Good evening. Welcome to CapitaLand Ascendas REIT First Half 2026 Results Briefing. I'm Johanna from the Investor Relations Team. Thank you for joining us today in person at Capital Tower and remotely via Zoom. Please note that this briefing is recorded and will be made available on our website. We will start shortly with a presentation by Director of Investor Relations, followed by questions and answers with our management team. I'm pleased to introduce the panel this evening. Mr. William Tay, our Chief Executive Officer. On his right, Ms. Koo Lee Sze, Chief Financial Officer. Mr. James Goh, Head of Portfolio Management for Singapore. Finally, Ms. Serene Ong, Head of Investment and Portfolio Management International. If you have any questions, please raise your hands and the microphone will be passed to you. Please try to keep to two questions each time, if you would like to supplement with more, we will circle back to you. For those online, you may post your questions on the chat box. With that, I will hand over the time now through the highlights of the briefing. Thank you, Johanna, and thank you, and welcome to everyone joining us online and physically for CLAR's mid-year results briefing. CLAR delivered a resilient set of results for the first half of 2026. Distributable Income was higher by 8.6% year-on-year at SGD 359.4 million, while the DPU remained stable at SGD 0.07482. The higher distribution was due to the acquisitions completed in 2025 and 2026, as well as the better performance from existing properties. These two factors more than offset the impact of about SGD 500 million of divestments completed in 2025. On the Portfolio O ccupancy is 89.1%. This figure includes two new properties that were completed in the second quarter. They are Summerville Logistics Center in the U.S. as well as 27 IBP in Singapore. If we are to exclude completed properties, the Portfolio Occupancy will be 90.3%, which is a similar level to the previous quarter of 90.5%. Rental Reversions remain positive. For the first half of the year, the average Portfolio Rental Reversion is 8.5%. This reflects continued demand for our quality properties. For the second quarter, specifically, the Rental Reversion is 5.2%. On capital management, the gearing declined to 39.7% from 42% the previous quarter. This followed the equity fundraising in the first half. To recap, the equity fundraising was to fund acquisitions and we repaid some debt. It was a SGD 600 million private placement as well as a SGD 300 million preferential offering, both of which were well oversubscribed. For the first half of 2026, the Cost of Debt is 3.5%. This is a similar level to the first quarter and 20 basis points lower than the first half of last year. Our Portfolio Rejuvenation strategy remains grow and enhance the value of CLAR's portfolio. It's anchored on accretive acquisitions, selective redevelopments and developments, as well as disciplined divestments. The year- to- date, we have executed on all three. In the first half of the year, we completed more than SGD 1.1 billion, and these are nine quality properties in Singapore, the U.S., Europe as well as Japan. As mentioned, we completed the redevelopment of 27 IBP as well as the development of Summerville Logistics Center. Lastly, in July that we are divesting Kim Chuan Telecommunications Complex for about SGD 200 million, which is 2x the original purchase price, as well as a 32% premium to the independent market valuation. This sale price is meaningfully above the book value. Ability to unlock value from the portfolio. On the financial performance, comparing the first half of this year against the first half of last year, gross revenue and NPI increased by 6.7% and 6.2% respectively. This is due to acquisitions completed last year as well as this year, and the better performance from the Australia portfolio. As mentioned, it has offset the impact of the divestments completed in 2025. Higher and DPU remains stable at SGD 0.07482 after accounting for the larger unit base, mainly due to the equity fundraising in the first half of this year as well as the first half of last year. Comparing this first half of this year versus the second half of last year, similarly, gross revenue and NPI increased by 2.8% and 2.2%, respectively. Acquisitions, as well as the better performance of the Australia portfolio, drove the increase and it offset investments. Distributable Income increased 3.5%, DPU was slightly lower by 0.6%. It's mainly due to the larger unit base. CLAR had actually declared an advanced distribution of SGD 0.0375 on the 30th of April. For the period from 2nd of April to 30th of June, we have declared a DPU of SGD 0.03732. Unitholders can expect to receive this distribution around the 8th. In addition to the properties that we have acquired in the first half of this year, we are in the process of completing the acquisitions of two logistics properties in Singapore for about a total purchase consideration of SGD 600 million. This brings the total year-to-date acquisition value to about SGD 1.8 billion. Going through the list of these properties, you will notice that 10 of the 11 acquisitions are actually logistics and data center assets. These are asset classes that CLAR wants to continue to about half of the value of the acquisition value are properties in Singapore. Singapore is a key market for CLAR, and even as we build a globally diversified portfolio, Singapore is a geography that we continue to invest in. Just if we were to look back to December 2022, the Singapore portfolio value was about SGD 10.1 billion. As of today, currently 30th of June, it has increased by about 30% to SGD 13.1 billion. We have continued to invest strategically in Singapore. 