GLOBAL PREMIUM HOTELS BUY

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1 Singapore Consumer Discretionary Asia Pacific Equity Research GLOBAL PREMIUM HOTELS BUY MARKET CAP: USD 210M AVG DAILY TURNOVER: USD 1.5M 24 Sep 2012 Company Report DOMINANT PLAYER WITH A TRACK RECORD OF GROWTH 2 ND largest SG Economy hotel chain Healthy outlook for the hotel sector Initiate with a BUY and S$0.29 FV Second largest operator of Economy-tier hotels in Singapore Global Premium Hotels (GPH) develops, owns and operates Economytier and Mid-tier hotels, and is the second largest operator of Economy-tier hotels in Singapore. GPH currently operates 23 hotels in Singapore with a total of 1,738 rooms under the well-known "Fragrance" brand (Economy-tier - 22 hotels) and the "Parc Sovereign" brand (Mid-tier - 1 hotel). Out of the 23 hotels, 22 are wholly owned by the group, and 19 of them are on freehold land. Positive outlook for the Singapore hotel sector The Singapore Tourism Board projects tourism arrivals to increase at CAGR of 6.6% p.a. till Based on our estimates, overall hotel room demand will grow at 6.4% p.a. from 2012 to 2014, and will be underserved by an expected hotel supply CAGR of 4.8% p.a. over the period. In particular, Economy and Mid-tier hotel room supplies are estimated to expand at 7.2% p.a. and 7.0% p.a. respectively for , partly reflecting the continued attractive growth in budget tourism, given that much of the visitor arrival increase in recent years has come from developing countries Indonesia, China and India. BUY (initiate) Fair value add: 12m dividend forecast versus: Current price S$0.29 S$0.02 S$ m total return forecast 24% Analysts Sarah Ong (Lead) Eli Lee Key information Market cap. (m) S$257.7 / USD210.3 Avg daily turnover (m) S$1.9 / USD1.5 Avg daily vol. (m) wk range (S$) Free float (%) 47.0 Shares o/s. (m) 1,052.0 Exchange BBRG ticker Reuters ticker ISIN code GICS Sector GICS Industry Top shareholder SGX GPHL SP GPHL.SI P9J Consumer Disc. Hotels Fragrance Group % Strong track record of market-beating growth From 2006 to 2011, GPH grew its portfolio of rooms by a CAGR of 10.9% p.a. from 1,034 rooms to 1,738 rooms. This is significantly stronger than the overall sector CAGR of 6.6% over the same period, based on Euromonitor International s figures. Initiate with BUY GPH will continue its expansion with the development of a ~260- room Parc Sovereign hotel at the Tyrwhitt Road site recently acquired from its parent, Fragrance Group. This hotel will expand the total room count under GPH's management by ~15% and based on third party valuers' and management's estimates, could potentially result in a S$42m accretion. We initiate with a BUY and an RNAV-based fair value of S$0.29. Price performance chart Shar e Pr ice (S$) Index Level Apr -12 Jul-12 Fair Value GPHL SP FSSTI Sources: Bloomberg, OIR estimates Key financial highlights Year Ended Dec 31 (S$m) FY10 FY11 FY12F FY13F Revenue Cost of sales Gross profit PATMI EPS (S cents) Cons. EPS (S cts) na na na na DPU yield (%) Gross margin (%) ROE (%) Net income margin (%) Industry-relative metrics Per centi l e 0th 25th 50th 75th 100th M kt Cap Beta ROE PE PB Company Industr y Aver age Note: Industry universe defined as companies under identical GICS classification listed on the same exchange. Sources: Bloomberg, OIR estimates Please refer to important disclosures at the back of this document. MICA (P) 038/06/2012

2 Table of Contents 1. GROUP BUSINESS OVERVIEW I. Hotel ownership and management II. Hotel development HOTEL INDUSTRY ANALYSIS I. Overview II. Demand-side analysis III. Supply-side analysis IV. Outlook for Economy and Mid-tier hotels SWOT ANALYSIS I. Strengths II. Weaknesses III. Opportunities IV. Threats RESTRUCTURING EXERCISE FINANCIAL HIGHLIGHTS I. lncome Statement II. Balance Sheet & Cash Flow III. Income Forecasts HOTEL PORTFOLIO VALUE I. Valuation of hotel portfolio APPENDICES Appendix 1: Management team Appendix 2: Map of central region

3 1. GROUP BUSINESS OVERVIEW A leading operator of Economy-tier hotels in Singapore. The group, Global Premium Hotels ( GPH ), has principally engaged in developing and operating Economy and Mid-tier hotels, and is the second largest operator of Economy hotels in Singapore. The group currently operates 23 hotels in Singapore with a total of 1,738 rooms under the Fragrance brand (Economy 22 hotels) and Parc Sovereign (Mid-tier 1 hotel). 22 of these 23 hotels are wholly owned by the group; 19 of them are on freehold land, one is on a 999-year leasehold land and two are on 99- year leasehold sites. The only hotel which is operated but not owned by GPH is Fragrance Hotel-Elegance for which the group has entered into a tenancy agreement as of November I. Hotel ownership and management Economy-tier chain of Fragrance Hotels. The Fragrance brand is a household name which represents a chain of Economy-tier hotels that caters to budget travelers. These hotels possess basic amenities with a focus on providing good value and comfort at convenient locations, operated by well-trained staff delivering quality service. The rooms come with individually controlled air-conditioning systems, attached bathrooms, wireless internet connectivity, international direct dialing telephone services, cable television and complimentary beverages. Fragrance hotels are typically located in the city or city fringe areas that are easily accessible by major roads and public transportation system, and close to major tourist attractions and business centers. Mid-tier Parc Sovereign brand. The Parc Sovereign brand is positioned as a Mid-tier brand catering to a more up-market or business clientele which is less cost-conscious. Parc Sovereign hotels would have added facilities such as a swimming pool, fitness gym and restaurants. The only Parc Sovereign hotel owned and managed by the group so far is situated in the Rest of Central Area (see Appendix 2 for regional breakdown by areas) and has 170 rooms. Exhibit 1: Fragrance and Parc Sovereign branding Source: Company Fragrance Hotel-Waterfront Parc Sovereign Hotel 3

