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© Frasers Property Limited. All Rights Reserved. Reshaping our hospitality portfolio Proposed FHT Portfolio Optimisation 28 August 2026 Frasers House, a Luxury Collection Hotel, Singapore © Frasers Property Limited. All Rights Reserved.
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© Frasers Property Limited. All Rights Reserved. Shareholder Approvals Requirements The Proposed Transactions constitute “Interested Person Transactions” and will require Shareholders’ approval to proceed 2 Tangerine #FF7F41 Sea Green #52AFA4 Ocean Blue #0076A8 Plum #633260 Butterscotch #E4AA17 Champagne #B59E7A Burgundy #46252F Slate #425563 Lilac #DEBDDA Pine #43695B Mint #84C661 Crimson #AB2328 Lavender #514155 Frasers Property Grey #817979 Butterscotch #E4AA17 Champagne #B59E7A Plum #633260 Option 1 Mushroom #796D6D Lilac #DEBDDA APPROVAL THRESHOLD TO EFFECT THE PROPOSED FHT PORTFOLIO OPTIMISATION Approvals Required >50% in value of Shares present and voting (either in person or by proxy) 1. “Ordinary Resolution” means a resolution proposed and passed as such by a majority being greater than 50.0% or more of the to tal number of votes cast for and against such resolution at a meeting of Shareholders convened in accordance with the constitution of the Company. Note: TCCA and its associates will not vote on the Ordinary Resolution1. The Proposed Transactions would constitute “Interested Person Transactions” under Rule 906(1)(a) of the Listing Manual. For the purposes of Rule 906(1)(a) of the Listing Manual, the value of the Proposed Transactions is approximately S$674.3 million, which is 7.7% of the latest audited net tangible assets (“NTA”) of FPL as at 30 September 2025. Notwithstanding that the Proposed Transactions do not constitute “major transactions” under Chapter 10 of the Listing Manual, as the value of the Proposed Transactions exceeds 5.0% of the NTA of FPL, the Proposed Transactions would be subject to Shareholders’ approval under Rule 906(1)(a) of the Listing Manual.
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© Frasers Property Limited. All Rights Reserved. 3 SUSTAINING VALUE Strengthening recurring and fee income through active asset and portfolio management CREATING VALUE Acquiring and developing assets with clear return potential UNLOCKING VALUE Recycling capital once value has been optimised and reinvesting into opportunities with stronger risk- adjusted returns Disciplined capital allocation underpins how FPL deploys capital and generate returns over time Fraser Suites Singapore Capri by Fraser Kensington, London, UK 3 Our approach to sustainable value creation Executing on our sustainable value creation pillars We take a disciplined and active approach to managing our portfolio across the cycle. This is an ongoing process, embedded in how we allocate capital. Fraser Suites Edinburgh, UK
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© Frasers Property Limited. All Rights Reserved. Gained flexibility to unlock and create value from the FHT portfolio through active asset management TCCGI maintained its stake in FHT as a long-term capital partner Proposed FHT Portfolio Optimisation (1/2) – FPL seeks to advance the next phase of its hospitality strategy post-FHT privatisation 4 Tangerine #FF7F41 Sea Green #52AFA4 Ocean Blue #0076A8 Plum #633260 Butterscotch #E4AA17 Champagne #B59E7A Burgundy #46252F Slate #425563 Lilac #DEBDDA Pine #43695B Mint #84C661 Crimson #AB2328 Lavender #514155 Frasers Property Grey #817979 Butterscotch #E4AA17 Champagne #B59E7A Plum #633260 Option 1 Mushroom #796D6D Lilac #DEBDDA Recap of the take private of FHT by FPL in 2025: Follow-on Proposed FHT Portfolio Optimisation being proposed As a first step, reverse certain legacy arrangements previously put in place for FHT’s Listing + Remove minimum fixed rental and corporate guarantee obligations by FPL Align ownership of property and operating companies Unify carved-out lease and reversionary interest for single title ownership to provide flexibility for asset value maximisation +