2023 is about SGD 2.7 billion of acquisitions, just in 2026 alone, we will be completing about SGD 883 million. All right. Going into a bit of details about the asset 27 IBP. We doubled the GFA as well as the NLA. At the same time, we have also transformed the property into a modern business space asset. It features your efficient column-free floor plates. We have also added amenities such as a sky garden and work trip facilities. The property is BCA Green Mark Platinum certified, and it's going to be directly connected to the future Jurong Town Hall MRT station. It's very close to the Jurong Lake District, which is envisioned to be the largest business site of Singapore's Central Area. The current committed occupancy is about 19%. We are in discussions with our prospects, and viewings are ongoing. Approximately 20% of NLA is in discussions. Summerville Logistics Center is a modern logistics asset in Charleston, South Carolina. This asset widens and diversifies our U.S. logistics portfolio, which is mainly currently in Midwest markets. Marketing is in and similarly, viewings and lease discussions with prospects are ongoing. The current list of ongoing projects as at the end of June is five, with a total estimated cost of SGD 507.2 million. We are working on a couple of other redevelopments in Singapore as well as overseas, and we will be sharing more details in future quarters when the details have been finalized. Just to highlight a new asset enhancement initiative that we are doing in Australia. This AEI is at 1-5 Thomas Holt Drive. This property has three buildings, and we are currently doing some asset enhancement works at one of the building. Besides refreshing the lobby, adding new amenities, we are also making the property more suited for multi-tenanted occupancy. The AEI is going to cost about SGD 10 million, and it will be completed in the first half of next year. Moving on to capital management. As shared earlier, the gearing has come down to 39.7%, slightly higher than six months and 12 months ago. It's mainly because of higher borrowings to fund investments, while our total assets have also increased to about SGD 20.9 billion. The adjusted NAV per unit has also increased to SGD 2.24 as of end of June. Our financial metrics remain strong, the ICR is 3.5x. Our percentage of fixed rate debt is 70.1%, and our debt maturity profile is 2.5 years. On natural hedge, we will maintain a high level of about 73% for overseas investments. With our latest investment into the Japan data center, we want to refresh everyone's memory that CLAR's portfolio now is diversified across markets. Singapore remains the majority at 65%. Australia, the U.S., and U.K., Europe each contributes about 9%-12%. Japan currently is at 3%. In terms of asset class, it remains well diversified across the three main sectors, which is business space and life sciences, logistics, and industrial and data centers. I'll move into occupancy. We'll explain a bit about the individual geographies occupancy, starting with Singapore. The overall Singapore portfolio occupancy is 90.1%. This includes 27 IBP, which is in the leasing-up phase. If you are to exclude 27 IBP, the overall portfolio occupancy actually remains stable quarter-on-quarter at 90.6%. For the U.S., similarly, the decline quarter-on-quarter was due to the addition of Summerville Logistics Center. If you are to remove this newly completed property, the portfolio occupancy actually remains stable at 85.9%, which is 20 basis points higher than the previous quarter. This was mainly due to some new take-ups in. In Australia, the decline was due to a lease expiry at 1-5 Thomas Holt Drive. This is the business space property in Macquarie Park in Sydney where we are doing the AEI. Conversion works are underway, and actually we have already found a commitment for the 60% of the vacant space while we continue to market 40%. Otherwise, the logistics portfolio in Australia, the occupancy remains stable and healthy at about 92.9%. Lastly, for U.K., Europe, the occupancy remains stable at 93.1%. There is a property that we shared last quarter that we are going to be redeveloping. It has been decommissioned this quarter, meaning the third quarter, and I will be sharing details in the future coming quarters. Exclude this property, the occupancy actually remain at about 98%-99%. On Rental Reversions, it remains positive across all asset classes and geographies, and more importantly, we have revised the guidance to the single digit range. Previously, it was mid- single digit. I will move on to closing. In terms of outlook for global environment, according to the IMF, growth in 2026 is expected to be slower than 2025. For us at CLAR, that is why our strategy remains relevant. Our portfolio remains diversified across five developed markets, and these