4 Exhibit 2: List of hotels managed No. Name of Hotel No. of Rooms Book Val. (S$m) Val. per Room (S$k) Est. star Tenure Region Address rating (1) Hotels Owned Commenced Fragrance Hotel - Sapphire Freehold Fringe 3 Lorong 10, Geylang S(399037) 2 Fragrance Hotel - Ruby Freehold Fringe 10 Lorong 20 Geylang S(398730) 3 Fragrance Hotel - Emerald Freehold Fringe 20 Lorong 6 Geylang (399174) Commenced The Fragrance Hotel Freehold Fringe 219 Joo Chiat Rd S(427485) Commenced Fragrance Hotel - Pearl Freehold Fringe 21 Lorong 14 Geylang S(398961) 6 Fragrance Hotel - Crystal Freehold Fringe 50 Lorong 18 Geylang S(398824) Commenced Fragrance Hotel - Balestier Freehold Fringe 255 Balestier Rd S(329710) 8 Fragrance Hotel - Classic Freehold Fringe 418 Balestier Rd S(329808) Commenced Fragrance Hotel - Rose Freehold Fringe 263 Balestier Rd (329715) 10 Fragrance Hotel - Sunflower Freehold Fringe 10 Lorong 10 Geylang S(399043) 11 Fragrance Hotel - Selegie Freehold Rest of Central 183 Selegie Rd S(188329) Commenced Fragrance Hotel - Kovan Freehold Outside Central 760 Upper Serangoon Rd S(534629) Commenced Fragrance Hotel - Viva Freehold Fringe 75 Wishart Rd S(098721) 14 Fragrance Hotel - Lavender Freehold Fringe 51 Lavender St S(338710) 15 Fragrance Hotel - Imperial Freehold Fringe 28 Penhas Rd S(208187) 16 Fragrance Hotel - Oasis Freehold Fringe 435 Balestier Rd S(329816) Commenced Fragrance Hotel - Waterfront Freehold Fringe 418 Pasir Panjang Rd S(118759) 18 Fragrance Hotel - Ocean View Freehold Fringe 432 Pasir Panjang Rd S(118773) Commenced Fragrance Hotel - Royal Freehold Fringe 400 Telok Blangah Rd S(098838) Commenced Fragrance Hotel - Bugis yrs from Jan 1835 Downtown Core 33 Middle Rd (188942) Commenced Parc Sovereign Hotel yrs from Sep 2009 Rest of Central 175 Albert St S(189970) 22 Fragrance Hotel - Riverside yrs from May 1951 Rest of Central 20 Hong Kong St S(059663) Sub-total 1, Hotels Leased 1 Fragrance Hotel - Elegance 31 n.a. n.a. 2 n.a. Rest of Central 63 Dunlop St S(209391) Grand total 1,738 Sources: Company, OIR Note: (1) Estimated by OIR, based on star ratings shown on hotel booking websites; there is no official star rating system. (2) Book value as of 31 Oct

5 Exhibit 3: Location of hotels Sources: Company, Google Maps Growing revenue from travel agents and online travel portals. The group also conducts marketing through tourism trade conventions and exhibitions in the Asia-Pacific region, and advertises in trade magazines, newspapers, television, buses and cinemas. The group enjoys good working relationship with over 900 travel agents, including major online travel agents such as Booking.com, Asiatravel.com and Agoda.com. Over FY08 to 9M11, the combined percentage of customers acquired through travel agents and online travel portals increased over two times from 20.0% to 41.1% (refer to Exhibit 4). Exhibit 4: Percentage breakdown of revenue by customer groups 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% FY08 FY09 FY10 9M11 Travel Agents On-line Travel Portals Business Entities Walk-in Customers Source: Company 5

6 II. Hotel development Also actively involved in hotel development. Management regularly seeks to purchase hotels and potential development sites either from private offers or the government land sales program. The process of developing a site includes market research on the overall economic and industry outlook, as well as site-specific feasibility studies on profitability and risks through capital budgeting and project evaluation. Pertinent factors taken into consideration include the purchase price, availability of financing, regulatory requirements, population density, traffic flows, customer profiles and competition in the area. Once development is completed, the hotel would be branded under the Fragrance or Parc Sovereign brand, depending on the marketing strategy and classification designated by management. Management is also open to divesting its hotel assets if attractive opportunities are available. Exhibit 5: Process of evaluating potential sites for development 1. Identification of site/hotel through private offer or government land sales EVALUATION 2. Market Research & Feasibility Study 3.Consultation PURCHASE LAND / DEVELOP HOTEL COMMENCE OPERATIONS Appoint as operator either Fragrance Hotel Management or Parc Sovereign Hotel Management, according to classification of the hotel Source: Company, OIR To develop a ~260-room hotel. In the IPO prospectus it was stated that GPH was in the process of identifying potential sites for hotel development and expected to add 200 to 300 rooms to its Economy-tier and/or Mid-tier hotels within one to two years after site acquisition. Management intended to pursue one or more of these opportunities within one year from the listing date. To this end, on 21 Aug 2012, GPH completed the acquisition of Fragrance Heritage Pte. Ltd. ( FHPL ) from Fragrance Group Limited ( FGL ) for S$25.1m. This amount is equivalent to the net assets value of S$1.0m of FHPL unaudited management accounts as at 31 Mar 2012 and the valuation surplus of S$24.1m arising from valuation of the property on 24 May The freehold site at Tyrwhitt Road, with vacant possession and free from encumbrances, has been valued by two independent valuers to have an average market value of S$78.0m as at 24 May The valuers estimate that upon completion of the proposed hotel development, the asset s Gross Development Value ( GDV ) will be S$150m. GPH intends to develop a Mid-tier, Parc-Sovereign branded hotel with approximately 250 to 270 rooms on the site. Assuming 260 rooms, the GDV implies a valuation per key of S$577k. In comparison, Parc Sovereign was valued at ~S$635k per key based on valuation done as of 31 Oct A 260-room hotel will increase the hotel room count of GPH by 15% over the current number of 1,738. Management is estimating a total development cost of S$108m, which is the sum of the valuation of the property of S$78m and the expected project development costs of S$30m. This implies a potential fair value gain of S$42.0m. 6

7 GPH said that it would be able to obtain up to a maximum debt of 70% of the cost of development. Management also plans to expand overseas when opportunities arise through new subsidiaries, joint ventures and acquisitions and would seek shareholder and other relevant approvals as required. Exhibit 6: Growth in the hotel management portfolio 3,000 2,500 2, ,738 1,738 1,738 1, ,500 1,000 1,034 1,212 1,316 1,356 1, FY06 FY07 FY08 FY09 FY10 FY11 FY12F FY13F FY14F No. of rooms (LHS) Total no. of hotels (RHS) -5 Sources: Company, OIR estimates Notes: (1) FY11 and onwards include Fragrance Hotel-Elegance, which is operated but not owned by GPH. (2) In Feb 2011, Parc Sovereign Hotel (170 rooms) began operations. In Sep 2011, Fragrance Hotel-Elegance (31 rooms) began operations. In Nov 2011, Fragrance Hotel-Riverside (101 rooms) began operations. (3) We anticipate that the Parc Sovereign hotel to be developed at Tyrwhitt Road will begin operations in In addition, management also actively carries out refurbishments works on its hotel properties. They believe that this will enhance the value of hotels, which could command higher rates and improve occupancy rates. Management expects to refurbish hotels with internally generated funds. We understand that GPH started renovations on the 168-room Fragrance Hotel-Ruby in Aug 2012 and renovations are expected to be completed by end 4Q12. In the IPO prospectus, GPH indicated that the renovation is expected to cost S$2m. 7

