Good morning. Yeah, I hope you all are feeling great today. Happy New Year if you're celebrating. If not, I hope you had a good respite last week. I'm Allison from the investor relations team. We have the management here with us today as well. I'll introduce them later during the Q&A. To kick things off this morning, Tony will share his highlights for the full year results. Now, I would like to invite Tony on stage to share his insights. Tony? Good morning. Wish everyone happy New Year. Happy Lunar New Year. This year, obviously, we know entering 2025 is quite an uncertain year given what's happened late last year. Certainly, I think as I go through the presentation, I think we are quite well-positioned to face any kind of challenges ahead. I think we continue our efforts to really fine-tune our portfolio, I think for the last two years or so in anticipation of potential changes in climate, the oil environment. Can you move the slide to slide five? I think this will be a key anchor going forward for next couple of years, and we anticipate we will continue to be quite active in looking at how we can even further strengthen the portfolio. Couple of things we have been doing over the last two years, I think are bearing fruits. I think these are worthwhile efforts that would always anchor CICT stronger as we go into year after year. Next one. Just as a recap before I go to the full financial year, just a quick recap on what activities has happened so that you have something bearing how that number set's gone into our results. We started earlier the year when we announced AEI for IMM. The work actually started in about second quarter. Phase I, phase II, a large part of the space, mostly at the supermarket area that we reclaimed back, and we've done a little bit of right sizing. And of course, we introduced other retail trade, with the aim of bringing in up to in total, 110 outlet malls in IMM, outlet shops in IMM. That would be one of the strong anchor. We announced the AEI, the work went on. We finished towards the end of the year, phase I, phase II, and we kick start phase III. There was some income impact in 2024. No, it started to stream in towards the end of the year. Those phase I, phase II, I think you expect that income will start contributing again. Also forgot to mention that Galileo, we took back the building at end January, income frozen there. We have no income for 2024, Galileo. The income gone. IMM income as well as, I think part of it has gone also from second quarter into quarter. Yeah. Then we also completed, as you move along the timeline, Clarke Quay AEI that was announced, I think last year we did that. It was completed later part. It was officially TOP around the quarter this year. That also started to see some contribution coming in, kicking in. We announced more AEI work at Sydney, one of building, 101 Miller, really to uplift the overall quality of the building. 101 Miller, just to recap, is a 50/50 joint venture with Mirvac. It is one of the, I would say the vintage premium Grade A office. I would say vintage premium building in North Sydney. Last few years, there were a few newer buildings that came out premium level, this is really the first vintage level. I mean, it's like our Capital Tower here back in maybe early 2000, they were the premium grade. It's quite timely to bring that aura back. I think Mirvac and us agree that we should spend a bit more money to uplift it. We got very strong tenant feedback. Even prospective tenant like it very much. I think we are potentially seeing a bit more traction from a leasing front. AEI over there completed. Other area that we're going to start looking at is more the retail component, which is called Greenwood Plaza. We've also done a couple of adjustments to our portfolio. Probably well-known, we acquired ION, completed in 12th September. Is it? No, no. Sorry, after AGM, 31st October, we officially took over. We divested 21 Collyer Quay. That was completed somewhere in the middle of November as well. A lot of activity happened over the year, and it will make the number a little bit more difficult to rationalize. I thought it was quite good to just give you a little bit of recap so that you can recalibrate the 2024 number, and as you start looking at 2025, 2026 number, there's a little bit of a projection going forward. We are pleased to end the year in a very strong position as a result. If you look at all the matrices, on sequential quarter-over-quarter has improved, right? Later I'll touch on portfolio value. Occupancy has gone up to 96.7%, sequentially about 0.3 percentage point. It basically cut across the three buckets. Other matrices, which I'll touch on later on, I think I need a bit more elaboration, like tenant retail sales portfolio is 8.8% and office retail Sorry, reversion. Office reversion is 11.1%. I'll give a little bit more color later because sales up 3.4%. Again, I'll give a little bit more color. Likewise for traffic and occupancy cost, right? This is just a visual aspect of what happened, what I've done at IMM. I think already I mentioned at the upfront we can expect more contribution in 2025 for IMM as we work towards completing the phase III somewhere around the quarter. For Galileo, the work on the ground is progressing on schedule. If nothing, no slippage in time, we expect to hand over the building somewhere around, maybe around the quarter. That's where you can start to see a little bit of revenue recognition. The lease is structured such that we can have a more matching in our revenue and cash flow. Quite unlike other long, big leases that we have, typically, when you have fit-out period, there'll be a rent-free. This one we negotiate a little bit more balance, so we get some payment. Any kind of incentive or fit-out, I think it's all evened out towards throughout the entire lease tenure. Likely to see revenue income contributing around maybe hopefully by around fourth quarter, if we are on schedule. More significantly earning by over 2026. We also don't anticipate any kind of distribution coming from Galileo in 2025, given that, it's a ramp-up, we still have expense to pay, but more substantively, I think will come from 2026. For the full year, overall, numbers are quite decent, I would say, given the background. Revenue increased by 1.7% year-on-year. NPI about 3.4% year-on-year. Other measures are pretty healthy. We managed to bring down the leverage to 38.5%, give us a lot more