markets have healthy fundamentals. More importantly, with our strong balance sheet, we have flexibility. The portfolio remains resilient, and with our CLAR growth strategy, we believe that CLAR is well-positioned for stable and sustainable returns. That brings me to the end of my presentation. Before we move to the Q&A segment, I would just like to pass the time over to William for him to share a few words. Thank you. Hey, thanks for coming. We actually introduced Serene just now. She is taking over the portfolio management. We also have split the investment. International will handle investment as well as portfolio management to see end to end from investment to portfolio management. Singapore investment now is with Dacon. He will take care of investment as well as business Singapore. This is just some of the new structure that we are embarking for the rest of the year and forward. Just a few comments. You have heard Andrea mentioned, we have done SGD 1.1 billion of acquisition the first half. On track to do SGD 1.8 billion. If you recall, we still have SGD 600 million, two properties in Singapore to be completed. We expect them to be completed within this month. I think in terms of growth, we are on track and it will be income generating. We have actually done about half in logistics from this, as well as half here in Singapore. It does show you that we are focused on Singapore as well as two asset classes, logistics and data center. Other than the two assets that will be completing, we also be seeing contributions from the new developments that will come on stream. Geneo will slowly give us more income over time. It should start coming in the second half. Number two, 27 IBP, we are about 19% leased up, 20% in advanced negotiation. I think year end, we probably can hit about 50%-60%. Bearing in mind it does take time to fill up space in a business park space. Typical two to three years to fill up space. This being a new project, it does give us confidence. The leases that we have signed so far, they're all new to CLAR. A mix of relocation as well as expansion. This is actually good. We actually introduce new specs in IBP. We can actually capture new demand. We are confident to be able to close those that's under negotiation. If I go back to Geneo, I think you have heard me mention as well that we have about 81% occupancy. The day we actually announced our TOB about 76%, we went up to 81%. We now have another 13% of space under advanced negotiation, and we hope to be able to close them in the next six months. Again, that is actually new income to be generated. Summerville Logistics, which is in the U.S., is on track. We hope to be able to start to sign new leases, there will be income generating as well. The newer developments and the redevelopments, as you can see that as we talk about a cycle of decommissioning and have a cycle that comes online with new income. We continue to look at redevelopments. Andrea mentioned in U.K., we do have one warehouse that was vacant since first quarter. We have actually decommissioned. We will start work in the next three months. Okay. The other point is that the first half, I think the key is actually the enlarged units, which the numbers have shown. Despite enlarged units, the DPU has been stable, which means that the contribution from those acquisitions are flowing in, and we've got two more that is coming up this month. The other point is also the concerns over any lease non-renewal, which is Singtel in Kim Chuan. We are actually able to divest them at a very good premium. That's again, that'll be flushed out, and we start to see that this perhaps in three, four quarter this year. Okay. The key looking at is the renewing income coming in. The other one, big one, I suppose, before you ask, some lease renewal that will be up. As I mentioned, lease has been in negotiation. We are finalizing the lease. You can say that it's signed. There's also one key renewal that we will do with a large rental reversion. Some of these we know we are confident of doing them, which is why we have raised our guidance for rental reversion to be high- single digit. These are the few key things that I will raise, and we take questions. Thank you. We will start with [Mervin] from JPMorgan. Hi, [Mervin] from JP Morgan. Yeah, thanks for the briefing, William team. I thought the results were quite good, very resilient considering the headwinds from Singtel exit, FX, and the placement units. I know you cannot talk about forward guidance in terms of second half. Maybe you could help us process for second half. I'm thinking maybe second half will be stronger. The two acquisitions you mentioned to yet be completed, the strong reversions and the like. Obviously some of the slippage in occupancy is due to the fact that you have new buildings coming in. How are you thinking about that year end on an overall portfolio basis? Do you think we can get back up to the low 90s level? Maybe some guidance on that. In terms of Singtel, obviously Tampines, any updates on development there? Obviously next year, some of your friends at San Francisco buildings, any updates in terms of renewals and tenants? Thanks. Thanks, Mervyn. Just now what those I mentioned, I actually give you some of the snapshot of the drivers behind