8 2. HOTEL INDUSTRY ANALYSIS I. Overview Forecast that demand growth will exceed supply growth. We estimate that demand for hotel rooms in Singapore is set to grow at 6.4% p.a. for For , we estimate that the supply of hotel rooms will grow at 4.8% p.a., with the Economy hotel room supply growing at 7.2% p.a. and the Mid-tier hotel room supply growing at 7.0% p.a. for that period. The expected growth in these two tiers of hotels can be taken as a reflection of the industry s positive outlook on budget tourism, given that visitor arrivals from Indonesia, China and India continue to climb. Singapore is a maturing hotel market, and it is not surprising that the fraction of non-luxury hotels is growing, given that emerging tourist destinations tend to cater first to more adventurous travelers with higher spending capacities. Positive long term outlook: visitor arrivals growth and hotel occupancy. Singapore s tourism industry has seen some fundamental changes since the opening of the two integrated resorts (IRs) in One, hotel occupancy has shifted from 70%-80% in to the 80%-90% range in YTD. We think this higher average occupancy range would likely be maintained for the foreseeable future, despite upcoming hotel room supply. Two, average Revenue per Available Room Night (RevPAR) was S$228 in Jul 2012, 82% more than the last major low in May 2009, and we do not believe RevPAR is likely to be significantly reversed over the next two years. Exhibit 7: Singapore hotel room rates, occupancy and RevPAR from Jan 2008-Jul 2012 $ % $300 80% $250 $200 60% $150 40% $100 $50 20% $0 0% Jan-08 Oct-08 Jul-09 Apr-10 Jan-11 Oct-11 Jul-12 Ave. Room Rate RevPAR Ave. Occupancy Rate Sources: STB, OIR 8

9 II. Demand-side analysis Countries of origin continue to grow. Increase in hotel occupancies in vs can be attributed chiefly to the strong growth in visitor arrivals, especially from developing Asian countries. Indonesia, China and India have accounted for much of the absolute growth. Three of the five top countries of origin (Indonesia, China and India) are projected to have real GDP growth of over 5% for 2012, which bodes well for a continued increase in visitor arrivals. The increasing presence of budget airlines has further reduced transportation costs for these emerging market consumers. Exhibit 8: Top 10 countries of residence for visitor arrivals, 2011 Country YoY Change % of Total Arrivals Est. Real GDP Growth 2012 INDONESIA 12.4% 19.7% 6.0% P R CHINA 34.7% 12.0% 7.7% MALAYSIA 10.0% 8.7% 4.6% AUSTRALIA 8.6% 7.3% 3.6% INDIA 4.8% 6.6% 5.5% PHILIPPINES 24.5% 5.1% 5.3% JAPAN 24.1% 5.0% 2.3% THAILAND 9.9% 3.6% 5.4% HK 19.8% 3.5% 2.0% UK -4.2% 3.4% -0.4% Sources: Bloomberg (as of ), STB, OIR Growth rate in visitor arrivals to still be healthy. In 2011, visitor arrivals were at 13.2m, up 13% YoY and topping the high-end of STB s target of 12m-13m. Against last year s exceptional performance, the STB has cautioned that growth will moderate in 2012 because of uncertainty in the global economy. We note that the local hospitality sector does not need such a high growth rate to continue to do well. In 2005, the STB set a target of 17m visitor arrivals in 2015, which would imply a CAGR of 6.6% from the 2011 figure of 13.2m. We believe that a 6.6% growth rate is achievable. For the first five months of 2012 (the latest figure available), visitor arrivals totaled 5.9m, up 12.3% YoY. Exhibit 9: Annual Singapore visitor arrivals - achievable 2015 target Millions CAGR: +6.6% +13.2% F Sources: STB, OIR estimates More attractions and facilities. Apart from the growing appeal of the gaming-focused Integrated Resorts, the government continues to support the hospitality sector. Attractions coming onboard include Gardens by the Bay, River Safari, Singapore Sports Hub and the National Arts Gallery. The International Cruise Terminal opened fairly recently in 2Q12. 9

10 Exhibit 10: Tourist attractions and facilities coming on-stream Time of Opening Attraction Est. Cost May 2012 International Cruise Terminal S$500m 29 Jun 2012 Gardens by the Bay (Bay South) S$1b 2H 2012 River Safari S$160m 2014 Singapore Sports Hub S$2b 2015 National Art Gallery S$320m Sources: STB, Channel News Asia, The Straits Times, The Business Times, OIR As announced during the Singapore budget speech on the 17 Feb 2012, the government will inject an additional S$905m into the Tourism Development Fund (TDF). We think this is a substantial amount that will increase the attractiveness of Singapore as a tourist destination with quality offerings. Estimating hotel room demand growth of 6.4%. We are positive on the hotel sector over the long term, but do not read the potential 6.6% CAGR in visitor arrivals for (to reach the 17m STB target) as being indicative of a 6.6% increase in hotel room night demand. We project hotel room demand to be slightly lower at 6.4% due to leakage in the translation of visitor numbers into hotel room nights because of the increasing importance of the cruise business. Exhibit 11: Cruise visitor growth - will moderate hotel demand growth Project Name Arrivals by Sea (m) Arrivals by Air/Land (m) Total Visitor Arrivals (m) ASSUMED INCREASE BY E STB TARGET: 17.0 % INCREASE 37.6% 28.1% 29.1% CAGR ( ) 8.3% 6.4% 6.6% Sources: STB, OIR estimates Note: Using Arrivals by Air/Land as a proxy for hotel demand. The Marina South International Cruise Terminal (ICT), which opened in May, is slated to become one of the world s busiest cruise centers by international passenger traffic. The two-berth facility will be able accommodate large liners and will double Singapore s current cruise handling capacity. Our understanding is that most cruise passengers will fly into Singapore, take a cruise, return to land and then fly off, i.e. Flight/Cruise/Flight, without staying in hotels. The STB is targeting annual cruise passengers of 1.6m by Including non-cruise arrivals by sea, the number of visitors arriving to Singapore by sea in 2011 was 1.33m. We project that the annual number of visitors arriving by sea could increase by at least 0.5m, that is, equivalent to 1,370 visitors per day. This figure is reasonable one cruise ship landing at the ICT each day could give this figure. The total passenger capacity of SuperStar Virgo is 2,800, which includes 1,870 in the lower berths. With accommodations in their own floating hotels, most cruise visitors will not require hotel rooms onshore. Granted, there will be accommodation for cruise crews and some visitors who stay in hotels before/after their cruise trips, but since the vast majority of current cruise visitors do not stay in hotels, we project that this will translate into a relatively small number of hotel room nights. Assuming that hotel room nights per hotel guest stay constant, we have estimated a revised hotel demand growth at a CAGR of 6.4% for