headroom, financial flexibility to look at potentially even more new AEI. We are constantly doing all this work to make sure that our asset quality are maintained, ensuring that we are always planting new flag going forward where we can have new revenue stream. We have that flexibility now with whatever happen in the market. Cost of debt remained fairly stable, about 3.6% compared to last quarter. Overall, I think we have all locked up the fixed rate borrowing. In fact, when we did the divestment of 21 CQ, I would say most of the fund we used to pay down the shortened debt. That is a little bit on the high side. Overall, on a hedged level, 81%, I think we're very well protected whatever outcome which may be faced in the financial market. Portfolio valuation has gone up. Overall, portfolio-wise, SGD 26 billion, up 6.2%. Singapore obviously is a strong contributor with ION coming in, minus of the 21 CQ that we divested. Germany held well. Galileo actually went up. MAC came down, but overall, on a net basis, it gone up. Australia site, unfortunately, the cap rate expanded by 100 basis points over the year. The entire valuation has been affected as well. On a net basis, about 6.2% that comes into our valuation. Second half, this number maybe we got a little bit explain. Second half, we accounted ION as a joint venture. The revenue NPI doesn't flow in here. It would be more a share of the joint venture result. This is only reflecting on the current asset minus the 21 CQ. Notwithstanding that, I think our overall still growing 1.3% NPI without 21 CQ and without Galileo contribution. Full year, I will not touch much. Let me just move on. This is just a snapshot view. We are solidly Singapore anchored, almost 95%. Having said that, I think these are activity that were done that resulted in this kind of composition. Nevertheless, I think we will continue to be agile and see what else can we do to further fine-tune our portfolio. On the DPU front, sequentially is a growth 5.43%-5.45% from first half, second half. Second half, obviously, you have a bit of noise again on those things I mentioned. We acquire ION. We raised equity fundraising, completed only in October. It's a time lag difference where we have the large base, but it's not matched by the corresponding contribution. You will add that in, let's say assuming we did an equity fundraising starting from September. We did an EFRA, we did a placement followed by a prep offering. That will added in at about SGD 0.07. It would have been SGD 5.52 versus SGD 5.45 on a like-for-like basis without dilution. This is a little bit clearer how on the normalized run rate, how we look at it. Correspondingly, SGD 10.88 would be potentially about SGD 10.95 if all matching finished EFRA income coming on the day itself. It give just a little bit of context. I think overall the portfolio has done pretty solid. We have some contribution from ION for the two months or so. That also help. Pleased to say that I think the ION performance is better than what we have earlier projected. I can't disclose too much, generally it does help to uplift it a little bit. If you recall, we did the announcement on the fundraise, had some discussion with investors in how we should look at the number. We projected the fee in units may have to go out. This time round we did not. It's all maintained on a like-for-like basis, 50/50%. You are comparing completely on a 50/50% basis. I think we are pleased to say that the underlying portfolio strength has been able to push through, plus the better performance from ION as well. This one is just a little bit more for you to note, whether you're an existing investor, note 11th February is the last day you get your SGD 0.0329. NAV per unit has gone up by SGD 2.09 on the back of the valuation that's gone up. I think we are trading at probably about 6%, 7% below, around there for NAV. On the debt maturity front, which I won't elaborate too much, I think we have a little bit of a small tower to deal with. Part of it is actually from the EUR loan, we do expect the rate to creep up. It was locked in years back. Nevertheless, I think the expiring tower will probably in the low threes. There will be potentially a little bit of an uplift in the overall cost, we try to manage that. We try to manage the drawdown as little as possible. It's all about very active cash management. Ensuring that you don't have to carry very expensive cash in your account unnecessarily. I think we have been doing that successfully over the last 12-18 months, minimize the drawdown, ensuring that you're able to manage your interest expense. I think this representation on the balance sheet, pretty healthy indicator all throughout. Leverage went down to 38.5%, as I mentioned earlier. Total borrowing came down from SGD 9.4 -SGD 8.8. The other metrics, 81% fixed. Again, I think it's in a good position, given that volatility in this rate is still ongoing. Interest cover ratio inched up a little bit to 3.1 times, average duration also gone up to 3.9. All these metrics just seems to be landing in a nice position. Average cost of debt is maintained at 3.6%. Which I elaborate earlier. Occupancy, you can see throughout the three buckets, overall it's gone up to 96.7% from 96.4%. Across the three bucket, all has improved. This one I'll just skip. We've been quite actively managing our expiring coming deal. A few percentage point are already in discussion. We do expect it to be a positive kind of reversion number. We won't disclose too much at this point in time. Broadly, I think later my colleague will join us, you can have a little bit more Q&A. Leasing remains healthy. There are talks whether it's quietened down. I think we're reasonably okay. In the fourth quarter, even the office managed to close 187,000 sq ft of space. Not too bad. Slow slowdown from third quarter, but maintaining very strong retention. A lot of tenants are deliberating what they want to do. Things seem to be changing. More people are back to the office, whether they should expand, contract, look at economic environment with a new administration from the U.S., how it will affect the overall outlook in this part of the world. I think there's a lot of deliberation. Given that context, I think generally the leasing activity still looks pretty healthy. We closed SGD 1.8 million last year in total for the retail and office space. On the retail space, again, across the greater suburban downtown, I think we're aging up as