% on $90 million CapEx over two years.

The works will actually be carried out progressively, the mall will continue to operate. Right, next slide, please.

Again, for NEX, it's also a case about looking forward, future-proofing the mall. We do see that there is tremendous growth potential in Serangoon in terms of its catchment, right?

It continues to grow. It has very strong connectivity, sitting atop an interchange line, two lines, the Northeast and also the Circle Line, which are two lines with very strong ridership, right?

We will be also tapping on the diversified catchment of Serangoon, there'll be an office component as part of the AEI. Also, you would have read in the papers that the polyclinic, which is just next to the mall, has opened, and it's looking at 1,300 patients every day across different segments of the population.

This is a good source of shopper traffic increase, right? Again, NEX sits on the Northeast Line.

Like what I've mentioned about Hougang Mall earlier, it is an area whereby it's still largely underserved in terms of retail supply versus the population, and it's also a growing catchment area. All right.

With that, I will hand over to Richard to take us through to the next steps for the REIT. Thank you, everyone.

Thanks, Pauline. Usually at this time of the year, we talk about what are we focusing on, what do we look at, for the rest of the year.

Here are a couple of points, and I will run through them on a point-by-point, and then we will go a bit of deep dive, right? There are a couple of strategic priorities and also growth drivers that we are focusing on.

First and foremost, we continue to be positive in Singapore suburban retail. Perhaps the question is why why so, right?

Again, it's fundamentally follows up point that supply is going to be limited for suburban malls. When you have strong demand, limited supply, that that's where we we see we were able to see a pretty strong reversion, strong sales, etc.

Right, we that we continue to be positive on that. Also, I mean if you have had a chance to to look through what is happening with the master plan, right, what's going on in there, you'll find that there's a lot of focus on growth in all over different parts of Singapore.

Of course, in particular, there's a lot of emphasis on the north. Generally, you expect a huge growth in housing development, and that will bring about more population to our catchment market.

Household income, again, these are fundamentals that underpins the sales and performance of every retail centers, right? It's talking about traffic, talking about sales, as what Pauline has mentioned just now.

With increase in population and also higher income that will continue to underpin the performance of our malls. New development, we'll talk about this in greater detail in terms of what's on the the update on RTS, growth opportunities that I briefly mentioned just now, and what are we thinking about for Causeway Point.

The last point is talking about, while we focus on a lot on the hardwares, right, now we are also want to put a bit of emphasis on the software. It's not that we haven't been doing, but it's just that we haven't been sharing enough with all of you.

Right, maybe we can now go through point-by-point, Judy. All right, the first one, it's on positive outlook because of demand-supply, this is where I mentioned.

If you look at this is the the chart that we have been sharing because there's not a lot of update. Again, within the next three years, we are looking at about 340,000 square feet of suburban retail space that's coming to the market, and none of them are actually more than 100,000.

I believe the largest is only about 90,000 in in one of the mixed development. By and large, they are smallish, spread across the island, we don't foresee any significant prime suburban malls that's going to come on stream for the next three years.

Next up. This is where I spoke about the master plan.

These are all information that is publicly available. We are looking at 138,000 new housing units of both private and public over the next 6 to 7 years, and these are numbers that has been we we could see it, in terms of the north region, northeast region, and so on, how many of them are coming on stream in in these various locations.

Right, we're going to expect a growth in our population, especially in known the catchment market that we are serving. That's what is going to give us further strengthening our ability to generate more sales.

At the same time, as mentioned just now, numbers is one, but more importantly is the ability to spend, right, the propensity to spend. We are expecting the household income to again continue to grow.

One of the key reasons, and I've shared this before, I'll share it again, is this progressive wage model that has been instituted across a vast number of employees around Singapore. We are talking about over 155,000 workers across nine sectors that are already part of this progressive wage model.

For those of you who may not be familiar, maybe I can give you an example. If you are a security officer today, right, or rather back in 2023, a security officer was earning about $1,600.

This same security officers is expected to earn about $3,600 come 2028. Within a span of five years, his or her pay is going to double, right?

There's a significant increase, in terms of the ability for our catchment market to spend. By and large, this progressive wage model are targeted at the catchment area or the market or the people that we are serving, right?

You have an increase in population and increase in spending power, so that's going to underpin the sales performance of our malls. Of course, not forgetting that the government has also been very constructive in various handouts that have been given out.

Of course, SG60 was a bumper year. We we ourselves experienced it, right?

You have your CDC voucher, SG60 voucher, SG60 cash, and so on. Far, in 2026, we have already received our first tranche of CDC voucher in January.

Believe that perhaps, some other constructive government support is going to come throughout the year. As we speak, other rebate has has been also ongoing, right?

You have your GST rebate, utility rebate, that again are targeted at population that resides at our catchment market. Right.

I I mentioned that I'll I'll speak a little bit more in detail in the north the developments in the north region. Again, some of you would have heard this before, but for the interest of all investors who may or may not be familiar with this, maybe just just a bit of recap for this.

Again, just now, I mentioned that we are expecting a huge development in terms of housing increase in across the the island itself. In particular, I think the north, there's even more that's coming on stream, right?

First and foremost, we're looking at 20,000 units within the next 6 to 7 years. If you extend it longer, 10 to 15 years, we are expecting about 50,000 units of housing that's going to be built in the northern region.