11 III. Supply-side analysis Supply growth of 4.8% p.a. For the Singapore hotel industry, we expect a hotel room supply growth of 4.8% p.a. for (Exhibit 12, including the hotel at Tyrwhitt Road to be developed by GPH). We see a trend where the lower the tier, the more supply growth in relative terms is projected to take place. Specifically, Luxury hotels will see hotel room supply grow at 1.6% p.a.; Upscale hotel rooms at 3.4% p.a.; Midtier at 7.0% p.a. and Economy will expand at 7.2% (Exhibit 13). Being an established tourist destination that continues to mature, Singapore can expect that its fraction of non-luxury hotels will increase. According to hotel consultant PKF, tourist destinations generally start out attracting explorers who tend to have better financial means. As the destinations become well-visited, a wider spectrum of visitors will demand a diversified hotel supply (Exhibit 14). Demand will outstrip supply. Over , we expect demand at 6.4% p.a. to comfortably outstrip hotel room supply of 4.8% p.a. The demand for lower-tier hotels will probably be faster than the expected 6.4% industry average. 11

12 Exhibit 12: Future hotel supply Expected Hotel Name Location Expected Tier No. of Opening Rooms 2012 Days Inn Balestier Road Economy Aqueen Hotel Paya Lebar Paya Lebar Economy Aqueens Hotel Jalan Besar Jalan Besar Economy CBD Upper Pickering Street Mid-tier Capri by Fraser Changi City Mid-tier Dorsett Regency Hotel New Bridge Road Mid-tier Park Avenue Changi UE BizHub East, Changi Business Park Avenue 1 Mid-tier Hotel Grand Central Cavenagh Road Mid-tier -390 Redevelopment 2012 Bay Hotel Sentosa Upscale W Singapore Sentosa Cove The Quayside Isle Upscale Equarius Hotel Resorts World Sentosa Upscale Movenpick Hotel (additional Sentosa Upscale 61 rooms) 2012 Spa Villas Resorts World Sentosa Upscale Holiday Inn Express Orchard Bideford Road Economy 220 (former Wellington building) 2013 Aqueen Hotel Tyrwhitt Jalan Besar Economy Aqueen Hotel Geylang Geylang Economy Ramada Singapore Balestier Road Mid-tier Carlton Project Tanjong Pagar Road / Mid-tier 387 Gopeng Street 2013 Fairy Hill Point Hotel Fairy Hill Point Mid-tier Traders Hotel (former Hotel Phoenix) 2013 One Farrer Hotel (part of Connexion) 2013 Sofitel So Singapore (former Ogilvy Centre) Orchard Road Upscale 502 Farrer Park Station Road Upscale 230 Robinson Road/Boon Tat Street 2012 Sub-total: Upscale Sub-total: 2014 Holiday Inn Express Havelock Clemenceau Economy 460 Avenue/Havelock Road 2014 Short Street Hotel Short Street Economy Hotel Grand Central Project 1 Cavenagh Road Mid-tier Hotel (to be named) by City Robertson Quay Mid-tier 310 Developments Ltd 2014 Hotel Grand Central Project 2 Cavenagh Road Mid-tier Hotel (to be named) by GPH Tyrwhitt Road Mid-tier Laguna Hotel Laguna Golf Green Mid-tier Hotel (to be named) by Far East Peck Seah Street Upscale 339 Soho 2014 The Westin Singapore Asia Square Tower 2 Upscale 305 (Marina View Parcel B) 2014 Amoy Hotel Downtown Core Upscale Patina Hotel (Capitol) Stamford Road/North Luxury 182 Bridge Road 2014 Extension of Raffles Hotel (1886) Beach Road Luxury 78 Net additional hotel rooms Economy Mid-tier Upscale Luxury Total , ,315 Sources: CBRE, OIR 2014 Sub-total: Total: Spread: 550 1, ,004 1,621 3,223 2, ,489 22% 43% 32% 3% 100% Exhibit 13: Growth in supply of hotel rooms Tier % of total hotel supply as of end (1) Supply of rooms as of end 2011 Upcoming supply ( ) Cumulative growth (%) Growth rate p.a. (%) Economy 14% 6,961 1, % 7.2% Mid-tier 29% 14,419 3, % 7.0% Upscale 46% 22,871 2, % 3.4% Luxury 11% 5, % 1.6% Total 49,719 7, % 4.8% Sources: CBRE, OIR Notes: (1) This spread is estimated by CBRE. (2) The STB does not disclose which hotel falls under which tier. 12

13 Exhibit 14: Mature markets like USA and Europe have more Economy & Mid-tier hotels USA 48% 31% 21% Europe 21% 63% 17% MENA 6% 50% 44% 0% 20% 40% 60% 80% 100% Economy & Midscale w/o F&B Midscale & Upper Upscale Luxury & Upper Upscale Sources: STR (Jul 2010), PKF, OIR Note: Independent hotels are excluded. 13

14 IV. Economy and Mid-tier hotels outlook 1. STB Classification. The STB groups hotels into tiers based on a combination of factors such as average room rates, location and product characteristics. The four tiers used are as follows: Luxury Includes hotels predominantly in prime locations and/or in historical buildings. Upscale Includes hotels generally in prime locations or hotels with boutique positioning in prime or distinctive locations. Mid-tier Includes hotels primarily located in prime commercial zones or immediately outlying areas. Economy Includes hotels are generally located in outlying areas. The exact list of hotels that comprise each tier is not publicly available. 2. Hotel Statistics by Tier In general, each tier exhibits similar trends for average room rates (ARR), occupancies (AOR) and RevPAR over time. RevPAR is calculated as ARR multiplied by AOR. Economy hotels more resilient than Mid-tier hotels over Over , Economy-tier segment was more resilient than Mid-tier segment. While the Mid-tier RevPAR fell 30% over that period, the Economy-tier fell by a smaller 28%. In particular, we note that the Economy-tier ARR fell the least amongst all hotel segments. Exhibit 15: 2009 vs 2008 in hotel operating statistics by category 2009 vs 2008 Overall Luxury Upscale Mid-tier Economy AVERAGE ROOM RATE -22% -22% -22% -26% -21% AVERAGE OCCUPANCY RATE -6% -5% -5% -5% -9% REVPAR -27% -26% -26% -30% -28% Sources: STB, OIR Strong recovery from crisis lows. By 2011, the operating metrics for each tier recovered from the lows in 2009 to reach 2007 peaks. We see no clear correlation between the ranking of a tier and the extent of its rebound for To illustrate, RevPAR for Upscale had the best recovery (+51%), followed by Mid-tier (+46%), Economy (+40%) and finally Luxury (+38%). Exhibit 16: 2011 vs 2009 in hotel operating statistics by category 2011 vs 2009 Overall Luxury Upscale Mid-tier Economy AVERAGE ROOM RATE 28% 25% 33% 32% 23% AVERAGE OCCUPANCY RATE 13% 11% 14% 10% 15% REVPAR 45% 38% 51% 46% 40% Sources: STB, OIR 14