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© Frasers Property Limited. All Rights Reserved. Assets FH WKL FSQG FSE CPK+KNH NSDS FSS CFK ISLG NMOC MHD FPCW FSG FSSG Country SG MY UK UK JP AU AU UK UK AU DE UK UK SG Key count 406 443 105 75 593 230 201 171 84 380 328 108 98 255 Adj. GAV2 (S$’m) 555.0 162.7 105.8 36.5 210.7 113.7 142.1 87.0 39.1 210.9 77.2 42.8 13.9 320.0 Stabilised Assets Assets with Potential Non-Core Assets Redev. Butterscotch #E4AA17 Champagne #B59E7A Plum #633260 Option 1 Mushroom #796D6D Lilac #DEBDDA Implementing the appropriate transaction strategy for each category of asset 5 Proposed FHT Portfolio Optimisation (2/2) – Categorising assets based on, inter alia, risk-adjusted return and growth characteristics Assets with lower yield Assets with potential to achieve higher yield Held for future opportunistic divestment1 Owning 100% enables redevelopment 1. FSG, FPCW and MHD will be held under FHT and are subject to future opportunistic divestment. Accordingly, the reversionary in terests and the master lessee companies in respect of FSG and FPCW which are held by FPL will not be transferred to FHT. NMOC will be held under a different structure with FPL and TCCGI holding NMOC and NMOC OpCo in the Original Proportion directly under the New AU Trust and the New SG Co respectively as there are more immediate short-to-medium term plans for potential opportunistic divestment of NMOC and NMOC OpCo and FPL and TCCGI are therefore prepared to incur upfront costs in the transfer. Accordingly, the master lease by NMOC OpCo in respect of NMOC will not need to be restructured in light of the more immediate short-to-medium term plans for potential opportunistic divestment. 2. Refers to the adjusted gross asset value based on the combined sum of the negotiated effective property price (which does not include all Reversionary Interests) except for the Non-Core Assets which are based on their latest independent valuations as at 30 April 2026. For the purposes of the Proposed FHT Portfolio Optimisation, independent valuations as at 30 April 2026 were commissioned in respect of the FHT Properties (the “ Latest Independent Valuations”). Total: S$1.1b Total: S$0.4b Total: S$0.3b Frasers House, a Luxury Collection Hotel, Singapore The Westin Kuala Lumpur, Malaysia Fraser Suites Queens Gate, London, UK Fraser Suites Edinburgh, UK ANA Crowne Plaza Kobe, Japan Novotel Sydney Darling Square, Australia Fraser Suites Sydney, Australia Capri by Fraser Kensington, London, UK ibis Styles London, Gloucester Road, UK Novotel Melbourne on Collins, Australia Maritim Hotel Dresden, Germany Fraser Place Canary Wharf, London, UK Fraser Suites Glasgow, UK Fraser Suites Singapore Koto No Hako, Kobe, Japan
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© Frasers Property Limited. All Rights Reserved. Overview of transaction steps from the perspective of FPL 61. From completion of the Proposed Transactions. Excluding NMOC, for which there are more immediate short -to-medium term plans for potential opportunistic divestment. 2 3 4 1 FPL sells Stabilised Assets to unlock capital, reducing FPL’s effective stake from 63.28% to 0.00%. FPL continues to partner with TCCA on the Assets with Potential and optimise its holdings, reducing FPL’s effective stake from 63.28% to 49.95%. FPL continues to hold 62.38% in Non-Core Assets for opportunistic divestment, no change in FPL’s effective stake. Non-Core Assets are to be sold within 24 months1. FPL acquires 36.72% in Fraser Suites Singapore, increasing FPL’s effective stake from 63.28% to 100.00%, which will facilitate redevelopment of the Valley Point site.