I think the government has made it very clear that the emphasis now is on the northern part of Singapore, firstly being the third regional center and also, the this is the the northern entry point for Singapore, right? Again, a lot of focus, emphasis, not only on on building homes, having a larger population, but also a lot of emphasis that's going to put in place in terms of commercial and industrial development, which is why about 100 hectares of land has been set aside for for such development, and they are expecting to create about 100,000 jobs in the Woodlands Regional Centre.

All this is going to benefit Causeway Point. Enhanced transportation connection to the north, we all know and some of us are actually experiencing the the impact of the construction of the North-South Corridor, right?

Myself included. Every day, the the the roads get diverted because of this construction.

When it's fully completed, all right, this is actually a a a highways quite similar to what you experience in KPE, where, directly from the east, is very easily accessible all the way to the city center. Now they're building this for easy access from the north to the city center and vice versa.

You can expect more people to also come to the north. While, we we talk about the challenge the challenges that we might potentially face because of Singaporeans going or more Singaporeans going to JB, what we are also experiencing is, of course, retailers from Malaysia are also coming to Singapore in a in a bigger way, right?

More and more brands are coming on. We can we will share with you share with you in the next slide what are some of the brands that are already here and some of them are actually in our malls.

The other point is about, talking about RTS, the impact of RTS, and so on, right? We recognize that, yes, RTS is going to make commuting easier.

What it also means is potentially more people may come to Singapore for employment, and that's actually going to help be very helpful for us. Especially for Causeway Point, the retailers may tap onto that.

That perhaps can also help them alleviate some of the issues or constraints that they have in terms of workforce because we understand the quota for Malaysian workers is different from other nationality, right? You have a actually can benefit from that as well.

The other point is also today, we understand that people are going to JB because of this arbitrage, right? The price differential, it seems to be diminishing partly because we expect prices in JB will continue to rise as as more Singaporeans shop there.

Your rental rates are going to go up, your cost of labor is going to go up, your cost of production is going to go up. That and at the same time, we are seeing Malaysian ringgit continues to strengthen.

I believe it has it has further strengthened a couple of days ago. I haven't seen the latest, but I know that it has strengthened beyond the 3.2.

As this Malaysian ringgit continue to strengthen, the arbitrage that that Singaporeans are enjoying will continue to narrow, right? Maybe you can share the next slide.

On our part, we are also pretty much, concerned with with what's happening in in the northern part with the RTS. We worked with the consultant.

Our team of asset managers and property managers have gone to Hong Kong, Shenzhen together with the consultants to understand what happened there, what was happening before and after, what are the impact, and how some of the mall operators are also changing, their trade mix, relooking at the new strategy, and so on. We we have done that.

We have done surveys to understand what are people buying, when do they go to JB, which are the larger or the groups that are going there, and typically what do they do they are there. Also we have interviews or or or surveys on those who actually don't go there and what are the reasons.

Right, you can see some of the the key reasons for people going there. They typically go on weekend.

We understand so most of them are either singles or or couples without children, and then they typically shop in F&B, health and beauty, electrical, electronics trade categories. Usually are on the lower-value goods.

They spend between $50 to $100. They don't typically pick out international brands.

Why? Because typically for international brands, there's price equalization, right?

If you if you take an example of Uniqlo, you can see if the price tag is already there, even though you shop in Singapore, they show you the price tag in in Singapore dollars, they'll show you the price tag in Malaysian ringgit. When you do the conversion, again depending on the forex at that point in time, the the the arbitrage or the the differences is very little.

In terms of the product range that comes to Singapore will be the latest. A launch will come first, right, instead of JB.

JB will come after. We also understand recently from a very popular Singapore brand shoes, right, that has gone international.

We were a bit surprised when told us that for their shoes, it's actually cheaper in Singapore than Malaysia. Actually Malaysians do come to Singapore to buy their shoes.

Again, point differentiation, the arbitrage may diminish over time, and we'll have another state of stabilization again, right? Why do people don't go to JB?

Safety is one, cleanliness, convenience, shopping experience, and also I think Singapore brands or Singapore retailers have this better trust mark, right? When you when you shop, say for like jewelries, for higher-value item, you tend to want to continue to to do that in Singapore.

Of course, if you're talking about basic necessities that you need on a daily basis, actually go to to JB, but you can do it anytime, all the time, right, in Singapore. I talk about some of the brands that have already moved from or has has come from JB across the Causeway to Singapore.

KKVP, we have them in in our malls now. Oriental Kopi also at at NEX.

Awa Mee also we we had it in our mall. More and more of such brands, not all of them are actually directly from Malaysia, but some of them has established footprint in Malaysia first before coming to Singapore.

We expect this list to continue to grow because, as far as the retailers are concerned, the market is big enough, right? They could generate sales from both across the Causeway.

Why not, right? In terms of for our shoppers, like what I said, they don't have to wait for the weekend to have their their Oriental Kopi.

They can have it anytime of any day, right, in Singapore. I spoke about transforming Causeway Point into a regional mall, right?

With the growth in the catchment market, both in terms of residential and commercial catchment market, we are now looking at fine-tuning, doing some works, AEI work on Causeway Point to pretty much position it more a regional mall rather than just a a big suburban mall that serve the Woodlands area because the catchment market is going to expand. Our trade mix will be such that it can attract a wider market and population as well, and and at the same time, leveraging on the fact that Woodlands MRT station is an interchange of North-South and TEL line, right?