15 Exhibit 17: Average RevPAR by category, S$ Overall Luxury Upscale Mid-tier Economy Source: STB, OIR Exhibit 18: Average occupancy rate by category, % Overall Luxury Upscale Mid-tier Economy Source: STB, OIR Exhibit 19: Average room rate by category, S$ Overall Luxury Upscale Mid-tier Economy Source: STB, OIR 15

16 3. Outlook for Economy and Mid-tier Hotels We estimate the room supply of Economy and Mid-tier hotels to expand at 7.2% p.a. and 7.0% p.a. for , which reflects the continued attractive growth in budget tourism, especially given that much of the visitor arrival increase in recent years has come from the developing countries Indonesia, China and India. Barring any economic shocks ahead, the hotel industry is set to continue to grow at a good pace through till We project overall hotel room demand to grow at 6.4% p.a. for , and believe that this growing pie will help buoy all the hotel tiers. We also believe hotel room demand growth for Economy and Mid-tier hotels will equal or exceed the supply growth in these categories. 16

17 3. SWOT ANALYSIS I. Strengths 1. A dominant player in the Economy-tier space. GPH is the second largest player in Economy-tier hotels, with its Fragrance brand holding a market share of ~12.2% (by retail value of accommodation in 2010). The leader is Hotel 81 Management Pte Ltd, with a market share of 29.2% with the brands Hotel 81 and Value Hotel. The size of GPH s operations provides it economies of scale. Additionally, the experience and brand name of the group and its immediate peers serve as barriers to entry for new entrants. Exhibit 20: Market share of top five Economy-tier hotels by retail value of accommodation (2010) Rank Company Name Hotel Brand Name Market Share 1 Hotel 81 Management Pte Ltd Hotel % 2 Global Premium Hotels Limited Fragrance Hotel 12.2% 3 Hotel 81 Management Pte Ltd Value Hotel 7.6% 4 Santa United International Holdings Santa Grand Hotels 3.6% 5 Aqueen Hotels Pte Ltd Aqueen Hotels 2.2% Source: Euromonitor International Others 52.8% Total 100.0% 2. Track record of market-beating growth. For , the number of rooms in the group grew by a CAGR of 10.9% from 1,034 to 1,738. In contrast, Euromonitor International estimates that the number of rooms in Singapore hotels grew from 37,198 to 51,258 over the same period, implying a CAGR of 6.6%. The faster pace of room additions by the group versus the market is an indication that its market share has been expanding significantly. 3. RevPAR resilience shown over the last crisis. We observe the GPH s portfolio has shown more resilient RevPARs, relative to the industry, during the crisis. During that period, the group s RevPAR dipped by 11%, while in stark contrast, RevPAR for the Economy hotel segment and the overall hotel sector in Singapore fell 28% and 27% respectively. Remarkably, we note that GPH s AOR (average occupancy rates) actually increased from 77% to 84% over that period, whereas the AOR for Economy-tier hotels in Singapore fell from 81% to 74% over that same period. We believe this reflects favorably on the group s ability to maintain a high occupancy rate and deliver RevPAR outperformance in difficult times. 4. Enjoys economies of scale in operation and expansion. As one of the largest players in the Economy-tier space, we believe the group benefits from significant economies of scale in multiple aspects of business operation and expansion, for instance, laundry services, marketing and staff costs, and scouting and evaluating sites for expansion. This could give the group a significant competitive advantage over its peers in term of profitability and expansion. 17

18 Exhibit 21: Group showed lower dip in % YOY REVPAR over % 20% 10% 0% -10% % -30% Global Premium Hotels Economy-tier hotels Overall hotel sector Source: Company Note: The average RevPAR figure for GPH's Economy-tier hotels for FY11 is not available, so YoY RevPAR growth is not presented here. II. Weaknesses 1. High debt gearing. As of 31 Jun 2012, the group s debt-to-assets ratio was 0.56 times. However, we note that GPH s interest coverage ratio (EBITDA/finance cost) was good at 5.1x for 2Q12, excluding one-off IPO expenses of S$1.4m. We expect reasonable interest coverage ratios of 4.2x and 2.7x for FY11F and FY13F. Given the nature of its hotel development business, GPH would likely face high debt levels in the future. III. Opportunities 1. Growth in the hotel industry. We forecast that hotel room demand will grow at 6.4% p.a. for , driven by government support for new attractions and facilities, and the burgeoning economies of China, Indonesia, Malaysia and India. 2. Possible overseas expansion. With its extensive knowledge running an Economy-tier hotel chain, the group enjoys some advantage if it chooses to expand into the growing neighbouring economies, especially within ASEAN. 3. Expansion into the Mid-tier segment with its Parc Sovereign brand. With its 4-star Parc Sovereign hotel, GPH has the flexibility to make further entry into the Mid-tier market. Management intends to build a room Mid-tier, Parc Sovereign hotel at the Tyrwhitt Road site. The supply coming online for Mid-tier hotels is growing more conservatively compared to the supply for Economy-tier hotels which should help sustain and increase pricing power of Mid-tier hotels. IV. Threats 1. Stiff competition in the industry. The hotel industry in Singapore is very competitive. We project that Economy-tier and Mid-tier room supplies will grow at 7.2% p.a. and 7.0% p.a. respectively for , which could serve to intensify competition and increase pressure on hotel companies to consolidate. 18

19 2. Rising labor costs. The hotel industry is labor-intensive, and the cost of labor has been rising. Since 2010, the government has pursued a schedule of foreign worker levy hikes. On 17 Feb 2012, the government announced a 5-percentage-point reduction in the Dependency Ratio Ceiling (DRC) in the services sectors. A DRC specifies the maximum proportion of foreign workers that a company can hire. The DRC for service companies has been reduced from 50% to 45% from 1 Jul Internal controls for illegal activities. If illegal activities are carried out in the group s hotels, the licence holders could be fined. The court may also cancel the licence and suspend any certificate of registration granted in relation to the hotels. 19