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© Frasers Property Limited. All Rights Reserved. At completion, FPL emerges with a more focused and capital-efficient hospitality platform 7 1. Refers to the adjusted gross asset value based on the combined sum of the negotiated effective property price (which does not include all the Reversionary Interests) except for the Non-Core Assets which are based on their Latest Independent Valuations. 2. Refers to the implied valuation of the FHT Properties in connection with the Scheme (which is derived based on the take -private price of S$0.71 per Stapled Security) (the “Implied Take-Private Valuation”) which implies approximately 11% premium to FHT’s NAV as at 30 April 2025 and which equates to approximately 7% premium on the gross asset v alue of the FHT Properties as at 30 April 2025. 3. Includes Koto no Hako Kobe. 4. The New AU Trust, which is held by the New SG Co, which is in turn held by the Company and TCCGI in the Original Proportion, will acquire 100.0% of the units of the Australian sub-trust which holds NMOC, such that NMOC will continue to be held by FPL and TCCGI in the Original Proportion. 5. FH-REIT will issue, and FPL and TCCGI will subscribe to, three classes of Preference FH-REIT Units such that the risks and rewards in relation to FSG, FPCW and MHD will continue to be for the account of FPL and TCCGI based on the Original Proportion. Tangerine #FF7F41 Sea Green #52AFA4 Ocean Blue #0076A8 Plum #633260 Butterscotch #E4AA17 Champagne #B59E7A Burgundy #46252F Slate #425563 Lilac #DEBDDA Pine #43695B Mint #84C661 Crimson #AB2328 Lavender #514155 Frasers Property Grey #817979 Butterscotch #E4AA17 Champagne #B59E7A Plum #633260 Option 1 Mushroom #796D6D Lilac #DEBDDA Implementing the appropriate transaction strategy for each category of assets FPL will continue to manage and earn asset management fees Negotiated transacted price at the higher of: Latest Independent Valuation; and the Implied Take-Private Valuation2 ANA Crowne Plaza Kobe3 Frasers House, a Luxury Collection Hotel The Westin Kuala Lumpur Fraser Suites Edinburgh Fraser Suites Queens Gate, London TCCGI owns 100% through LTCT Adj. GAV1: Stabilised Assets: Unlock capital S$1.1b ibis Styles London Gloucester Road Novotel Sydney Darling Square Fraser Suites Sydney Capri by Fraser Kensington, London 50.05/49.95 held by TCCGI and FPL through MLBT Assets with Potential: Retain exposure S$0.4b Held under FHT or the New AU Trust – effectively not transacted Non-Core Assets: Held for future opportunistic divestment S$0.3b Fraser Suites Singapore FPL owns 100% to facilitate redevelopment of Valley Point site Asset for Potential Redevelopment S$0.3b 1 2 3 4 Novotel Melbourne on Collins More immediate short-to- medium term plans Transferred to New AU Trust owned by FPL and TCCGI (63% | 37%)4 Fraser Place Canary Wharf, London Maritim Hotel Dresden Fraser Suites Glasgow Preference Units Issued to FPL and TCCGI (63% | 37%)5 63.28% ► 0.00% 63.28% ► 49.95% 63.28% ► 63.28% 63.28% ► 100.00%FPL’s effective stake:
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© Frasers Property Limited. All Rights Reserved. Proposed FHT Portfolio Optimisation drives capital efficiency and long-term shareholder value 8 6.7%▲ vs. Latest Independent Valuation (as of 30 April 2026) Lighter balance sheet On-balance sheet hospitality assets decrease from S$3.7b1 to S$2.5b 1.6%▲ vs. Implied FHT Take-Private Valuation (as of 30 April 2025) S$4.2b1 AUM S$3.9b with S$0.3b (FSSG) reallocated for redevelopment Maintained platform scale Overall favourable outcome 100% Ownership of Fraser Suites Singapore enables redevelopment of Valley Point site 3.4% EPS Pro Forma Financial Impact Based on FY2025 financials 1.3% NAVPS ▲ 0.1p.p. ROE (3.3)p.p Improvement in Net Gearing ▲ ▲ ▲ 1. As of 31 March 2026.