Again, with with an interchange, and especially for those living around North-South train line, if you want to go to RTS, you will actually have to stop here to change a train and then before you get to RTS. We expect traffic again, to increase for Causeway Point, and we will want to position Causeway Point as a regional mall.

We are starting to work on it. Hopefully, either by two quarters after, we can share some of the plans that we have in mind.

It's going to be very exciting. We are very excited by the opportunities that we have for this mall.

Next, please. I believe I've shared quite a bit on on what we are doing, expecting from the market, what we are seeing in the north region.

The other part that I wanted to share is also on the software, right? We we have been always talking a lot about hardware.

I think sometimes, as a mall, as a as a as a kind of social hub, as as Pauline shared, we have to also focus a lot on the software. Which is why we are positioning our mall with the idea that it can be a second place for a lot of our catchment people, right?

Residents living around our mall can really use our malls as a second place. What do we mean by that, right?

We mean that for for a start, we know one in four of our our our population is going to be 65 and above. As some of these people working, they retire, right, they want to have a place to be, they want to have a place to go, right?

We want to make sure that we we do capitalize and capture this group of seniors because they do have the ability to spend, right? They do have the propensity to spend, and and they want to have a place to be, not just at community center.

We want to position our malls as a second place for them. Similarly, even for the younger crowd, right?

We are seeing, for example, in in Waterway Point, because of its proximity to SIT, we do see more the students actually spending more time at the mall. In order to be the second place, I think what we need to do is understand what is required, what are the amenities that we need to provide, what are the areas that we need to improve, right, in order for people to want to spend more time or they want to come here more often and and at the same time, like what I say, spend more time as well, right?

This is our our plan and and our strategy is to make our malls a social hub, a second place for our shoppers. Inclusive spaces, again, is something that we have been doing, but maybe perhaps not sharing it publicly a lot.

We are talking about making our places safe, inclusive, so that, people with disability, with dementia, they feel safe and comfortable coming to our malls, right? For a start, not sure whether you guys are aware that across our portfolio, we have over 100 dementia go-to points, right?

What do I mean by that? Firstly, all our customer information counters are dementia go-to point, meaning that if somebody is lost, some seniors are lost as a result of that, our staff are able to identify.

Or we have already worked with retailers, that's why I said more than 100 of them have their staff trained to identify people who may be suffering from dementia, may need assistance. They can actually help them and direct them or bring them to the customer service counter.

Or they within their premises, they also have space to to for these people to rest, find out a little bit about them, call their family, and so on, and then help them to get back to where they're supposed to, right? We also have calm hours, our malls are universally designed, accessibility is is is no longer an issue for people on wheelchair, and so on.

Again, we are putting in a lot of focus and attention into this inclusive spaces as well as Singapore, again, aging population, and also we are a lot more focused now on inclusivity, right? The third point is about unifying our brands, right?

Today, you go to our portfolio, our malls, right, you don't sometimes it's hard to identify that, oh, wow, this is actually a Frasers Centrepoint mall because we don't really have a identity that cuts across the portfolio. With this unifying of brands, then you can see that perhaps Judy, you can go to the next slide.

In terms of branding, it's easier for for shoppers to identify our portfolio. One of the key reasons we want to do this is also we want to ramp up our loyalty program because if you know what are the malls that accept our loyalty program, then the then the value of our loyalty points becomes more, right?

You can see on this slide, this is the unifying of brands. All our brands will have a a same color, tone, will have the same fonts, for example, and it carries the phrase of Frasers experience.

When you are in one of this mall, you will know that it's actually part of the portfolio. What we have also done is changing out, the typical concierge counters that's bulky, very big, and we reduce them in size, we make it mobile.

The the our concierge can actually be more interactive with our shoppers. We are also asking them to move around the mall to help our shoppers as well.

Again, we are increasing the effort on providing better service to our community while we also improve on the amenities at the same time. Right, I've shared about what we see, going ahead for this year.

Again, it's going to be a very busy year for us. We are going to continue with Hougang AEI, will complete by September, and then we're going to kickstart NEX AEI, which is actually a pretty massive program that we are looking at.

Very exciting, very interesting, and as Pauline has shared, we are expecting a good response, and also we have a pretty good target ROI to achieve that will further strengthen NEX if it's not already a very, very strong mall, right? Based on the numbers we are seeing, based on the numbers that we are expecting, we're going to continue to see resilient demand for suburban retail space.

Again, as I mentioned, population growth, income growth are what are the factors that's going to underpin, the performance of prime suburban retail. This is where we will continue to enjoy our growth coming from underpinning factors such as those two I've mentioned.

Drive shopper traffic, drive sales, create a place-making activities, create opportunities for people to come more regularly, spending more time at our malls. That's again top of mind because the more frequency they come, more people coming, tendency is they'll be able to spend more at our malls as well.

Of of course, in terms of capital management, that's something that we are always very focused on, to have a prudent capital management in place and also try to help, in terms of our cost of fund as well, right? As we we shared before, for this year, we are targeting 3.4% cost of fund.

We are working very hard towards that. With that, I'll end my presentation.

Thank you. We are open for questions now.

Back to you, Judy.

Hey, thanks, Judy. Hey, Happy New Year, Richard and team.