a portfolio. Retail space, 99.3%, inched up from 99%. Fairly, I think quite reasonable movement. Of course, suburban is always almost full, 99.9%, and downtown is inched up from 98.2%-98.8%. Reversion number earlier I alluded, is quite healthy, both suburban and downtown, almost 9%, about there. This is, I think the trend. I mentioned a couple of times there's a bit of catch-up wave during COVID where we had to do some rent adjustment, and then because of the fair trade agreement, we do have to pace out the adjustment over time. 2024 is a continuation, maybe a little bit less in 2025. Going forward, it's all really about how the retail trade, the tenant themselves are able to trade well, occupancy cost ratio become even more important as we come to a better landing on where the overall cost structure will look like for us, also for the tenant. Tenants here. This is just a breakdown. This one needs a little bit of elaboration. Overall, what we have done is we've brought in ION into the whole bucket, the number. The retail sales include the per square foot of ION. That elevated on a per square foot year-over-year. It's not exactly really like for like. I thought it's important to just paint a snapshot as we end the year, because going forward, you will always encounter all this comparison year-over-year, a little bit of noise. At the start, that will give you a good sense how that composition will look like. If we strip out ION, we are looking more like a portfolio retail sales slightly less than -1%, and then downtown will be probably about 1%. About there. Suburban held very well, 0.4%. The next few quarters going forward, we will present that in the manner so that you can see the trending as well for us to be able to maintain some kind of useful info for you to do as you look at your projection, how the retail sales will look like. Similarly, for shopper traffic, we just pop in the ION number in, so it looks a big jump downtown, 17%, but you just strip that out, exclude ION, it will be more like 8% rather than 17%. It's still a very healthy uplift. Next. Again, we always present it just to give you a bit of flavor of what things may be doing well, not doing well. Pop in the ION number, you can see that trade like jewel watches will just spike up, because they do have retailers that are in that category. It's more for me and for the rest of the team is to track, going forward, how that trend will look like. You can see a large component now of our trade mix is coming from a pretty higher value retail type trade. I just slightly touch it. I think notwithstanding some concern about the general retail environment here, given all the challenges, strong Singapore, high cost base, retailer couldn't find the manpower, I think we'll continue to be able to track good new to market. That's one of the very strong key reason why it's underpinning the portfolio strength. I believe they're always able to source out, and we have a good team here on the ground, the ops team are here. I'm thinking maybe some of them are dialed in. Have been scouting out the region, the world, trying to find new concept, bringing idea in, sometimes it's a bit defensive. We also want to energize activity in the CBD. You see Quartet. If you all not been to Quartet, it's the latest, a nice scene place to go to. Good concept in the CBD environment. Receive very good reception. I think that will strongly anchor, and not just helping our own building, but also may help the precinct in that locality, where CapitaGreen is located. We help to strengthen overall CBD appeal as a location, but also anchor our building very well. We are able to bring new concept. The very popular Oriental Kopi, having fun in Rossum or the JB. I say, "Why go all day? Why just come to our Bugis Junction?" We do a little bit of defensive measure, things like that, make sure that we able to anchor our asset, look at the competition, not just next door your neighbor, but also competition from the neighboring country as well. Where is the screen? Just move on. On the office side, overall portfolio occupancy has gone up 0.2%. If you cut across the three bucket, again, Singapore obviously has gone up. Germany is the only one asset we have not included Galileo. MAC, we've got a little bit of challenge there. We lost some tenants who decided to downsize, and hence the occupancy has come down a little bit. Also very pleased to see that we are gaining some traction also in Australia. Overall occupancy Australia has gone up as well. This is what we presented. I think just the long story short is that I think overall our aspiring rent is not out of my kind of numbers. Quite close to where the market is. I think we give earlier before some investor to us what kind of guidance to 2025, 2026. Look at aspiring is probably not far away from market. I think we have a good decent shot at getting a positive reversion. I'll stop here. I think the rest, maybe the last one more slide just to add on some point. Just to round it up. Earlier I mentioned this year key thing to look out for completion IMM. We're in bringing that inflow more than 2024. Completion of Galileo, 2025 and 2026 latter part, and 2025 and 2026. We will continue to be looking for new avenues for us to even strengthen the portfolio further, anchoring ourself even stronger in Singapore. With that, I think I'll end the presentation. I would like to invite my colleagues to join me. I think we are open for questions. Wait. Wait. Come. Yi Zhuan, Jacq, Mei Lian. Later, I'll introduce Choon Siang. Thank you, Tony. Okay, before we start the Q&A, I'll introduce the management. On Tony's right, we have Mei Lian, our CFO. On Tony's left, we have Jacqueline, our head of investment, and on her left, we have Yi Zhuan, our head of portfolio management. Some housekeeping rules to note before we start. If you have any questions, please raise your hand and wait for the mic to come to you. Please state where you're from and your name. Please try to limit your questions to two per round. If you have more questions, we can come back to you. All right. With that, do we have a first question? Okay, maybe Mervin for ladies first. Hi. Good morning, Tony and team. Thanks for allowing me to ask the first questions, and Happy New Year to all. Maybe just one. I think we have heard news that there's F&B closing in the Singapore market. Quite a number of retailers are closing. You have also guided that FY 2025, you'll be looking at