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© Frasers Property Limited. All Rights Reserved. Opinion of the IFA and the recommendation of the Relevant Directors 9 Tangerine #FF7F41 Sea Green #52AFA4 Ocean Blue #0076A8 Plum #633260 Butterscotch #E4AA17 Champagne #B59E7A Burgundy #46252F Slate #425563 Lilac #DEBDDA Pine #43695B Mint #84C661 Crimson #AB2328 Lavender #514155 Frasers Property Grey #817979 IT IS IMPORTANT THAT YOU READ THE ABOVE EXTRACTS TOGETHER WITH THE FULL TEXT AND CONTEXT OF THE CIRCULAR AND THE IFA LETTER (WHICH CAN BE FOUND IN APPENDIX B TO THE CIRCULAR). Opinion of the Independent Financial Adviser “Having considered the factors and the assumptions set out in the IFA Letter, the IFA is of the opinion that the relevant Proposed Transactions are on normal commercial terms and are not prejudicial to the interests of the Company and its minority Shareholders. Accordingly, the IFA is of the opinion that the Relevant Directors and the Audit Committee can recommend that Shareholders vote in favour of the resolution to approve the Proposed Transactions. Recommendation of the Relevant Directors “The Relevant Directors have reviewed the rationale for and the terms of the Proposed FHT Portfolio Optimisation and, having regard to the opinion of the IFA (as set out in the IFA Letter at Appendix B to the Circular), are of the view that the relevant Proposed Transactions are on normal commercial terms and are not prejudicial to the interests of the Company and its minority Shareholders. Accordingly, the Relevant Directors unanimously recommend that Shareholders vote at the EGM in favour of the ordinary resolution to approve the Proposed Transactions as set out in the Notice of EGM. Deloitte Singapore SR&T Corporate Finance Pte Ltd Relevant Directors
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© Frasers Property Limited. All Rights Reserved. Recap of the key transaction highlights 10 1. As of 31 March 2026. 2. As at 31 March 2026. S$3.9 billion with S$0.3 billion (FSSG) reallocated for redevelopment 2 3 4 5 Frees up capital for higher-returns opportunities while maintaining recurring income base by co-investing alongside the Group’s capital partner Enables redevelopment of the entire Valley Point site, providing further opportunities for value creation over the longer term Delivers reduced net gearing and clear positive effects on key financial metrics To be transacted at above-valuation pricing, which reflects a favourable pricing for shareholders of FPL Pro Forma Financial Impact Based on FY2025 financials 3.4% EPS ▲ vs. Latest Independent Valuation (as of 30 April 2026) 6.7%▲ 1.6%▲ vs. Implied FHT Take-Private Valuation (as of 30 April 2025) On-balance sheet hospitality assets decreases from S$3.7 billion1 to S$2.5 billion Maintains platform scale with S$4.2 billion2 of assets under management 1 Seeks to advance the next phase of the Group’s hospitality strategy, following the privatisation of FHT in 2025 1.3% NAV per Share ▲ 0.1p.p. ROE ▲ ▲ (3.3)p.p. Improvement in Net Gearing
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© Frasers Property Limited. All Rights Reserved. Appendix © Frasers Property Limited. All Rights Reserved.Fraser Suites, Sydney
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© Frasers Property Limited. All Rights Reserved. 5.9 6.1 All key financial metrics will improve – EPS, NAVPS, ROE, and Net Gearing 12 Tangerine #FF7F41 Sea Green #52AFA4 Ocean Blue #0076A8 Plum #633260 Butterscotch #E4AA17 Champagne #B59E7A Burgundy #46252F Slate #425563 Lilac #DEBDDA Pine #43695B Mint #84C661 Crimson #AB2328 Lavender #514155 Frasers Property Grey #817979 Butterscotch #E4AA17 Champagne #B59E7A Plum #633260 Option 1 Mushroom #796D6D Lilac #DEBDDA 89.2 85.92.4 2.5 2.37 2.40 Before Proposed FHT Portfolio Optimisation After Before Proposed FHT Portfolio Optimisation AfterBefore Proposed FHT Portfolio Optimisation After Before Proposed FHT Portfolio Optimisation After +1.3%+3.4% +0.1p.p (3.3)p.p 0.2 0.03 (3.3)0.1 EPS (after fair value change and exceptional items)1,2 S$ cents NAV per share4 S$ Return on average shareholder's equity3 % Net Gearing5 % 1. EPS (before fair value change and exceptional items) results in EPS dilution of 6.9% mainly due to lower attributable operating income post divestment/dilution of interests. 