Hey, congrats on the good announcements. Just maybe a first set of questions from me on the new cinema tenants.

Maybe could you share on what's the timeline for income contribution for these tenants? Could you share on the thinking of having more cinema tenants versus perhaps a change of use for the cinema space?

Okay. That we have two cinema vacated by Cathay, right?

One in Century Square and one in Causeway Point. Maybe if I may speak about the Century Square one first, right?

When we were looking at options available, right, whether it be repurposing the cinema or find one-for-one replacement, as we continue that journey, we actually had a few options to do that. When GV came to us and said that they are interested to take over that space, and operate, our immediate response is, why would you want to do that?

You have a cinema next door, right? The fact that they are confident of taking the space means that, firstly, they understand the market very well, right, because they have been there for a very long time at Tampines Mall.

Secondly, when they share the idea of what they want to position this cinema, it's quite exciting. Besides the traditional movies that you see across what they are showing now at Tampines Mall, they also want to bring in art houses films that is, again, gaining quite a bit of traction.

They are bringing more anime. They are also bringing K-pop concerts, right, which they are not doing it at Tampines Mall.

Besides all the other usual films, they are actually going to bring in other creative products. We thought that was actually quite exciting.

The fact that is GV, right, because the fact that they are operating next door meaning they're very familiar with the market, they know what to expect, they know what's the demand that they can get from the market. Which is why we have confidence in them to take a one-for-one.

Will we look at repositioning sometime in the future? Definitely.

We will review again as we progress and see how they deliver and how they perform. They have taken over the space, they should be starting to contribute, I believe, in February, if I'm not mistaken, February, March, when they start operating.

That's for Century Square. The one that we have Point, it is more a gap-filler for now because we have big plans for Causeway Point, which, unfortunately, I'm not able to share now.

They are very exciting, interesting plans to transform the mall. They are space filler for now, right?

We're looking at a short term, from now until probably end of the year or probably up to beginning of next year. This is a specialized cinema operator.

They are operated by people who distribute, well, it's one of the main distributor for Tamil films in Singapore, but they also do show mainstream movies as well, right? This is the space that we will be repurposing, right?

It's a slightly different strategy for both. They have already taken over the space as well.

They are they're already income-contributing for Causeway Point. Right.

Understand. If I could ask on Hougang Hougang Mall AEI, I mean reposition the mall, you do have a big integrated development.

I understand the tender was was awarded earlier earlier this year earlier this month. Maybe could you give us an understanding of, how how Hougang Mall will position versus the the big integrated mall coming up?

Sure. We knew that this site is there, right?

It has always been a question of when, not if. We would be surprised that it came out so much longer than what we originally expected.

When we look at Hougang area, as Pauline mentioned, has got one of the lowest square feet per capita, 2.4, right? If you look at the population of Hougang today, it's about 227,000.

If you compare that with Yishun, it's about 229,000. Yishun today already Northpoint City itself is 530 over 1,000 square feet.

We always look at it and believe that this area can accommodate a much larger Right. If you take our 165,000 plus potentially 300,000 more coming up, we are looking at about 460 over 1,000.

That's not very far from Causeway Point. With a population of 227,000, we believe that it definitely can accommodate that size.

Which is why we went ahead with our AEI. We want to reposition, we want to upgrade the mall so that when this new space is done, we don't look like we are a very old, outdated mall.

That's been the focus. We knew our sponsor may win it, we may not win it.

Nonetheless, we want to reposition ourselves, strengthen our core anchor tenants in the mall, make sure that we have them on boards, like the library, like the large footprint of NTUC, and so on, right? For us, it's a case of, again, being in a large catchment market is something that we believe can accommodate that space.

Thanks, Richard. That's all I have for now.

Hey, hi, Richard and team. Thank you for the exciting news.

Maybe just two, two follow-up questions. For Hougang Mall, with the second phase of AEI complete, where do you actually see passing rent stabilizing?

Also want to get a sense versus that new Hougang Central site.

Two things, right? We shared the return for Hougang is going to be about 7%.

I can't give you the exact rent, but even after we complete our AEI, if we were to compare with the tender pricing for the new site and some of the information that's become publicly available, there's still a gap, right, between our rent and what we are expecting from the new site. Which is why we are pretty comfortable with our AEI works, AEI plan, the tenant trade mix that we have.

Again, as I mentioned and shared with Terence just now, that this whole area can accommodate the 400-plus thousand square feet of space in total between ourselves and also the new site. They having a bigger site, probably different trade mix.

For us, we will again be focusing on complementing what that space requires.

Thank you, Richard. That's

That's kind of two, two Yeah, two-in-one answers.

Okay. I'll calculate that.

Just on NEX, the 44,000 extra NLA, what plans do you have around it? Just a sense whether you can share for the department store, the Isetan, any plans for them to return space and right-size?

Oh, okay. I will take the easy part, and then I'll pass over to Pauline to share more.

Isetan exited the mall. Their space will be returned, and we have plans for repurposing the entire space by bringing in some stronger mini anchors and also more brands to occupy that space as well.

Pauline, you want to take this?

I think, Richard, you've largely answered the question, right? It's no surprise

No, but she wants to know the 44,000 She wants to know the 44,000 square feet of space. What are we using?

How are we going to deploy that space as well?