20 4. RESTRUCTURING EXERCISE Global Premium Hotels was incorporated in Singapore as a private limited liability company on 19 Sep 2011 with the sole founding shareholder being Fragrance Group Limited ( FGL ). Acquired the shares of six subsidiaries from FGL. Global Premium Hotels then underwent a restructuring exercise whereby it acquired the shares of six subsidiaries from FGL for S$558.0m. Upon completion of the Restructuring Exercise, the new group structure comprises of the company and the six operating Subsidiaries, Fragrance Assets, Fragrance Capital, Fragrance Investment, Fragrance Ventures, Fragrance Hotel Management and Parc Sovereign Hotel Management. Also, as part of the restructuring, the group entered into sale and purchase agreements for the sale of Pasir Panjang Commercial Property, Geylang Industrial Property and Changi Road Property to FGL s whollyowned Subsidiaries, Fragrance Realty and Fragrance Global. Exhibit 22: Restructuring exercise FRAGRANCE GROUP New shares S$558.0m purchase of 6 subsidaries with 22 hotel properties From loans &/or internal resources GLOBAL PREMIUM HOTELS Access capital markets to finance purchase & refinance existing debts FINANCIAL INSTITUTIONS & CAPITAL MARKETS Source: Company, OIR Exhibit 23 shows the corporate structure of the group after the restructuring exercise. 20

21 Exhibit 23: Corporate structure of group upon restructuring Global Premium Hotels 100% 100% 100% 100% 100% 100% Fragrance Assets Fragrance Capital Fragrance Investment Fragrance Ventures Fragrance Hotel Management Parc Sovereign Hotel Management 25 sole proprietorships Three sole proprietorships Source: Company Note: GPH also owns 100% of the equity of Fragrance Heritage Pte Ltd, which owns the Tyrwhitt Road site, as of 21 Aug

22 5. FINANCIAL HIGHLIGHTS I. lncome Statement Exhibit 24: Historical Income statement Audited Audited Audited Unaudited Unaudited Unaudited (in S$m, unless otherwise stated) FY08 FY09 FY10 FY11 1H11 1H12 Revenue Cost of sales Gross profit Other operating income Administrative expenses Finance cost Profit before income tax Income tax expense Profit for the period EPS (cents) (1) Weighted ave. no. of shares outstanding (m) (1) Source: Company (1) In computing the EPS, the pre-invitation share capital of 550m shares as at the end of each period is used for FY08-FY11 and 1H11. Key drivers of revenue. GPH s revenues are dependent on the number of hotel rooms it owns/operates, the average occupancy rate (AOR) and average room rates (ARR) that are charged for these rooms. In FY09, total revenue fell 6.3% YoY to S$34.6m mainly because ARR decreased 19% YoY to S$87.4. In FY10, the AOR increased by 5.5 percentage points to 89.4% and ARR rose 8% YoY S$94.30, contributing to a 27.9% YoY increase in revenue to S$44.2m. In FY11, revenue climbed by 20.2% to S$53.1m. The total number of rooms operated by GPH climbed by 21% between end-fy10 and end- FY11 to 1,738 rooms. RevPAR climbed by 3% YoY; a 13% increase in ARR outweighed a drop in occupancy. Over FY08 to FY11, revenue grew by a CAGR of 12.9% from S$36.9m to S$53.1m. The number of rooms operated by GPH increased by a CAGR of 9.5% and RevPAR grew by a CAGR of 1.7% (average RevPAR was affected by opening of new hotels, which need time to reach stable operations). 1H12 registered a revenue increase of 19.6% to S$30.1m. In particular, 1H12 hotel room revenue for increased by $5.4m, or 22.3% over 1H11 to S$29.4m. This was chiefly due to contribution increase of $4.8m from Parc Sovereign Hotel, Fragrance Hotel-Riverside, Fragrance Hotel- Elegance and Fragrance Hotel-Emerald in 1H12. The remaining hotels contributed $0.6m of the increase in hotel room revenue. The operations of the three hotels opened in 2011 have ramped up well. For 1Q12, AOR and RevPAR for Parc Sovereign Hotel were 89% and S$121. Fragrance Hotel-Riverside registered AOR of 98% and RevPAR of S$126. Fragrance Hotel-Elegance's AOR and RevPAR were 91% and S$81. 22

23 Exhibit 25: Main drivers of revenue 2,750 2,500 2,250 2,000 1,750 1,500 1,250 $107.4 $87.4 $ % 76.9% $73.3 1,316 1,356 $ % $84.3 1,436 1,738 $106.1 $104.7 $ % $ % 1,606 $101.8 $ % 1, ,000 FY08 FY09 FY10 FY11 1H11 1H12 40 No. of rooms (LHS) AOR (RHS) ARR (RHS) RevPar (RHS) Source: Company Note: Number of rooms is as of the end of the period. Fragrance Hotel - Elegance, which commenced operations in Sep 2011, is included in FY11 and 1H12. Cost of sales. Cost of sales consists mainly of utilities charges, laundry charges, hotel consumables, cable services and other related costs. From FY08 to FY09, we saw the gross margins dip marginally from 86.7% to 85.9% due to falling ARR. FY10 margins bounced back again to 88.3% when revenues recovered while cost pressures were kept in check. Over 9M11, we saw gross margins being maintained at a healthy 88.3% level. GPH has not provided a breakdown of cost of sales for FY11, 1H11 and 1H12. At 87.1%, 1H12 s gross margin was 1.2 percentage points lower than 1H11 s. This was due to the operations of Parc Sovereign Hotel, Fragrance Hotel-Riverside, Fragrance Hotel-Elegance, which contributed towards S$0.8m of the increase to S$0.9m (31.0% more than 1H11's). The cost of sales for the remaining hotels increased by S$0.1m, primarily due to higher utility costs. Exhibit 26: Gross margins and breakdown of cost of sales S$m Gross margin (%) % 88.3% 88.0% 88.3% % 88.1% 88.3% 89% 85.9% 87.1% % % % % % % 0.0 Audited FY08 Audited FY09 Audited FY10 Unaudited 9M10 Audited 9M11 Unaudited FY11 Unaudited 1H11 Unaudited 1H12 75% Source: Company Utilities charges Laundry charges Hotel consumables Cable services Others Gross Margin (%) (RHS) Note: Breakdown of COGS was not provided for FY11, 1H11 and 1H12. Administrative expenses. Another major expense item is administrative expenses which are made up of mainly staff costs, 23