the retailers' performance. Just want to get a sense, are the retailers still, sentiment-wise, are they still positive and would you still be able to push your occupancy costs from 17% now? Yeah. First part of the question, I think there was a 3,000 closure reported in the news. There were also 3,007 new openings. Actually, on a net basis, it's an increase in the F&B openings. Of course, it's island-wide, right? It's, in a way, a reflection that food is still a basic bread-and-butter stuff that most people would turn to. The challenges of cost environment is real. Nevertheless, there are still good concepts that can do well, and there are tenants who are prepared to come in. I think that kind of mood, I think, will probably likely move into 2025. Obviously, the environment is a lot, probably more uncertain. But broadly, from an F&B space, I think people are quite curious about new ideas. It's a consumer-driven trend that would sort of anchor how F&B operators decide whether they want to be here or not, right? That's one broad picture. There's also quite well accepted, I think, trend you see in the market, that there are a lot of F&B operators using Singapore, really, as a launchpad. Right? They wanted to see whether out of their original country, new concept from foreign country, They want to use Singapore as a launchpad. Naturally, I think we would potentially be one of the few landlords that they will reach out to. We have that good blend of suburban downtown offering that they can present, too. I think even, let's say there's a bit of a reduction in appetite, but there will still be new ones that are prepared to come in. We probably will still be one of the landlords that they will turn to. Yeah. Maybe Yi Zhuan you want to add something? Give some color. Yeah. Yeah. I think just echoing what Tony said. Right now, when we look at the F&B, in terms of within our portfolio, we do see a lot of interest coming actually from new cafes. Fine dining, generally, in the market, we know that it's a little bit more challenged now because of high cost environment. At the end of the day, if you look at it, and I look at it broadly, right now, just F&B alone. If you look at our retention numbers, it shows that actually this retention number, +80%, is very strong. This actually includes the part that you know where we actively curate what the brands we want at each turn. If you talk about tenants who want to stay, actually, there's a lot more. If we look at every quarter when we share the new to markets, right, you see a lot of new F&B brands. Actually, a lot of times we have to select which F&B. Too many pictures to put, right? We have to kind of right size a little bit. That shows that actually there is actually good demand. What I will say generally would be the F&B entrants coming in now, they actually do come with quite a fair bit of financial backings for some of those that come from overseas, They're very selective about the locations they go to. Definitely those that are better curated malls, better located malls will always be in demand. That's why I think it reflects on the occupancy numbers. The second part of the question is more on occupancy costs. Yeah. Whether you can still push higher, whether you can give the breakdown, suburban and downtown occupancy cost. If we look at this occupancy cost, suburban now we are roughly about 15.9%, 16%. If we look at the downtown, we are probably 18%+, which is actually quite in line with what our numbers are. In previous sessions, we have also shared that op cost is just one component. It makes up a lot of functions, right? And whether or not that we can have a room to stretch, I think it's to stretch it reasonably low. At the end of the day, we want it to be sustainable, that the tenants that are in our malls will continue to do well. Yeah. Okay. Thank you. Thank you. Just second question. Any updates on the tax transparency for ION? Okay, we have written in to IRAS on seeking tax transparency and the proposed structure that we have in mind. This is an ongoing process. It's something that we Update when there is more clarity. Still target mid this year, or? It all depends on when IRAS can come back to us. I think there are ongoing review given the global tax that is implemented. This is also a position that IRAS will have to review. Yeah. Okay. Thank you. Okay, next. Mervin, you want to go? Happy New Year, Tony and team, and congrats on the quality results. May I start on the fees units. Positive surprise. Any guidance for coming year? ION you mentioned is doing much better than your underwriting assumptions. Occupancy last disclosed was 96%. Any details on that and tenant sales for ION? Was it up year-on-year or maybe down due to softness in luxury sales? Thanks. When we presented the proposition to acquire ION with the fundraising exercise, right, I think we projected a 70% MFU, what we potentially may go up to. We have also been very clear, our preferred option is really not to, right? That still is going to be the position. We arrived the year well, the portfolio has performed well. We have reasonably good chance not to move down without the tax transparency. I think that again, require fairly of monitoring, making sure that the expense is under control, managing interest expense well, is ultimately the distribution that will determine how investor will react. Generally, in the pecking order, that is right at the bottom, how we want to deliver the DPU. In terms of, what else you want to ask about performance? Yes, it's better than what we have underwritten. Hopefully momentum can sustain. There were also AEI work that were ongoing that time in 2024. Part of it completed, perhaps later part of the year, and hence you see some uplift from there. They also plan AEI going forward in 2025 as well. We'll see how things perform there. Broadly, I can't be too specific. Occupancy has gone up, now closer to 98%. We don't have that year-on-year comparison, right? We only took over end of October, right? We can't comment on that. Generally, look at overall luxury retail trade, and ION obviously is not just luxury, right? Overall luxury retail trade has softened around the world, to different degree in different country. Singapore is not spared. Overall, it's slowed down. Again, I think if you recall, ION is a very unique animal. It is a product that cut across all walks of life, different income stream, serve the desire of different consumer type. On