future earnings. Mainly it's the two. I think that's huge given the fact that it's about SGD 600 million. If we can close this this month, we have at least four months of income. That's quite huge. Compared to the renter that we have lost in Kim Chuan. You know the numbers, it's in our annual report. A year, the next two acquisitions that will be completed is more than enough to offset any dips in terms of rental loss. Occupancy, I think we will stay stable. Main reason is because of the new assets that are recommissioned. These are big assets. As we add the GFA back into our base, take for example, 27 IBP. We have almost doubled the entire GFA. A 20% occupancy is high compared to the older building because it's enlarged building. Number two, maybe just a little bit more details on that. Before we tear it down, the renter was about SGD 2.80-SGD 3 for that area in IBP. Were you at a point where its low occupancy is about probably about 2.5%-3%? Now with a new completed building, we have new specs. Today, perhaps the market rent is about SGD 3.50 in that area. We are hitting mid-single digit. That should give you a sense of why we want to do redevelopment, because it's a newer spec, newer location. It gives us ability. If we don't do any redevelopment, 27 IBP, it is where it is, say, three years ago, and we're competing with. It does give us some ability to get better rates. We believe that being a new building, it can attract new demand. As I mentioned, all the leases that we assigned are all new demand. We have companies from engineering, health, they're all new to us. Occupancy-wise, again, it's because a large building, as I mentioned, even 27, we hope to be able to close about 50%, 60% by end of the year. There will still be vacancy about 50%, which will then drag down the overall portfolio occupancy. Portfolio occupancy will still be stable as we start to renew other leases. [Changi Park], which is in Tampines, no news yet. We were hoping that the government can give us an indication with regards to the height limit. They did say it's 3Q, we're hopeful that it will come within this quarter. Our plan there as you know, is obviously with a higher height limit, we will ask for higher plot ratio and hopefully a redevelopment. What else can we do if the asset will be considered? SF, we have started marketing, I think your key concern is the one that is leased by the colorful company. I still can't say the name, yes. Yes, we have started marketing. There is good interest around in SF. We understand that the vacancy is still high, 40% vacancy around in that area, in the Bay Area and SF. Because it's a new building in terms of is probably vacancy of 13%-15%. This is a fairly good building, and our tenant or subtenant has actually invested substantial amount of fit-out. We've been hosting site visits. These visits, there are actually demand. Not just one site visit, but various site visits, including some prospects have seen that space multiple times. We believe there are some good interest for that building. Okay, excellent. Thanks, Mervin. Look forward to a stronger second half of it. Okay. Can I have the next question? [Yew Kiang] from CLSA. Hi, William. Can you give some guidance on NPI margins by different segments? Because it's been a little bit get a sense of where you will stabilize it between the various logistics business parks and the other segment. On 27 IBP, how fast can we expect the lease up? Within your portfolio in Singapore, how many of your assets can be redeveloped, SGD 2, SGD 3 to, say, SGD 5, like you talk about? Yeah, that's it. Thanks, [Yew Kiang], for coming in. Maybe I'll let the portfolio managers talk about the margin. By and large, I think in terms of overall portfolio, our margin is about 70%. You are right, it does go up and down depending on occupancy and as well as cost. In terms of cost, it's still going up regardless of occupancy, but it more or less stabilize. For example, electricity. What we have signed, I think you know that we are contracted right up to end second quarter next year. The rates that we have signed in terms of comparing to last year is really about 9%-10% lower. Next year's rates, we expect it to be about 30%. For tenants who are with us do enjoy better rates than they were before. Primary reason is because of the bulk purchase that the group embarks on together with other asset classes, the size of us here in Singapore give us an edge to be able to negotiate. The contract was signed before the war, which is why the hedging formula is actually very favorable for us and be good for our tenants. Before I hand over to them, perhaps on your second question. IBP, still quite challenging, to be honest. Why we proceed to redevelop 27 IBP, the primary reason is because it's going to be directly connected to the MRT station. That actually give us an edge because where there's a good connectivity, it does attract. Just like what we've done with Geneo. Even in Changi Business Park, where it's OCC, it's near MRT station, it always has a better leasing and more attractive. Typically, FS-wise, in terms of how we foresee or predict our occupancy is about three years to be able to stabilize. Based on our pipeline today, we think that we could hit about close to 50% towards the