24 depreciation, property tax and others. From FY08 to FY10, we saw staff costs increase at 12.2% p.a. to S$6.5m due to wage inflation and additional staff required for the growth in available rooms. The fact that the number of hotel rooms as of the end of each period increased by only 4.5% p.a. to 1,436 over the same period highlights the impact of wage inflation. Administrative expenses grew by 55.2% to S$11.7 in 1H12 chiefly due to an increase in staff costs associated with general increase in wages and staff for the new hotels, higher depreciation expenses of S$0.8m and increase in property tax associated with the new hotels and one-off IPO expenses of S$1.4m. Net of the IPO expenses, 1H12 administrative expenses grew by 36.6% YoY while the number of rooms as of end-1h12 grew by only 8.2% YoY. Exhibit 27: Breakdown of administrative expenses S$m Audited FY08 Audited FY09 Audited FY10 Unaudited 9M10 Audited 9M11 Unaudited FY11 Unaudited 1H11 Unaudited 1H12 Staff costs Depreciation expenses Property tax Others Admin. expenses Source: Company Note: Breakdown of administrative expenses for FY11, 1H11 and 1H12 is not available. As major cost items generally moved in line with revenue growth from FY08 to FY11, we saw net margins hover between 39-45%. For 1H12, net margin fell 9.5 percentage points to 33.1% with an increase in the finance cost following the higher debt after the restructuring and increase in staff costs as discussed above. 24

25 Exhibit 28: Net margins and breakdown of major cost items S$m Net margin (%) % 39.1% 44.9% 42.6% 42.6% 33.1% 50% 40% 45 30% 30 20% 15 10% 0 Audited FY08 Audited FY09 Audited FY10 Unaudited FY11Unaudited 1H11Unaudited 1H12 0% Net profit COGS Admin Cost Finance Cost Income Tax Net margin (%) (RHS) Source: Company Exhibit 29: 2Q12 financial highlights 2Q12 2Q11 YOY Chg (%) 1Q12 QoQ Chg (%) (S$m) (S$m) (YoY) (S$m) (QoQ) Revenue % % Cost of sales % % Gross profit % % Other operating income % % Admin expenses % % Finance cost % % PBT % % Income tax % % PAT % % MI nm 0.0 nm PATMI % % Sources: Company financials 25

26 II. Balance Sheet & Cash Flow Exhibit 30: Combined balance sheet Audited End 2008 Audited End 2009 Audited End 2010 Unaudited End 2011 Unaudited End 1H12 (in S$m, unless otherwise stated) Current assets Cash and cash equivalents Trade receivables Other receivables Dev. Properties Total current assets Non-current assets PPE Total non-current assets Total Assets Current Liabilities Trade payables Other payables Current financial liabilities Current tax payable Total current liabilities Non-current liabilities Non-current financial liabilities Deferred tax liabilities Total non-current liabilities Total Liabilities Equity Share capital Revaluation reserve Merger reserve (530.9) Retained earnings Total Equity Source: Company Exhibit 31: Group cash flow statement Audited FY08 Audited FY09 Audited FY10 Unaudited FY11 Unaudited 1H12 (in S$m, unless otherwise stated) Net cash generated from/(used in) operating activities Net cash (used in)/ generated from investing activities Net cash generated from/(used in) financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period 19.1 (7.9) (25.6) (46.6) (20.9) 57.9 (413.8) (71.0) Source: Company 26

27 Healthy cash flow from operating activities. From the unaudited 1H12 results, we note that the group generated a healthy positive cash flow from operating activities of S$11.5m, mainly from the revenues of its hotel portfolios. Net positive cash flow of S$33.8m from investing and financing activities helped to bring up the cash balance from S$15.6m as of end FY11 to S$60.9m as of end 1H12. 27

28 III. Income Forecasts Key assumptions for income forecast. We use the follow assumptions to forecast financial performance for FY12F and FY13F: Exhibit 32: Key assumptions for FY12F and FY13F forecast Room number / available nights growth FY12F No new rooms added; full year contributions for Parc Sovereign hotel, Fragrance Hotel-Riverside and Fragrance Hotel-Elegance; 168-room Fragrance Hotel- Ruby closed for renovations from August till late 2012 FY13F No new rooms added RevPAR +2% p.a. for hotels under management which commenced operations prior to 2011; hotels which commenced operations in 2011 see higher RevPAR growth +2% p.a. for all hotels under management Gross margin 87.0% of revenue (observed margin of 87.1% for 1H12) 87.0% of revenue (observed margin of 87.1% for 1H12) Administrative costs 37.1% of FY12F revenue (observed margin of 34.2% for 35.2% of FY13F revenue (observed margin of 34.2% for 1H12, excluding one-off IPO expenses of S$1.4m), taking 1H12, excluding one-off IPO expenses of S$1.4m) into account effect from reduction in Dependency Ratio Ceiling effective 1 Jul 2012 Finance costs 2.5% of total debt 2.5% of total debt Source: OIR We forecast net income of S$19.7m in FY12F. As shown in Exhibit 33, we estimate FY12 earnings of S$19.7m, down 12.9% YoY. The fall in earnings is mostly due to an anticipated increase of S$4.8m in finance cost. Although GPH currently does not have a formal dividend policy, it intends to distribute at least 80% of its FY12 net profit after tax. By our estimates, this translates into a dividend of S$15.8m in FY12 (1.5 S cents per share). Exhibit 33: Forecasted income statement Unaudited Forecasted Forecasted (in S$m, unless otherwise stated) FY2011 FY2012F FY2013F Revenue Cost of sales Gross profit Other operating income Administrative expenses Finance cost Profit before income tax Income tax expense Profit for the year/period EPS (cents) (1) Source: OIR (1) Shares outstanding as of end FY11 was 550m. Shares outstanding assumed for end-fy12f and end-fy13f is 1,052m (same as for end 2Q12). 28