Okay. Yep.

I think, Geraldine, when we underwrote the acquisition, right, for NEX, we realized that actually there is some of that value that can be unlocked, right? I think some of the trades that we are looking at enhancing in terms of maybe not on average size, but in terms of the diversity, the variety of offering, and also trades that would give uplift in terms of the rent, right, to support the returns of the AEI.

Some of the trades would include, say, for example, F&B, right? As a proportion, the current F&B as a proportion of the mall compared to what we have in some of our malls, we believe that there is still room to improve.

There are also segments like, for example, enrichment education that we are looking at enhancing. With the exit of the department stores, I think there would be also certain gaps that we can fill with specialty tenants.

For example, case in point would be the beauty trades, right, the cosmetics and so forth. These are some of the plans that we have to actually uplift the offering at NEX.

I hope I've answered your question.

Thank you so much, Pauline and Richard, for the color. Yeah.

Thank you.

Hi, morning. Congrats on the results.

Couple of questions from me. Firstly, is there any revised guidance for FY26 interest cost?

Hi, Vijay. You're referring to cost of debt, right?

Yes.

Hi. Our guidance remain unchanged, which is around 3.3, 3.4%.

Okay. Sure.

In terms of this NEX AEI, would there be any occupancy disruption during this upgradation? Should we expect some loss of income from the mall?

What would that be?

Vijay, as we have always been articulating, the fact that when we do AEI, whatever loss of income that resulted from the AEI will be patched back with AM fees. Right, again, it's a two years kind of AEI, we can expect there'll be disruption because we are doing it in phases.

They will be covered by AM fees during this period so that the unit holders will not be worse off during the AEI period, but enjoy the uplift when it's fully completed.

Yep. One last question.

Any opportunities in terms of increasing stake in NEX or Waterway Point based on your discussions with your partners at this point of time? Sorry?

Ongoing. It's an ongoing discussion we have for both our partners.

We feel that at some point in time, probably there's opportunity for us to do that, but nothing to update at this point in time.

Thank you. That's all I have.

Hi. Morning, Richard and team.

Just three quick questions. Firstly, can you share how much reversion is actually on the cinema space?

Is it in line with the portfolio? Secondly, I believe there's some AEI potential at Northpoint as well.

If we are just looking at Causeway Point versus Northpoint, which one would probably take precedence? Then lastly, since some of your peers have participated in development projects and your sponsor has some potential as well, would you actually consider doing a development as well?

Thanks.

Rayson. Maybe I will answer the one and three, but somehow I missed the second.

The first question is in terms of rental for the tenants that's taking over the cinema space. If I look at Causeway Point, it is lower than the outgoing, partly also because, as I mentioned, it's actually a short-term lease, right, because we have bigger plans for Causeway Point.

For the one at Century Square, I would look at it the effective rent is not very far off from what was the effective rent that was paid by Cathay. Right, hopefully, that takes care of the first question.

The third question was on development projects. I think this is something that we are open to.

It again depends on at that point in time, if it depends on the position of our balance sheet, whether we have the capability to participate, how's the market condition is, but definitely, that's something that we have looked at. Of course, if you look at our size and the size of our peers, it's very different, right?

The capability that they could do and what we could do is different. We would be happy to participate in some form or ways if we have the capability to do so at that point in time.

Right. Thanks, Richard.

The second question, Rayson, I missed the second question.

It's just a quick one on whether the Northpoint AEI would be like a backburner, since you have quite a number of AEIs Causeway Point, the NEX, on the pipeline.

The Northpoint AEI, there are a few parts to that. One of which is actually a kind of resizing that will be ongoing as the leases comes out for renewal.

If we are talking about some of the slightly bigger-ticket item, it takes a little bit longer because we need to work with the various authorities and so on to get some of the plans out before we could embark on it. The gestation period for Northpoint City could be a bit longer.

All the approvals, we've done and complete our feasibility study, we will see whether it fits in or not. It's not going to be a very, very large AEI like what we are expecting for NEX or even Causeway Point.

If permitted, we can still go ahead to do it. It depends on the extent, the impact onto the income stream that we are expecting to be impacted.

Right. Thanks, Richard, for the color.

Look forward to the exciting times ahead. Thank you.

Hi, morning. Can you hear me?

Hey, morning. Just want to ask a couple quick questions.

Just on NEX AEI, the $90 million, are you fully paying for that or is your JV also contributing to that amount?

Derek, it's a 50-50. What happens is the holding co itself actually will be funding it.

We are not expecting to have to inject any equity. It'll be funded through the joint venture company.

Right. So $90 split both ways funded through the holding company.

Both ways. Effectively, both ways because there's a joint venture.

Got it. Cool.

Thanks. Just for I guess Causeway Point, I know you can't share specifics, but is the quantum expected to be north of what NEX is like?

We are still working through the plans, but I would imagine it would be something like that, right, if not slightly more than that. Again, it's very much depending on what kind of approval we're going to get, what kind of work we can do, right, for that.

Right. Maybe perhaps hold the horses.

We should be able to share something more concrete come next quarter, if not the quarter after.

Got it. No, that's helpful just to get a sense of the scale of the AEI.

It'll be a pretty significant one because I think we want to take the opportunity, since Causeway Point also have not gone through AEI for quite a while. If you look at the mall itself, it's a bit tired, right?