balance, it's quite well curated. Those bottom part, if you go to ION, is still relatively busy overall. They are also looking at upgrading AEI work to do. I think there will be some balancing effect, some trade down, some trade up, may potentially, that can help ION ride through a different economic cycle. One unique feature about ION, because if you look at the retail trade that little pie chart I show. ION tend to have a higher component of the turnover sales than our typical mall. By nature, because the ticket size are bigger, it can be lumpy, right? It may be seasonal, it can be lumpy. It can also depends on economic environment. That's the one that may have some variability. Overall, the base rent is going up, like the rest of the Orchard Road you have seen as reported. Likewise, I think ION, the base rent is going up as well. That will cushion. Okay, perhaps, Geraldine? Hi. Morning, Tony and team. Happy New Year. Maybe just want to get your thoughts around the operations of cinemas, given the recent news of Cathay closure. Luckily they're not in your malls, but you do still have, I think Shaw and GV. Any opportunity to downsize these tenants? You want to take that? I'll start. Yeah. Okay. Cinema, we do have some. Exposure-wise, it's not a lot, less than 1% in total GRI contribution. From a risk exposure perspective, it's really not significant. Right now, I would say that the good thing is that unlike others, ours are still paying rents. They are current in rents. That's a good thing. Jokes aside, I would say we have already kind of identified cinema and how it's actually going to develop this whole thing. When people look at Netflix nowadays, people rather go play games or social media rather than watch movies. Within our asset plans, we do actively look at whether or not there's alternative users for it and actually, at how we can reposition some of the space. Having said that, we have to be mindful that in cinema, typically they are located in the top floor of the malls, in certain corners of the malls where it is not naturally the first footfall, kind of heavy footfall area. It needs a very targeted approach when we look at this and talk to the kind of alternatives that we are currently looking at and see how to fit them in meaningfully. Yeah. Definitely if we replace cinemas eventually at some point, you may look at it, right? One thing is that your sales efficiency that we will get, because they do occupy more space and in terms of sales generated, it's a little bit on the lower end. In the past, the reason why cinemas were very strong propositions for malls is because they actually bring in the crowd, right? They draw in. It's almost like loss leader, right? You bring in people, and then hopefully they bring up the rest of the mall. Currently, we have to reassess how this fits into the overall strategy. Thank you. Okay. Thank you. Can I also ask about interest cost guidance? Yeah, just a quick one for full year. For this year, I think we have close to SGD 1 billion of borrowings to be refinanced. I would say the average cost of this debt that we are carrying now is in the low 3% range compared to the current spot levels, which is closer to more than 3.8%. In terms of average cost, I think, the guidance will likely inch up. We will still be below 4%. We are now at 3.6%, the increase will not be so significant compared to prior years. Vijay, you had a question, right? Hi. Good morning, Tony. Happy New Year. Just two quick questions. Firstly, in terms of capital recycling, I think last year was a good year in terms of both divestment and acquisition, and you have got your gearing lowered with 21 Collyer Quay. What are your plans for 2025 in terms of divestment as well as acquisition? There was a talk about Citadines Raffles Place also, right? Divestment. Jacque? I think with the divestment of 21 Collyer Quay, we have lowered our gearing to around 38.5%. That gives us more headroom in looking for new investments and other opportunities like the AEI or redevelopment. In terms of divestments, if you're asking us, I think as part of normal business operations, we always actually constantly evaluate the portfolio asset by asset, to see whether what is the highest and best use, and whether we should divest or whether we should do an AEI or whether we should do redevelopment. That continues for us. Okay. Can we expect similar divestment and acquisition this year, like 2024 with interest cost now peaked? Are you more optimistic in terms of capital markets for this year? I think if there's a right opportunity- Yeah. we will definitely be doing them. Yeah. Yeah. It has to be the right asset. Correct. Yeah. I think, Vijay, the way I would characterize that is that like Jacque was putting across, it is a BAU for us. Portfolio reconstitution, we still have some journey to go. We have evaluated every single property we own. What potential we can ride through vis-à-vis what's changing in the market. What are the areas we can think about, whether it's a redevelopment that would require the engagement with authority and sizing up the market over there. Would it make sense? And there will be also some assets we say, "Okay, it's going to be a run-of-the-mill. Maybe it's going to be very slow organic growth," but because upscaling may be tough. If we want a pocket that we say, "Okay, let's hold on to it and see how the landscape look like." Very difficult to just talk about investment without considering capital market because you need to find source of capital. If capital market doesn't exist, then what else can you do? Is it a third-party money that you can look at or maybe potentially somebody interested in property, then we divest? Yes. Likewise, when we assess divestment, in our mind, we say, "How are we going to redeploy that?" Right? Constantly having that continuum that we are evaluating. Numbers change all the time. Sometimes the number, because for whatever reason, interest rates have gone up, gone down. It may make it more possible or less possible. Flush of activity, capital market activity become active again, and there's a lot investor very hungry to invest. They say, "Can you present something for us to look at?" Yes. We'll look at it very actively. Nevertheless, it doesn't mean it's dropped off our radar. It's always in our mind. While our asset team work through the assets, they also bear in mind what will be mid-long-term potential of this potential asset. Sometimes we