end of this year. 50% means that we actually filled up the old building, the size of the old building. We will start to see as tenants start to move in. That will be helpful. On your question about any other redevelopment opportunity, I think the most likely one will be across the road. I've shared before is ESA building. Some of the vacancies that we see in our numbers is also because we start to move tenants out. ESA, we have brought down the tenants to about 20%. We will be embarking on the redevelopment once we start to fill up 27 IBP. Again, that building to the MRT station. We hope to be able to bring in, just like Geneo, bring in more retail F&B offering to give a good attractiveness to that node there, which is 27 IBP and ESA 29 IBP. That is probably the building. You can say that we have opportunities around in Science Park, but the buildings are still fairly new. I think the key is that if we want to be able to get higher plot ratio, with a new infrastructure that's invested by the Government in relation to connectivity then we can actually ask for higher rental. If for any building that nothing has much changes, tearing it down, giving it new specs, it's tough to say increase a SGD 3- SGD 5. There must be some ingredients in there. Okay, you can. Hi, [Yew Kiang]. On your margins question, I'll answer more generically rather than specifically by geography, because it really depends on the lease structure. If it's like a Triple- Net Lease and it's single-tenanted, those margins tends to be typically above 90%, sometimes as high as like 97%- 98%. If we talk about a multi-tenanted building, on average is in the 70s, can be low 70s, mid-70s, thereabouts. If we talk about data centers. Data centers margins tend to be lower on the headline number because of the high electricity. We record both the electricity revenues as well as the OpEx. If you strip that out, again, it normalizes, again, depending on whether it's a colocation or if it's a core and shell. Really our number by country or at the group is really a blend of these three separate components. I would say by and large, margins, particularly for multi-tenanted buildings, have more or less stabilized because previous years, post-COVID, with that hike in electricity, I think across the industries, everyone saw their margins compressed, largely again because of that higher elect revenues being recorded, and at the same time, higher elect expenses. We are more or less past that. Hope that answers the question. We will move on to the next question. Maybe we'll have [Dale] first from DBS. Thank you. Hi, William and team. Just two quick questions from me. I think firstly, like you mentioned, Geneo. Since the very positive start, it has kind of stalled. Just wondering what's happening there. You're saying that you have advanced negotiations with further tenants. How are asking rents now versus what you signed at the onset? This is my first question. My second question is with regards to your portfolio reoperation. Now that you have done about SGD 1.8 billion in acquisitions, what should we be expecting for the rest of the year? Should we be looking at more selective divestments, or are you still pursuing acquisitions in a big way? That's all. Thanks, [Dale]. Thank you for that good question on Geneo. As mentioned just now, we haven't really improved the occupancy for about six months to nine months, where we first announced the completion of project. 6% committed is very real. You probably have seen our opening and who is the tenant, our anchor tenant. They are mostly life science and pharmaceutical. Our anchor tenant is Government. They have taken the most of the space. They will start to move in next year. During this time, while we are handling all these fit-out and handing over of the sites, we still continue marketing. I suppose your expectation is that rental should go up, which is what we have asked for, because now that we have hit about 81%, typically, as you looked at the entire pricing strategy, we may give more rent-free as they first come in. Subsequently, when it hits stabilize, obviously we ask for what the market is asking. Honestly, Geneo and our newer buildings to market in terms of rental. We like to be able to close higher than where it is. Out of the 19% vacancy, we have 13% right now in advanced negotiation. We are hopeful that it will stabilize, as in high 90s towards the end of the year. On your question about investment and divestment, we are still focused to close the two assets that we have announced and acquired. As you know, in Singapore, we need to go through regulatory approval. In these two cases, it's actually JTC. We are hopeful that this consent will be given to us very soon. Even for our Kim Chuan divestments, it's not a JTC site, we still need SLA to approve. There will still be regulations that we need to go through. In terms of investments, I think we still looked at investments, this is important for us right now, for second half. What I would say that our focus is more divestment. As you have heard me mention, we have about SGD 300 million-SGD 500 million divestment. Kim Chuan, this asset divestment came very fast. When we got a good market, we are still working on the SGD 500 million divestments. If there is good