We saw opportunities from the cinema space and so on. I think it's a very exciting opportunity for us to benefit from and take advantage of.

Got it. I

Derek, maybe if I can add on, right? For Causeway Point, the AEI in terms of quantum will be more, but it's going to be significantly impactful as well because there is quite a lot of value that we can unlock from the mall as is, and also given what's happening in its catchment, right?

A lot of the developments in the north, as well as that cross-border porosity, which Richard spoke about earlier. I just wanted to provide that perspective.

Got it. Thanks for that.

Just maybe switching track to Northpoint, I think, Richard, you may have mentioned that this will probably take place after NEX. Can we assume that this will be two years later?

Oh, I spoke about Northpoint City potential that we have articulated when we acquired. There are a few parts to that, right?

Some of them are ongoing. As the leases for the major anchor tenants comes up for renewal, we'll be looking at resizing some of them.

This can take place without having to wait. There are some works that may require capital expenditure and also disruption to the operation of the mall.

We will review it and see whether we can fit in while we are doing the AEI for, say for example, for NEX, because the scale is different. It's not going to be as significant as NEX or Causeway Point.

Then again doing requires a lot of authorities' approvals before we can get to that level. It very much depending on the scale, the timing, the size of that AEI.

Got it. With all these AEI pipeline, is the forward strategy more AEI-centered, meaning will acquisitions take more of a backburner?

No, I think acquisition is not within our control, right? Acquisition, as I said, is always opportunistic.

When a mall comes out to the market, we will evaluate it. The question is whether can we afford that kind of pricing?

Do we have the capability to do it? It's a separate decision-making altogether.

We always talk about AEI as a value proposition, right? Besides the organic growth, AEI is the one that's going to give you an additional boost in terms of your income.

If you look at, for example, the returns that we have been sharing, right? Tampines 1, we achieved 8% return.

Hougang Mall, we are on track to achieve a 7%. Also for NEX, a 7%.

If you add all this together, we are looking at probably $90, $50, $30, it's almost close to $200 million. When the AEI comes together, it's pretty sizable.

It's almost like buying a mall, but you're getting about 7% return, which is a very, very good return. A lot of investors always or analysts always ask, when's the next deal?

When's the next deal? If you're buying an asset, say, for example, Clementi Mall at a low 4, how does that compare with a 7% return that you're getting from AEI?

Don't discount AEI. AEI is something that we'll continue to work on to churn out new opportunities because we still see a lot of value that we can harness from our portfolio.

It's a question of doing it one at a time, if possible, so that we won't have major disruption to our income flow. AEI is definitely a very good way for us to increase the value, increase the income.

I'm not sure a lot of our peers still have AEI up their sleeves. Some of them have probably have done many, many rounds already, I'm not sure how much do they have.

Within our portfolio, we shared with you, right, we're doing Hougang now, NEX is coming on, we have big plans for Causeway Point already. Next Northpoint City is also one, but smallish.

We still have other malls that we are working on the AEI as we speak now. Acquisition is always again one of the key drivers for growth, but that is something that we can't control.

When it comes out, it's available in the market, we will evaluate it at that point in time.

Got it. Thank you.

Richard, hi. If you don't mind, maybe I should have done it earlier when I spoke about NEX, right?

Elaborating on what the ROI or the value enhancement entails for AEI projects, right? If you look at the 7% ROI, effectively for every dollar that you're putting in, right, you're getting that 7% return on the income.

It's actually a 7% NPI on every dollar that you spend, right? If you look at the yield of our retail assets, that 7% is actually a very attractive yield.

On top of that, there's also that unlocking the valuation, right? The AEI also brings about an increase in the valuation.

We're looking at I would say a revaluation gain, right? Because the capital multiplier is actually more than one, right?

You spend $1, you get more than $1 in terms of the value enhancement of the property. That is where we see the merits of undertaking asset enhancement for our projects, right?

It's not just driving the income returns, it's also enhancing the valuation and getting that revaluation gain through the CapEx that we are investing in the property. I hope I've given a little bit more color or context into why we think AEI is very important for us.

I think the other thing is also I can understand the question about Northpoint City, right? When we undertook the acquisition of Northpoint City, we actually verbalized various value enhancement.

The AEI is just one aspect of value enhancement. It's not just about AEI.

In fact, the next day after we acquired, we worked very hard to drive some of the value that we have committed to our investors, right? The other areas would be improving the operating efficiency of the mall.

Again, that will enhance the returns of the asset, right? Also in terms of getting that higher space productivity, rental productivity, it's not relying on just one major AEI, one major CapEx exercise to unlock the value.

As some of the leases come up, and some of these spaces are anchor spaces, big spaces, whereby we see there are merits to either change out the tenants or even subdivide, right-size to drive the rental productivity. The point that I'm trying to make is that it's a progressive thing.

It's a progressive unlocking of value, rather than just relying on one big AEI, which definitely we are still working very hard on the feasibility, but it takes time because it entails, it's quite multi-faceted in terms of what we need to do, the financial feasibility, the retail feasibility, and also engaging the authorities. Just a little bit more color on that.

Thanks.

Hello. Hi, good morning.

Hi, can you hear me?

Great. Hi.

Good morning, Richard and team. Thanks for the call.

Maybe just very quickly Hello. Hi.

Great. I think maybe just to follow up on the AEI question.