say that, "Okay, next five to seven years, this is something we want to do." Then you plan along that line. Yeah. It is a continuous effort. Yeah. I cannot pinpoint 2025, 2026. For all you know, end of the year can be very active again. Never know, right? Yeah. My second question in terms of office specifically, do you see any impact from Keppel South Central for any of our buildings here? Is IOI Central Boulevard impact fully already priced into the market? Okay. Maybe Jacque, you want to take that? For office market, Central Boulevard we heard is around 75% pre-committed, and they are quite vocal in saying that they are on track for full occupancy by mid-year. In a way, I guess that the market has kind of taken that as a done thing. From Keppel South, of course, what we hear right now, the take-up is not as strong. Having overall the new supply is still tight if you look at it in a three-year horizon. Right? The next one is Shaw Tower, which is pushed back to 2026. If you look at the shadow stock as well, it's actually not very high. It's actually moderate, around 300,000 sq ft+. If you look at the secondary stock that may come from some of the movements of new competitions, it's actually also quite manageable. We are talking about 600,000 or lesser, right? If some of these commitments happen. Like Meta's space, South Beach site is well kind of backfilled. By and large, I would say that the demand supply dynamics is still relatively healthy. I think so far we are not seeing any of the landlords also under pressure to really drop rents. I think it will be a good shape for us. Thank you. Perhaps we'll pass the mic to Geraldine first, then we'll go on to the online questions. Hi. Thanks. Well, congratulations on the better performance. Just wondering, what's your interest rate outlook for this year, and how do you see it impacting your cap rates, especially perhaps in places like Australia where you had that huge, quite substantial takedown in your valuations? The second question is, what is your preference between redevelopment, AEI, acquisitions and divestments? I have one last, a third question, but I'll ask that if I have time. Okay, this is our view, I think may be probably quite shared by some of the participant in Australian market, right? I think generally you've seen this hyped activity happening last year on the transactional front. Predominantly in the office space, we've seen quite a fair bit of transaction that sort of encapsulate why the expansion happened in 2024. It's about on average, you're looking at 6.5% kind of the acquisition cap rate. Right? It also signal to me that things seems to have normalized, stabilized and normalized given there's a little bit more matching of buyer sentiment, investment sentiment and the landlord who are prepared to redeploy their capital elsewhere. My sensing is that we probably quite based in Australia around there, that level. RBA interest rate has held very firmly on the high. Perhaps market has a certain view that, first of all, unlikely to go higher and the next move is likely going to go lower. It's a question of timing. Right? That could be that one strong motivation to drive some investment activity back in Australia. That's more from a capital flow perspective. That is probably the more defining variables that we look at the valuation of Australian asset. It's a highly transactional market and highly look dependent on the transacted cap rate as a determinant of the value. Yeah. Putting aside, of course, on the ground day-to-day operation, occupancy demand, that's a different picture. It's a bit more, I think you can say, two-tier market. Maybe you want to elaborate a little bit on the Sydney office market? For Sydney office market right now, it's very clear that the core city, the core CBD and the premium stock is actually starting to see some recovery. The rest of the fringe CBD locations, as well as your alternative CBD locations, are the ones that are still a little bit struggling. By and large, I think that progressively, we hope this year we will start to see a stronger calls for return to office, and that should help prop up demand. If we look at it right now, the incentive stabilizing for the core premium properties is not extending to the rest of the asset types. Clearly the B and C grades are the ones that's really struggling, and they would probably end up having structural kind of vacancy issues going the long term. That's the reason why when we look at some of the assets, right, we have been relatively proactive in upgrading those assets to ensure that they have the specifications that is relevant to the tenants in today's market. Like 66 G, it's located at midtown, close proximity to the core city, and in terms of specs, it's actually resiliently well. It has its own tenant base, as well as its occupancy has been holding up quite well. We are actually extending, I think Tony earlier mentioned we've been doing some upgrading works to 101 Miller. Then, of course, we'll try to backfill some of those things. Probably, if I may just touch on a little bit on North Sydney. North Sydney is also undergoing a little bit of a challenge. With Vic Cross station coming up, Vic Cross is slowly ramping up their occupancy. We do believe that even though near term is a little bit challenged, the development of Vic Cross together with the other new products like One Denison Street actually uplift the quality of stock in North Sydney and hence it will in the midterm likely make it a more viable and attractive alternative location. We believe in North Sydney will come to see a bit more positive growth in the coming years. Interest is I'll let her answer. Okay. On interest rate outlook, we are watching market developments. Really depends on what Trump measures will be in terms of his administration. The tariffs will have an impact on inflation in the longer run. In the immediate term, what we are seeing in the market is there's a softening of rates in recent times. There are concerns over the economic outlook as well. Right now, the yield curve have actually flattened. We have seen floating rates decline over the past three months. We're now at 2.6, 2.7% for floating rate. It used to be above 3%. In terms of our capital management, we have actually kept a portion of close to 20% in floating rate. That could benefit if we see a continuous decline or slow decline in floating rates. On the fixed rate, as I mentioned, the current spot