interest, we believe that we can push the divestment up higher. If not, at least I think we have good interest for at least about SGD 300 million-SGD 500 million right now, which we have worked on. That will be helpful for us. Number one is in terms of leverage, in terms of our debt to EBITDA, and in terms of our ratio, to be able to bring it down. Even with the two assets to be acquired plus the divestments, I think our leverage will stay about 40-ish. Right? Be able to bring it down, which is key for us. We still want to be able to focus. Why we want to do that is because focus on reconstitutions. When there's an opportunity for development, redevelopment, we'll push ahead. If there's interest for divestment, especially in this market at Singapore and overseas. Europe and Singapore continue to see capital flow, which we hope to be able to capture some of this capital with some of the divestment. As you have seen in our Kim Chuan, we can actually divest in a very good premium, which is good for the trust. Thanks. We'll move on to [Vijay]. Hi. Good evening, William and team. Couple of questions from me. Maybe I can take it one by one. Firstly, in terms of U.S. Summerville Logistics, this was a spec on your end. How is the demand like? When can we see this building reaching full occupancy for it? My second question is in terms of your earlier fundraising, I recall you mentioned two acquisitions. I think one you have done is the logistics asset, if I remember correctly. Is there one more acquisition pending, or is it not going on at this point of time? My third question is, if I notice on your financial statements, the credit loss for this year has gone up from SGD 1 million- SGD 3 million. Not a big number, but are you seeing some increased tenant defaults or late payments? If so, which market and what reasons? Thank you. I'll take on the Summerville Logistics question. Essentially, I think typically when we stabilize the asset, we look at nine to 12 months. Given that the asset has been completed in April, so it is underway and market demand is still strong. Boeing has announced a U.S. $1 billion manufacturing plant, and then Mercedes-Benz is also setting up their van plant, which will generate additional supply demand. We are hopeful that in the coming quarters, we can announce something. Will it be fully spec suit? I mean 100% occupancy, a single tenant or it will be multi-tenant? It will be multi-tenanted. Because the market demand currently in the market is probably in the smaller units. We probably have to see the warehouse. Charleston is not a big market. We went in with the idea that is actually there are manufacturing industrial activities. You have heard us mention when we went during a time, typical leasing up is very short, because very bullish logistics market. Having said that, we have actually expected that because it is a smaller market, we will need time after completion to be able to fill up the space. 1 million sq ft, half a million in the market is not huge, but each of the tenant that comes in could be 100,000- 200,000. It is likely to be a multi-tenanted facility, not a single tenant. The key there for us is that as we look at the logistics, especially U.S. and even in Europe, you have heard me mention that we want to be able to build modern warehouses. As we acquire new modern warehouses, we also want to be able to develop modern new houses. For this, it is speculative, but we have picked a location or rather a city that is well-connected both by the shipping route as well as road network. Right. We are hopeful to be able to lease out the space. On your second question, yes, we did say that during our EFR is two new acquisitions. We have one, which is the Tuas logistics, which is the bigger one. The other one, actually in our use of proceeds that we have actually reallocated, we are not proceeding with that. Primary reason is because during due diligence we are not comfortable, so we have actually decided to drop that. The two, the bigger SGD 133.9 million is this in Tuas, which hoping to complete this month. Okay? Thanks. On the- Okay, I will take the question on the ECL provision. Generally for provision, we also look at our security deposits that we hold, and we only provide on a prudence basis. As in all accountants, we are very prudent, and we only provide if the arrears is above security deposit. This number is a combination of a few countries, mainly in the U.K. and Europe. It is just a provision, but the team will still continuously engage the tenant, and if we need to restructure some of the payment schedules. Otherwise, it will still be in control. Can you give some color in terms of which sector and tenant? It's mainly in the logistics. Okay. Thank you. [Vijay], having said that, there is no clear indication in terms of whether renter default or arrears. Our cash collection is still very healthy. As typical number of leases that we have, we obviously have leases that may have late payment. As a process-wise, once a late payment, letter of demand, one, two months, is quite common. Right? Nothing that has flagged up in relations to whether if you ask or which industry is facing a stress, I don't think there's clear indication for us that any of the tenants are in any way difficult in terms of their business. Maybe just to add on to that, as we hear about the new tariff being reintroduced, we did our round is anything of key concern to any industry. As I mentioned previously, majority of tenants here in Singapore, take for example our lease renewal to the rest of second half of the year is about less than 10% to be done. Out of 10% is about 500 over leases. The main one, I think I mentioned to you, Shopee is one key one. The rest, I think we will be able to see the leases being renewed. Payment-wise, I don't think there's any key concerns. Okay. Thanks, [Vijay]. Thank you. We'll have the next question from [Rachel]. Hello. Thanks for the presentation, William. Maybe just housekeeping questions on the remaining properties like 5 Toh Guan, could you give us some update? 