Can you give us a sense in terms of your schedule AEI for NEX, when would be your biggest impact to your earnings or biggest impact to the loss of income? Then because you are probably looking to announce something on the Causeway Point as well AEI, will that overlap with your NEX AEI, and can I safely assume that your FY27 would be the biggest impact in terms of the two AEIs coming together at once?

One, it's about trying to work out the schedule. Maybe Pauline can give a bit of color.

One thing that we have again make it quite clear is that don't worry about the impact because we will be using other means to support the impact to the income while we're doing work, right? This is something that we have been doing.

We have articulated and we have applied when Tampines 1 was doing and Hougang Mall was also ongoing, no different. Of course, we will be looking out as much as possible to also smoothen the work when there'll be certain crossover when perhaps happening at the same time.

Don't forget that NEX is 50%, right? NEX is not 100%.

While we talk about $90 million, we talk about the impact, we also have to remember that it's half, right? If you take half, 50%, then maybe the impact is not as significant as what you think because if you look at Hougang Mall, the AEI is $51 million, right?

We can manage it. Of course, we are mindful with our cash flow position, our gearing, and so on, we are mindful of all that.

We try to see whether there's opportunity as much as possible. There will be instances definitely when certain work has to be done because the faster you complete certain section, you also get the income coming through earlier, faster, and any uplift will also come through as well, right?

Sometimes it's a case of trying to get things done faster so that, again, the mall can be returned in a much better position as soon as possible. All this we will bear in mind.

As we mentioned just now, that in terms of impact to the bottom line is something that we are mindful, but we already articulated how we're going to make back that gap if and when it happens, yep.

Richard, you want me to talk about the timing for AEIs? I think for all our AEIs, our malls continue to operate, right, and we will stage out the works as well.

Even on an individual asset level, we are very mindful about the disruption. I think if I talk about the NEX AEI, we are looking at adding GFA, right, adding actually building new floor spaces as well, right?

Some of that disruption resulting for that would be I would say the fringe kind of disruption, right? For the Isetan space, it's a matter of the tenant exiting and that is also a lower-yielding space because it's an anchor.

On average, the rents from an anchor tenant compared to the average rent would be lower. Right, so that kind of puts into perspective what is the impact to the income as we undertake the works, right?

I think over here, we are looking at not just one mall undertaking AEI, but potentially maybe over the, towards the end of FY27 and FY28 itself, there'll be more than one mall undergoing AEI. At that point in time, firstly, Hougang Mall will be coming back in a stronger way, right?

Secondly, when we look at the staging of the works, we don't just look at one mall. We look at the intensity for across both assets itself.

Right, so as NEX actually goes through the AEI, we will also be pacing with what we are doing at potentially at Causeway Point as well. It's actually a stage thing, and I think like what Richard mentioned earlier also, that there is that AM fees that will protect the DPU of the for the investors.

Yep. I think in short, we are very mindful about the disruption.

We always look at minimizing the disruption as much as possible, and also staging out the works not just across one single mall, but across the one or two malls that we are undertaking the asset enhancement. Yeah.

Thank you. Just two follow-up questions.

Can you give us a sense when is the Isetan lease coming up for expiry? Then the second one is just for NEX mall, is the contribution 100% divvied out to the partners, or what's the percentage that has been divvied out to the partners at the moment?

Maybe I'll take that question on Isetan. In terms of timing, it's very much aligned to when we are commencing the AEI for NEX, right?

They'll be coming out in end April. We are looking at starting the AEI works for that space sometime in May or June, right?

Again, goes back to the part about minimizing the downtime, yeah.

Annie, you want to take the Yeah.

Rachel, it's for NEX, it's close to 100%.

Thank you. Thanks for all the color.

That's very helpful. Maybe my next question is on Hougang Mall.

Now that the AEI is almost complete, you are doing well, it's a brand-new mall, would you look to sell the mall now that you have a competitor coming in with another mall?

I think we don't divestment because we have a competitor mall coming up. It's more whether is there any further value we can harness from the mall?

Has the mall reached its optimum before we will consider that, okay, that mall maybe perhaps not much of a value going further? Also what do we use if we were to divest a mall?

What is it that we if we recycle this mall, can we find better alternative? Can we find a better mall that can improve the overall portfolio?

We have done over the years divesting assets because those are assets that, as I mentioned, it's either doesn't fit into our portfolio, they are not malls that we think we can continue to drive value, and certainly, we were able to bring in malls that can and strengthen the portfolio. Again, these are considerations, right?

When we do AEI works, when we have a mall, we are always mindful that what potentially could come on. Like what I said, when I was answering, I think, Terence's question, the site here is nothing new.

We all knew that there's going to be a massive development, a significant development, and it has always been a question of when they're going to launch it, not if. When we look at our own position, we are always on the basis that that mall could be a mall that our or the site potentially our sponsor could win or somebody else will win.

What happens when somebody wins? It's always been done on the basis that we don't get that mall, right?

Our first point of FS has always been on the basis that we don't win the mall. What do we do?

This is no different.

Thanks, Richard. Just one last bookkeeping question.

I think the tenant sales have been quite strong this quarter. I think mostly led by November.

Just wondering whether you can give any color, any specific malls that stand out to you in terms of tenant sales, and how's it looking? I know it's a bit early, how's it looking at the January month?