2. EPS (after fair value change and exceptional items) increases on divestment gains from sale of 63.28% stake in FHT, mainly arising from the premium received for the target assets at investment property valuations, partially offset by stamp duty and capital gain taxes incurred on the transaction, realisation of foreign currency translation reserve and hedging reserve upon divestment, higher interest expense assuming FHT Privatisation occurred on 1 October 2024 and lower attributable operating income post divestment/dilution of interests. 3. ROE increase on higher attributable profits (refer to explanation above) and on enlarged shareholder fund base. 4. NAV increases on divestment gains from sale of 63.28% stake in FHT, mainly arising from the premium received for the target assets at investment property valuations. 5. Net Gearing is 94.2% for the first half of FY2026 (“1H FY2026”) and would decrease to 90.9% post Proposed FHT Portfolio Optimisation. For illustrative purposes, assuming the Proposed FHT Portfolio Optimisation was completed on 1 Oct 2024 i.e. first day of FY2025 For illustrative purposes, assuming the Proposed FHT Portfolio Optimisation was completed on 30 Sep 2025
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© Frasers Property Limited. All Rights Reserved. Δ in Effective Property Price vs. # List of Transacted Assets Latest Independent Valuation (S$’m) [A] Implied Take-Private Valuation (S$’m) [B] Effective Property Price (S$’m) [C] Latest Independent Valuation (S$’m) [D] = [C] – [A] Implied Take-Private Valuation (S$’m) [E] = [C] – [B] Assets being divested 1 Frasers House, a Luxury Collection Hotel, Singapore 519.0 555.0 555.0 36.0 | +6.9% - 2 The Westin Kuala Lumpur, Malaysia 162.7 159.2 162.7 - 3.5 | +2.2% 3 Fraser Suites Queens Gate London, UK 91.9 105.8 105.8 13.9 | +15.1% - 4 Fraser Suites Edinburgh, UK 36.4 36.5 36.5 0.1 | +0.3% - 5 ANA Crowne Plaza Kobe, Japan 145.7 174.2 174.2 28.5 | +19.6% - 6 Koto no Hako, Japan (retail component of ANA Crowne Plaza Kobe) 30.4 36.5 36.5 6.1 | +20.1% - 7 Novotel Sydney Darling Square, Australia 113.7 105.6 113.7 - 8.1 | +7.7% 8 Fraser Suites Sydney, Australia 142.1 131.5 142.1 - 10.6 | +8.1% 9 Capri by Fraser Kensington, London, UK 83.2 87.0 87.0 3.8 | +4.6% - 10 ibis Styles London Gloucester Road, UK 36.4 39.1 39.1 2.7 | +7.4% - Subtotal 1,361.5 1,430.4 1,452.6 91.1 | +6.7% 22.2 | +1.6% Asset being acquired 11 Fraser Suites Singapore 320.0 317.9 320.0 - 2.1 | +0.7% Transaction with TCCGI delivers an overall favourable outcome for FPL shareholders 13 Tangerine #FF7F41 Sea Green #52AFA4 Ocean Blue #0076A8 Plum #633260 Butterscotch #E4AA17 Champagne #B59E7A Burgundy #46252F Slate #425563 Lilac #DEBDDA Pine #43695B Mint #84C661 Crimson #AB2328 Lavender #514155 Frasers Property Grey #817979 Butterscotch #E4AA17 Champagne #B59E7A Plum #633260 Option 1 Mushroom #796D6D Lilac #DEBDDA Portfolio transacted at c.6.7% and c.1.6% premium to Latest Independent Valuation and Implied Take-Private Valuation respectively
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© Frasers Property Limited. All Rights Reserved. Warehoused for future opportunistic divestment Detailed transaction structure Tangerine #FF7F41 Sea Green #52AFA4 Ocean Blue #0076A8 Plum #633260 Butterscotch #E4AA17 Champagne #B59E7A Burgundy #46252F Slate #425563 Lilac #DEBDDA Pine #43695B Mint #84C661 Crimson #AB2328 Lavender #514155 Frasers Property Grey #817979 Butterscotch #E4AA17 Champagne #B59E7A Plum #633260 Option 1 Mushroom #796D6D Lilac #DEBDDA C8DDED B0B0B4 878181 C1E2DE F0ECE4 C9D1D8 1. FHT currently owns, under FH-REIT, the FHT Properties, being eight hotels and six serviced residences comprising: (i) FSSG; (ii) Frasers House; (iii) The Westin KL; (iv) ANA Crowne Plaza Kobe (including Kobe Retail (Koto no Hako)); (v) FSS; (vi) NSDS; (vii) NMOC; (viii) CFK; (ix) ISLG; (x) FSQGL; (xi) FPCW; (xii) FSG; (xiii) FSE; and (xiv) MHD. 2. Save for the master lessees of NMOC and MHD, the master lessees of the FHT Properties are currently owned by FPL. 3. The master lessee of NMOC is NMOC OpCo, which is held under FH-BT and MHD has a third-party master lease in place. 