27 IBP, you said SGD 5, is it above your underwriting? When is income coming through and all those details? My second question is on guidance. Are you changing your interest cost guidance? The remaining, I think you have done some refinancing, right? The remaining debt, what currency are they in? Okay. Thanks, [Rachel], for bringing up 5 Toh Guan, forgot. We're going to hit full occupancy quite soon. Yeah. I think it's good for us. As you heard that it's another project that we are past the SGD 1 renter. This has gone up to above SGD 2. We are hopeful to be able to close, I think by the end of full occupancy. Perhaps not full occupancy. I think there's still one canteen. Still trying to find a canteen operator. Okay. Yes, I think we are on track. We are happy with our investment in 5 Toh Guan. Similarly, towards LogisHub @ Clementi, that we have on a new construction. Interest is there. We are talking to some interested prospects. We are hopeful that if all turns out well, we may be able to get some pre-commitment. Again, if you know our commit to any occupancy. Even if any statistics that you see, it will still be zero until we get TOB. I think for logistics, it's quite clear. While we think that it has stabilized here in Singapore, it's no longer that bullish. Good assets, I think we can command the kind of renter being in Jurong East or in Clementi. Right? 27 IBP, we believe income will start to come in perhaps towards second half. Just like Geneo it takes about a year. We believe that slowly as company starts to move in renter perhaps six and 12 months down the road. Underwriting, I think it's above our underwriting. Frankly speaking, even when we did our redevelopment, I don't think we was expect that we can hit SGD 5. Early to Geneo, you all were asking me, is it SGD 5? Even Geneo last time you asking me is it SGD 5 or SGD 6? Again, I mentioned that yes, cross beyond that SGD 5-SGD 6 even for Geneo. It's above our underwriting. Interest cost guidance. That cost will still be expected around the SGD 3.5 that we have year- to- date. As for the refi for this year, it is mainly the Singapore dollars. Refi is done. I think you saw about SGD 160 million. Okay. Thank you. Sounds good. 5 Toh Guan is going to hear 100%. Same question like c lose. Close. Need to find a canteen operator. Okay. Just same question like income, when is it coming through? When should we expect? Yeah. I think it's very end. Those that are leases, because this was completed last year. Yeah, will start to come in already. Okay. Thank you. Thank you, [Rachel]. Then we'll move to [Xuan] from Goldman Sachs. Hi. I just want to know the divestment that you're planning. Where are these assets? What is the current NPI yield on the asset? I'm asking because typical NPI yield of industrial, 5%-7%, is above the cost of debt. The loss of income that we can expect divestment, will they actually end up offsetting the additional income from the newly completed acquisitions and sorry, developments. Yeah. Thanks. [Xuan], good question. The divestments, we work actually in all countries. We think we are hopeful perhaps more in Singapore and Europe. Last year, we have divested in all countries, U.S., Australia. We do work in all countries. What we think there is some interest, as Sebastian mentioned, about capital flow. Mainly we would think the will be the ones that we can close some. In terms of yield, good question. Yes, I think even for Kim Chuan based on our divestment value is about 5% and it has to be fully leased. Assets typically has a mix of occupancy. If we do any of these transactions like what we have done last year, you see that there may be one or two that is with good occupancy. The rest of the assets may be 30%, 40%- 50% occupancy. In terms of actual impact or NPI loss, it will still be there. If correspond to a redevelopment that we have to ramp up, that will probably give you a sense that for redevelopment, if we ramp up even for our 27 IBP right now, even for 50% be about, say, 3%-4%. As you've leased up with higher renter, I think yield is one, but in terms of NPI contribution, it's very different from where it is before it was redeveloped. That's actually the kicker. Also when we have able to get higher plot ratio, that's another new that will contribute. I hope we answered that question. Even for this, it's about 5%, right? Yeah. Let's assume that I can lease out 100% to a single tenant. I guess when you do your budgeting for second half, when you account