Do you think it will sustain at this kind of

I think but what we are seeing is, again, we're pretty happy with actually the numbers came through, right? 2.7% growth in the first quarter, and our first quarter, incidentally, you're talking about the holiday season, November, December, school holidays, when a lot of people are deemed to be traveling, a lot of outbound.

We are actually quite happy with the result that we achieved, we are hopeful. We're hopeful that this trend will continue.

Again, like what I said, PM and Finance Minister is going to have his budget soon, right? Again, fingers crossed.

I think we are also all looking forward, hopefully, there are more handouts that is coming our way. That will again help to maintain or boost the sales.

Overall, with all that we are seeing, increase in population that's coming in, there's a lot of activities that's going on, which is actually good for us, and that kind of give us, which is why we said that we are positive, we're still very positive on this sector.

Rachel, to answer your question on which mall is doing better, I think we do see that this trend is actually broad-based across our portfolio. Of course, definitely, with that heightened watch on the north, right, with the RTS and so forth, we're also watching our northern malls very closely.

Actually, in terms of the growth in footfall and in terms of the growth in sales, it's also very strong for the likes of our northern malls like Causeway Point and Northpoint City itself, yeah.

Maybe just to add on to that a little bit. Again, talking about the north region malls.

In fact, last year, at the fourth Q, we shared the rental reversion for every one of the malls. If you look at Causeway Point, if I recall correctly, it was 8.4%, even higher than our average.

Occupancy, now that the cinema space is backfilled, is 100%. We question RTS impact, but certainly, the retailers themselves know that RTS is coming.

They have confidence, and the question is why do they have confidence? Because they have been operating in this mall for a very, very long time, some of them.

They know the market, they know the catchment, they know the spending ability, and they know what they are doing, right? I think while you maybe listening to us and wondering why we are drumming it up, but it's not really the case because it's proven that even our retailers have a lot of confidence in the mall, and they are renewing it for three years.

They are not renewing it for a year. Why would they want to renew in the space of three years if they don't have that confidence, right?

By now, you should expect the occupancy for Causeway Point to be on a downward trend if what we are saying is true, right, and what we think is going to happen, and the retailers are losing confidence, and so on. We are not saying that.

We're still seeing very strong reversion. We are still seeing very strong take-up rate and demand for space in Causeway Point.

It's just that now, because we're going to start planning our works, we also have to be mindful that whatever tenants we take in, they may not have the full length of tenure. This is something that we need to work on as a team, right?

Other than that, that's the testament of the confidence that the retailers have in our mall.

Thanks for the color. Let's hope for the best for the north malls, northern malls.

Thank you.

Hey, good morning. Morning, Richard and team.

Just a quick one, right? Can you just share with us whether there has been any payment that's being made back to you for the Cathay site?

I think previously, you said you were expecting something.

We have submitted our statutory demand, but because they are currently under liquidation, right, there's a moratorium of four months starting in sometime in December, mid-December. As of now, everything is frozen, right?

We just have to wait out and see what happens after that four months. Prior to that, we also did share that we did recover money through our security deposits and so on.

We did recover some money along the way. We have also put in a statutory demand, which is public, of $3.3 million.

Okay. Just one more question on my side, right?

Just wanted to hear your thought process on the CWP major AEI, right? When you look at this, do you actually factor in some of the potential major sites that could come out around you?

If you look at the GLS sites, there's actually a pretty decent, sizable white site just beside Causeway Point, very similar to what was saw with the Hougang site, right? What if, let's say, tomorrow, it gets triggered, somebody else takes it, the site with FPL, right?

Do you actually factor all this in?

We do. We are conscious of the site.

We've evaluated the site as well. I suppose for those who have looked into that, you know that the retail space is about 200-plus thousand, significantly smaller than Causeway Point.

There's also a requirement for the site to be for office use, right? I guess that's what they're trying to develop in that area, and that is also one of the key reasons why most developers are shying away from the site.

When we look at our AEI, we do factor that into consideration. What we are saying is that also with our AEI, potentially, we can also increase our NLA as a result of some works that we are planning for.

Again, that will further strengthen. If you're looking at it from the position of strength, we will be strengthening ourselves.

If you are looking at positioning as an opportunity, again, that is something that we will have to work together with our sponsors for a site like that, right? We will try and see whether if there's opportunity for us to kind of include any potential retail space that's coming out there as well.

All good. Hey, thanks.

Thanks, Richard.

Hi, morning. Just wanted to follow up on the cinema lease, right?

Given that one is flat and the other seems negative in terms of reversion, will these two reversion both flow into the first-half number to be reported, and any change to full-year guidance of mid-single digit?

Okay. Definitely for Causeway Point, it will not impact the rental reversion because it's a temp lease, it's a short-term lease.

I believe the Century Square may or may not be, because it's a pre-term case. Pauline, I can't remember.

It's a pre-term case. Then if we are looking at cash flow, right, I think what's more important would also be how the cash flow would be with this lease.

I think Richard shared earlier that effective rent-wise, it's quite similar to the outgoing for Cathay. Yeah.

How short is the lease at Causeway Point?

It'll be actually 11 months, but then we've actually catered for a lot of flexibility to recover the space because we are working on the bigger transformational plans. We want to retain as much flexibility as possible.

Got it. Thank you.

That's all from me.