levels are still high threes. If we are to look into refinancing long-term debt fixed rate, we would likely have to pay up more based on what we are carrying on our books. Okay. Can I ask one question on Malaysia? By the end of next year, is it? Yes. The RTS will be ready. Do you see any impact? Could you look out further than just this year, and if you see any impact on any of your malls? I know you don't have anything on that area, but would you see any impact, whether it's negative or maybe even positive for IMM? I think on aggregate, it would definitely ease outflow for sure, right? You're making the in and out more seamless, and you rightfully mentioned it may not just be a single wave flow, it could be a two-way flow. We are watching. Importantly, I think we been very proactive in the last two years to re-look at our portfolio and see what we can do to at least ring-fence and be a bit more defensive, whether it's in suburban or in downtown. Couple activities, whether it's IMM, Clarke Quay, we are even planning now a few other assets in downtown for a different kind of posturing, right? These are all activity that are geared towards in anticipation, whether it come out true or not, to ensure that we are prepared, right? To what extent your impact, I think there's too many variables. Of course, cost comparison is one factor. Whether our shoppers here prefer to do it across the border, that's one factor because high delta, the difference on the price they have to pay versus efficiency, convenience. I think all those things are not so easy to measure, right? If you say that closer to the border, potentially, yes. Easy, right? Instead of doing a few rounds of change in your MRT line, then before you hit the RTS line. That's only arriving at Malaysia border, then you talk about going inward. The further away you can imagine. Intuitively, you feel that it's probably less impacted, intuitively, but hard to say. Again, we cannot rule out Singapore as a destination also very attractive for foreign visitors, right? Whether we also can attract good inflow coming in, right? Even if our neighbors in the northern region who are able to curate a very well-presented offering, I would not be surprised we see Johorean Malaysian or even foreign visitors from Malaysia decide that, "Hey, pop in Singapore for a couple of days." I think those are strong dynamics that I think we are constantly reviewing, and you won't really know the full impact until the thing really happens, right? What we can do is now to prepare ourselves for that. The choice between redevelopment, AEI, and acquisitions and divestments. Very hard to put a choice. We do that for different reasons, right? Redevelopment is about relevance, right? About relevance of that asset to the vicinity that you are targeting or the market segment you're targeting. If it's already outdated, doesn't make sense anymore, given the landscape has changed completely, then redevelopment may be the best number one choice. Divestment is different, right? Divestment is about what is the best use of our capital, right? If we have other opportunities present to us, yes, it's about improving your quality of portfolio. Maybe you take this out and then put something else of a higher quality or maybe one that has got a higher runway, right? Than the one that you're exiting. It's driven by different motivations. AEI, I would say, really is in response to the more near mid-term trend change, right? Sometimes you do a fair bit of AEI, and it varies on the scale from a small reconfiguration of space for all to entire change on the cluster. Very dependent on how the competition landscape has changed, the consumer taste has changed. Even apply to office, some minor AEI work may be relevant because certain space becomes potentially an inefficient space. There we may think about, hey, this space perhaps. Level nine, one good example, we are thinking about what we want to do at level nine, right? This is an office environment. Yeah. We are driven by different motivation. Yeah. Maybe you want to add some. Yeah. For the credit to the asset management team, they have been actively working on all the permutations, from very small scale AEI all the way to redevelopment opportunities. One of the things I would probably just add to Tony is that sometimes you also have to look at timing. Well, when we talk about small AEIs, right, and reconfiguration, the timing is very much within our control. We can look at the lease expiry profiles, we can look at when we want to time it. When it comes to more major AEIs or even redevelopments, some of these, we have to factor in timelines or considerations that are not just within us, right? Also in the precinct master plan, land use change and stuff like that, which will be a bit more protracted. Yeah. Even when you talk about preference, right, definitely within us we have a priority list of which works we want to go first, right? Of course, return's very important. That aside, it's really to make sure that the timing fits how things can, right? Yeah. All right. Can we just take a pause, then we go on to the online questions? Yeah. We have a question from Jadid from Nuveen. "Any update to the DPU accretion expected associated with the acquisition of ION Orchard?" Perhaps we'll take that one first before going to the next. Any update to DPU accretion expectation. Okay. I'll put it this way. If we can continue the same run rate since we took over from end October, assuming ION continue to perform on par of what they've done in 2024, I would imagine the contribution would. Don't forget, we actually did not increase the MFU, right? What did we say? It would be less than 1%, in my view. It would be less than 1%. Yeah. I think we have variables there because. Okay, backtrack. Earlier, I mentioned we account ION as a share of JV, right? Everything flows on a net basis after tax, after interest cost upstream to the two shareholder, ourself and CapitaLand. Also depends on what we need to retain over there, let's say for CapEx requirement, right? Historically, the distribution has been healthy in the high 90s, right? We won't rule out sometimes maybe you want to retain some over there. That will affect the dividend upstream coming to both shareholders and to some extent impact DPU, right? Too many variables to attribute, but you'll see we do already on our first quarter. I think it's less than 1%, my sensing. Okay. On the next question from Derek DBS