29 6. HOTEL PORTFOLIO VALUE I. Valuation of hotel portfolio Based on our estimates, we value GPH at S$0.29 a share. We use the following assumptions in our Revalued Net Asset Value (RNAV) model: 1. An EBITDA margin of 84% at the level of the hotels. 2. EBITDA capitalization rate of 7.0% applied for GPH s Economy-tier hotels and a capitalization rate of 6.1% for the mid-tier Parc Sovereign Hotel. 3. RevPAR growth of 2% YoY in FY12 for all of GPH s hotels which commenced operations before Based on annualized FY12 estimates, we derive a RNAV of S$308m. From this, we arrive at a fair value of S$0.29 per share. Exhibit 34: Revalued Net Asset Value (RNAV) Valuation in S$m Valuation of hotels (excluding Tyrwhitt site) 733 Book value of hotels as of 30 Jun Surplus -15 NAV as of 30 Jun RNAV 308 No. of shares outstanding (m) 1,052.0 RNAV per share (S$) S$0.29 Discount/(Premium) to RNAV 0.0% Fair Value (S$) S$0.29 Current Price (S$) S$0.245 Price Upside (%): 18.4% Distribution Yield (%): 6.1% Total Return (%): 24.5% Source: OIR estimates Capitalization yields in line with recent transactions. We believe that the capitalization yields we have assumed for valuation purposes are largely in line with the projected initial yields of recent transactions. In general, the lower the tier of the hotel, the higher the capitalization rates they would command, due to the lower barriers to entry. According to CBRE, 4-star hotels Park Regis, Crowne Plaza Changi Airport, Studio M have projected initial EBITDA yields of 4.20%, 5.80% and 6.30% respectively. We conservatively exclude Park Regis to calculate a mean of 6.05% and apply a similar yield of 6.1% to calculate Parc Sovereign Hotel s valuation. 3-star hotels Ibis Novena and Ibis on Bencoolen have projected initial EBITDA yields of 5.50%-7.30%, giving a mean of 6.4%. Since GPH s Economy tier hotels are mainly 2-star hotels, we use a higher capitalization rate of 7.0%. 29

30 Exhibit 35: Recent hotel transactions in Singapore Property Contract date Sale price No. of keys Star rating Price per key Projected initial yield Internal rate of return Paramount Oct-11 S$150.00M S$655,000 N/K N/K Hotel The Saff Sep-11 S$42.10M 79 4 S$532,911 N/K N/K Hotel New Cape Aug-11 S$34.00M 61 3 S$557,377 N/K N/K Inn Raffles Jun-11 S$339.12M S$3,292, % 0.0% Hotel Ibis May-11 S$118.00M S$489, % 10.5% Novena New May-11 S$53.60M 61 3 S$878,689 N/K N/K Changi Hotel Crowne Apr-11 S$250.00M S$781, % 8.5% Plaza Changi Airport Studio M Mar-11 S$154.00M S$427, % 7.9% Lion City Jan-11 S$135.00M S$813,253 N/K N/K Hotel Park Regis Aug-10 S$131.30M S$646, % 7.5% Ibis on Bencoolen Swissotel Merchant Court Hotel Nostalgia Jul-10 S$210.00M S$390, % 10.8% Mar-10 S$265.35M S$557, % 7.9% Jun-09 S$22.00M 50 N/K S$440,000 N/K N/K Source: CBRE Note: Projected Initial yield is the net income (EBITDA) generated by the property or by the portfolio as a whole expressed as a percentage of its value and internal rate of return is a rate of return used in capital budgeting to measure and compare the profitability of investments. 30

31 Appendix 1: Management Team Mr. Koh Wee Meng is the Non-Executive Chairman of the group. Mr. Koh founded the FGL Group in the early 1990s. He is the Executive Chairman and Chief Executive Officer of the Controlling Shareholder, FGL. Mr. Koh is responsible for the overall strategy, management and operations of the FGL Group. His responsibilities include overseeing all aspects of the property development business of the FGL Group. Mr. Koh has approximately 25 years of experience in property development. Prior to founding the FGL Group, Mr. Koh was a director of Menglee & Wheeseng Investment (1983) Pte. Ltd. (now known as Fragrance Land) since 1983; he was responsible for its property development projects. Mr. Koh was awarded an honourary Doctorate of Philosophy in Entrepreneurship from Wisconsin International University. Mr. Koh Wee Meng is the brother-in-law of an Executive Director, Mr. Lim Chee Chong. Mr. Lim Chee Chong is Chief Executive Officer of the group and is responsible for overseeing GPH s operations, setting directions for new growth areas and developing business strategies. Mr. Lim manages the day to day operations, including overseeing the development of the hotel projects from inception to completion. Mr. Lim is involved in the conceptualisation of the design, operating functions and property enhancements of the Group s new and existing hotel buildings. He spearheaded the launch of the Group s premium brand hotel, Parc Sovereign Hotel. Previously, Mr. Lim served as an executive director of FGL. Prior to that, Mr. Lim was the director of property development of FGL from 2007 to 2010 and was responsible for the overall supervision of the residential, commercial and hotel development projects of FGL. From 2005 to 2006, Mr. Lim was hired as a project manager of SLF Management Services Pte. Ltd. and was responsible for managing the residential development projects of NTUC Choice Home from inception to completion. From 2004 to 2005, Mr. Lim worked as a project director of Fragrance Project Management Pte. Ltd., a wholly owned Subsidiary of the Controlling Shareholder, FGL. As a project director, his responsibilities included management of the project team and the customer service team. From 2000 to 2003, Mr. Lim was the project manager of World Class Land Pte. Ltd., a wholly-owned Subsidiary of Aspial Corporation Limited, a company listed on the Main Board of the SGX-ST. Mr. Lim was responsible for managing the residential development projects of World Class Land Pte. Ltd. Mr. Lim holds a Bachelor s degree in Engineering (Electrical & Electronic Engineering) from the Nanyang Technological University, Singapore. Mr. Lim Chee Chong is the brother-in-law of the Non-Executive Director, Mr. Koh Wee Meng. Ms. Chen Loong Mey is the Chief Financial Officer of the group. She joined the group in November 2011 and is responsible for overseeing the finance and accounting functions, cash management, strategic planning and budgets, tax management, corporate governance and internal controls of the Group. Prior to joining the group from June 2008 to November 2011, Ms. Chen was the finance manager of CapitaMalls Asia Limited, a company listed on the Main Board of the SGX-ST, where she was responsible for the overall finance and accounting function of CapitaRetail China Trust, a real estate investment trust listed on the Main Board of the SGX-ST, and its Subsidiaries. From July 2007 to May 2008, Ms. Chen was the group management accountant of CitySpring Infrastructure Management Pte. Ltd., the trustee manager of CitySpring Infrastructure Trust, a business trust listed on the Main Board of the SGX-ST, where she was responsible for reviewing the accounts of CitySpring Infrastructure Trust as well as its subtrust accounts. From February 2004 to August 2006, Ms. Chen was an accountant at FGL where she was responsible for managing and reviewing the full set of accounts of FGL and its Subsidiaries. From August 2002 to January 2004, Ms. Chen was an audit assistant at MGI Ma & Mah Pte. Ltd. 31

32 Ms. Chen holds a Bachelor of Science in Applied Accounting from Oxford Brookes University and a professional certificate in finance and accountancy from the Association of Chartered Certified Accountants. She is a member of the Association of Chartered Certified Accountants and a Certified Public Accountant of the Institute of Certified Public Accountants of Singapore. 32

33 Appendix 2: Map denoting the breakdown of the central region of Singapore Source: URA 33

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