for these two impact, is second half DPU likely to be better than first half? I guess that's what I'm trying to understand. Okay. From divestments, if you look at even we work and announce, it takes time before it completed. Whatever NPI will still stay. For example, even Kim Chuan, we are expecting to close complete in 4Q. Right. Having said that, it's vacant, right? If it's income contributing, it'll be income contributing in second half. One last question. Any major redevelopments or assets that you other than what has been announced? Hawleys Lane which is in U.K. That was vacated or vacant since 1Q. That's the only one, right? Yeah. Are there any more questions from the audience online? Sorry. Audience in the room. Hi. Physically here today. [Joy], HSBC. William, just on Japan. We've seen quite a bit of movement in the cost of funds, right? Is there any risk on valuation sense and also what's your thought on the market going forward? Interest does affect cap rates. We believe that there will be some expansion in cap rate, yes, on a general. This is a new asset, it is a 15-year lease. I think in terms of valuation goes back down to what is the certainty of income. I think the impact will be very immaterial. That is one. Generally, in terms of the market as I mentioned it is almost three, four years ago when we are looking at investments, when interest rate goes up, our price expectation is based on the expanded cap rate. If you ask us today, while we have not seen real transactions that has shown that the cap rate even for us, if there is any opportunities that come across our desk, we will be asking for higher cap rate. Interest has gone up to about 3% compared to where it was. These acquisitions we have done earlier, we have locked in our rates. Everything has been locked in terms of NPI contribution and in terms of accretion it is in. For next acquisitions, we did this about 4.3%, if you remember. We do expect that any buyer will take guidance from this. This is a huge transaction in the Japan market. Having said that, one other asset class we think that is getting more challenging is logistics. While we say that the cap rate has expanded, because there is rental escalation, which we do not see in the last two decades, I think companies or investors are still prepared to buy logistics at where the kind of cap rate it was. Perhaps even below 4%, some are still prepared to do. In terms of data center, I think it is normalized to above four. I think that is actually where the market will be asking. Answer your question? Yeah. Would you be holding back on Japan, or you will continue to? We are still looking at investments opportunities, I think it's getting further away from where we can close. Do you have any update on the U.K. data center? Okay. I'll let her say. There's nothing to say about U.K. For the U.K. data center, I think the challenge is still on the planning, because it's taking a long time for the U.K. Power Networks to give us confirmation. That being said, I think to be made. Probably in the next quarter or next six months, we should have something to announce. You're still confident that you're going to get some indication, or rather how long-? We already have 25 MW and we're asking for more. Question is when the power will be coming in, and because there's upstream implication on the upgrading of infrastructure, which is very much dependent on the grid. That being said, because we already have the 25 MW, we can do something cleverly on the site so that we improve to accommodate the incoming power. I see. You're comfortable doing even without an upgrade of the power? I also actually mentioned this previously. 60 MW is there. We are uncertain when the 35 will come. Waiting and waiting, which is a decisions that we have to take at certain point in time. We have to take a decision whether we want to go ahead to redevelop whatever existings we have. 25 today is still very attractive, to be honest. Even is still very attractive. If you remember, the main thing is we have our plans all ready for a single big site. Now the change is that we are looking into two phase. The two phase means that first phase, 25. Whatever the Government can give today, we will take. The other remaining, we will take some time. We know that it will take some time, but instead of waiting for that some time to be able to confirm in terms of our marketing, we have actually started to look at the two phase. We are almost on the hour, we just have time for one last question from [Mervyn]. Thank you. I'm just looking at the 5 Science Park Drive acquisition slides. The in-place rents at that point in time was below market rents. On renewal, are we within that ballpark? That's question one. Yes. Second question, when would these new rents kick in? Would it be end of this year or more next year? Thanks. Why did we increase our guidance to high- single digit? We think that when it's closed, it's signed, I think we are doing better than what we have expected. That's one. Renewal is in November. New income will start to come next year. Okay. Looks like James will give us a nice Christmas. Okay. We're at 7:00 P.M. Thank you everyone online, as well as those who came down physically. Thank you everyone once again, and have a good evening