Bank. "How is management thinking about management fees in units? Will it be the same as 30% or will it be more? Also capital top-ups for 2025? Earlier, I did mention it's right at the bottom of the pecking orders. If we can do it on a normal run rate, we wouldn't want to touch the MFU. Yeah. Okay. We can go to the floor for question. Can we have Tan Xuan, please? Hi. Morning. First question is on AEI. You're undertaking a few. Can you share what's the achieved AEI on those has been completed? For the ongoing one, what is the target? Second question is on portfolio reconstitution. I guess capital market aside, how are you thinking about Singapore versus overseas? Does it make more sense to add Orchard Road? Thank you. I think we did allude in our previous announcement. I think we're looking at the high single-digit ROI for IMM and Club T as well. Yeah. That's on track now. Yeah. On Orchard Road, I don't quite understand what you are trying to figure out. That's not within our sphere of discussion here. Singapore versus overseas? We consider all market. Of course, Singapore is now going to be our strong base, and it will depends on what's the underlying. Our preference is Singapore, all things equal, yeah. Singapore, strong base, continue to increase your lead because we also know competition is catching up with us, right? We need to continue to be always leading the pack, right? If we get competitors chasing after us, we make sure that we better run faster, right? Singapore, I don't think we can ignore it completely, and it would be a high focus. All things equal, highest priority here, right? We've got a lot of things to do, and it can be AEI, it can be redevelopment, it can be, of course, if there's an opportunity for third party, then we will assess it. Again, we are careful, right? Any kind of inorganic, it has to be something that we firmly believe in, and at the right price, right? At the right price, you have many star need to align. Capital source will be there. Whether it's the capital market source or private market, or maybe our internal churning, right? We need to consider how you're going to do it, right? We don't want to be so locked in because we are industry market and Singapore is going to be beside. Hopefully, we won't go away the idea that Singapore is losing focus. We will continue to be strongly anchored in Singapore. We need to continue over time to ensure we have opportunity to increase the coverage also in our OCSS. Sometimes it's about a timing issue, right? Yeah. When does the opportunities will face. In Germany, two asset, no skill, problematic. In Australia, three asset, no skill, not so easy. Over time, if you are planting your flag in some jurisdiction, not in your homeland, then we need good foot soldier on the ground to be able to manage the asset for us. Without skill, not easy to manage them. Yeah. That's the context. Yeah. Yeah. Can we pass the mic to Derek, please? Just one question on the P&L side. On the tax-exempt income, which spiked up this second half, are you expecting that to normalize back to normal levels, going forward? Same goes for the tax credit, I think we saw this the second half. A SGD 12 million tax-exempt income. I will come back to you on the tax-exempt income source. On the tax credit, it is, I would say, not going to be like every year we have a tax credit. This is due to the tax provision that we previously provided, and we've written it back after finalization of the tax position with the tax authorities. There's no more of that. It should go back to expense going forward. Yes. That's right. Okay, Derek. Sorry. Just one question on IMM. Are you looking to perhaps extend the land lease for IMM? I think it's down to 25 years. Is there a chance of renewal over there? If the opportunity arises, definitely we'll be keen to look at it. Having said that, it is something that is a cluster deal, right? It's too early for us to engage. We have been trying, but I think from talking perspective, they won't talk to us until it's much closer. Definitely something we would want to extend if we have the chance to. JTC, yeah. Do we have another question from the floor? Okay, Mervin, please. I think the previous quarter, the guidance for rental reversions for the retail portfolio this year was low single digit. Is that something we are sticking to, or you're raising to mid-single digit given? Low to mid-singles. Definitely we are on track to. So far from what we see, we are on track to be around hovering somewhere in the mid-singles. Yeah. Okay. For the retail. Yeah. In terms of electricity costs, can you guide what rate you have been able to sign this year and how does it compare to last year? Yeah. For electricity tariffs, actually, we are locked in for 2025. It is actually a good discount off from lower than 2024. In the teens now? Not teen. Tariff rates alone is probably in the low teens, but if we look at all in, it's probably around just shy of 10. Thanks. Do we have another question? All right. If not, Tony, would you like to share any closing remarks? Thanks a lot for attending this call. Hopefully we have no surprise for you, the results. We thought today need a little bit explanation on the numbers, quite noisy numbers. Hence, I thought it'd be better to run through the slides than what we did previously in the fire chat style. Which we like, we enjoy it. Before we end, I thought I want to introduce my new colleague, new to the team, a good assistant to me. We have a lot of things to do and Choon Siang is here to help. Yeah. I don't think you are unfamiliar with him. Before he went to Malaysia, he used to handle Clean, right? Your CFO at Clean. Yeah. You want to say something? By the way, third day only. Third day. Don't pressure him. Thank you, Tony. Very happy to be back in Singapore, and I see quite a lot of familiar faces. Just give me some time. I'll get to know everyone probably over the course of the next few months. Looking forward, I think obviously we're quite excited. Last year has been a great year for CICT, and obviously, we are looking forward to do more things going forward as well. Look forward to catching up with everybody over the next few months. Thank you. Thanks, Choon Siang. Thanks. Thanks, management team. Thank you for your time and attention. Before you go, please help yourself to the refreshments outside the room. If you have further questions, please direct them to us. All right. Have a good day ahead.