4. The revisionary interests of FSS, FSQGL and FSE are held respectively by Frasers Town Hall Land Pty Ltd, Queensgate Gardens (C.I.) Limited and Frasers (St Giles Street, Edinburgh) Limited, which are wholly-owned subsidiaries of FPL. 5. The revisionary interests of CFK and ISLG are held by Global-Link Investments Limited, which is wholly owned by the TCC Group. 6. “Stabilised Assets” refers to Frasers House, The Westin KL, ANA Crowne Plaza Kobe, FSQGL and FSE. TCCGI FPL LTCT (previously FHT) MLBT 99.9%(10)100% 50% through subsidiariesFH-REIT FH-BT 100% through subsidiaries 100% 100% 50.05% through subsidiaries 50% held by FH-REIT through subsidiaries ANA Crowne Plaza Kobe (incl. Koto no Hako) Frasers House, a Luxury Collection Hotel The Westin Kuala Lumpur Fraser Suites Edinburgh RI - Fraser Suites Edinburgh Fraser Suites Queens Gate London RI - Fraser Suites Queens Gate, London 49.95% through subsidiaries Novotel Sydney Darling Square Capri by Fraser Kensington RI – Capri by Fraser Kensington ibis Styles London Gloucester Road RI – ibis Styles London Gloucester Road Fraser Suites Sydney RI - Fraser Suites Sydney Master Lessee - Novotel Sydney Darling Square Master Lessee – Capri by Fraser Kensington + ibis Styles London Gloucester Road Master Lessee - Fraser Suites Sydney Master Lessee - ANA Crowne Plaza Kobe Master Lessee - Frasers House, a Luxury Collection Hotel Master Lessee - The Westin Kuala Lumpur Master Lessee - Fraser Suites Queens Gate London Master Lessee - Fraser Suites Edinburgh 100% through subsidiaries FSSG 100.0% After Proposed FHT Portfolio Optimisation Maritim Hotel Dresden(11) Fraser Place Canary Wharf, London(11) Fraser Suites Glasgow(11) 14 Legend: Stabilised Assets(6) Assets with Potential(7) Non-Core Assets(8) Asset for Potential Redevelopment Frasers House, a Luxury Collection Hotel Fraser Suites Queens Gate London ANA Crowne Plaza Kobe (incl. Koto no Hako) Novotel Sydney Darling Square Capri by Fraser Kensington(9) ibis Styles London Gloucester Road Fraser Suites Sydney Fraser Suites Edinburgh Fraser Suites Singapore (“FSSG”) Maritim Hotel Dresden Fraser Suites Glasgow Fraser Place Canary Wharf London Novotel Melbourne on Collins The Westin Kuala Lumpur FHT FPL TCCGI 36.72%63.28% Master Lessees(2)(3) except the master lessees of NMOC and MHD 100% through subsidiaries Reversionary Interests(4) except CFK and ISLG 100% through subsidiaries FH-REIT(1) FH-BT Reversionary Interests(5) CFK and ISLG Before Proposed FHT Portfolio Optimisation Warehoused for future opportunistic divestment 63.28% held by FPL and 36.72% held by TCCGI Novotel Melbourne on Collins(12) Master Lessee - Novotel Melbourne on Collins(12) 7. “Assets with Potential” refers to ISLG, FSS, NSDS and CFK. 8. “Non-Core Assets” refers to FSG, NMOC, FPCW and MHD. 9. CFK is currently undergoing refurbishment and is temporarily closed. 10. The remaining 0.1% stake held by TCCGI. 11. On completion of the Proposed FHT Portfolio Optimisation, while FPL will no longer hold FSG, FPCW and MHD through FHT, the risks and rewards attributable to FSG, FPCW and MHD will continue to be for the account of FPL and TCCGI in the Original Proportion through the issuance of the three classes of Preference FH-REIT Units. 12. On completion of the Proposed FHT Portfolio Optimisation, FPL will continue to hold 63.28% stake in NMOC and NMOC OpCo through the New SG Co and the New AU Trust.
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© Frasers Property Limited. All Rights Reserved.© Frasers Property Limited. All Rights Reserved. © Frasers Property Limited. All Rights Reserved. Inspiring experiences, creating places for good. © Frasers Property Limited. All Rights Reserved.