oue c-reit 2q 2020 results presentation · 2020. 7. 23. · 2q 2019: 3.5% weighted average cost of...

Financial Results for 2nd Quarter 202023 July 2020

Important Notice

This presentation should be read in conjunction with the announcements released by OUE Commercial REIT (ldquoOUE C-REITrdquo) on 23 July 2020 (in relation to its

Financial Results for 2nd Quarter 2020)

This presentation is for information purposes only and does not constitute an invitation offer or solicitation of any offer to acquire purchase or subscribe for units in

OUE C-REIT (ldquoUnitsrdquo) The value of Units and the income derived from them if any may fall or rise The Units are not obligations of deposits in or guaranteed by

OUE Commercial REIT Management Pte Ltd (the ldquoManagerrdquo) DBS Trustee Limited (as trustee of OUE C-REIT) or any of its affiliates An investment in the Units is

subject to investment risks including the possible loss of the principal amount invested The past performance of OUE C-REIT is not necessarily indicative of the

future performance of OUE C-REIT

This presentation may contain forward-looking statements that involve risks and uncertainties Actual future performance outcomes and results may differ materially

from those expressed in forward-looking statements as a result of a number of risks uncertainties and assumptions These forward-looking statements speak only as

at the date of this presentation Past performance is not necessarily indicative of future performance No assurance can be given that future events will occur that

projections will be achieved or that assumptions are correct Representative examples of these factors include (without limitation) general industry and economic

conditions interest rate trends cost of capital and capital availability competition from similar developments shifts in expected levels of property rental income

changes in operating expenses (including employee wages benefits and training costs) property expenses and governmental and public policy changes You are

cautioned not to place undue reliance on these forward-looking statements which are based on the Managerrsquos current view of future events

Investors should note that they will have no right to request the Manager to redeem their Units while the Units are listed on the Singapore Exchange Securities

Trading Limited (the ldquoSGX-STrdquo) It is intended that Unitholders may only deal in their Units through trading on the SGX-ST Listing of the Units on the SGX-ST does

not guarantee a liquid market for the Units

The information and opinions contained in this presentation are subject to change without notice

2

Agenda

3

Key Highlights

Financial Performance and Capital Management

Commercial Segment

Hospitality Segment

Impact of COVID-19

Outlook

Appendices

Key Highlights

4

Portfolio

Performance

916

Commercial Segment(2)

Committed Occupancy

Financial

Highlights

Capital

Management

Aggregate

Leverage

401

68 - 148

Singapore Office

Rental Reversions

58

312Q 2019 35

Weighted Average

Cost of Debt

8072Q 2019 761

Fixed Rate Debt

S$504237 YoY

2Q 2020

Net Property Income

m S$683406 YoY

1H 2020 Amount Available

for Distribution

m

2Q 2019 393

2Q 2019 945

S$643239 YoY

2Q 2020

Revenue

m

S$1000

Issued in June 2020

40 Notes due 2025

m

(1) After retention of S$138 million of which S$30 million is for ongoing working capital requirements

(2) Commercial segment comprises OUE Bayfront One Raffles Place (6795 effective interest) office components of OUE Downtown (ldquoOUE Downtown Officerdquo) Lippo Plaza (912 strata

interest) and Mandarin Gallery

S$545121 YoY

1H 2020

Distribution(1)

Gross Rental Income Due for

Renewal for Balance of 2020

m

Financial Performance amp

Capital Management

Net property income in 2Q 2020 and 1H 2020 of S$504 million and S$1125 million respectively was higher YoY due primarily to

contribution from Mandarin Gallery Mandarin Orchard Singapore and Crowne Plaza Changi Airport upon completion of the merger with

OUE Hospitality Trust in 2019 This increase was partially offset by provision for rental rebates to tenants

Amount available for distribution of S$307 million in 2Q 2020 and S$683 million in 1H 2020 were respectively higher YoY

In view of continued uncertainties posed by the COVID-19 pandemic S$138 million of distribution was retained to preserve financial

flexibility Consequently 1H 2020 distribution to Unitholders was S$545 million 121 higher YoY

2Q 2020

(S$m)

2Q 2019

(S$m)

Change

()

1H 2020

(S$m)

1H 2019

(S$m)

Change

()

Revenue 643 519 239 1420 1072 324

Net Property Income 504 408 237 1125 843 334

Amount Available for

Distribution307 225 360 683 486 406

Distribution to Unitholders 545 486 121

Distribution per Unit 100(1) 168(2) (405)

6

Summary of Results ndash 2Q 2020 amp 1H 2020

(1) Based on 5415 million Units in issue and to be issued as at 30 June 2020


Distribution Details

7

Distribution Period 1 January 2020 to 30 June 2020

Distribution Per Unit 100 cents

Notice of Books Closure Date 23 July 2020

Books Closure Date 3 August 2020

Distribution Payment Date 11 September 2020

Distribution for 1H 2020 comprises taxable income distribution of 100 cents per Unit

One Raffles Place224

OUE Bayfront215

Mandarin Orchard Singapore

175

OUE Downtown

Office146

Lippo Plaza99

Crowne Plaza Changi Airport

88

Mandarin Gallery53

Hospitality263

Office626

Retail111

Portfolio Composition

Commercial segment comprises the office andor retail contribution from OUE Bayfront One Raffles Place (6795 effective interest) OUE Downtown Office Lippo Plaza (912 strata interest) and Mandarin Gallery

(1) Based on independent valuations as at 31 December 2019 and SGDCNY exchange rate of 15092 as at 30 June 2020

(2) For 2Q 2020

(3) Mandarin Orchard Singapore and Crowne Plaza Changi Airportrsquos master lease agreements are subject to a minimum rent of S$450 million and S$225 million per annum respectively totalling S$675 million per annum

8

◼ No single asset contributes more than224 to total revenue

◼ Hospitality segment revenue wassupported by the minimum rent underthe hotelsrsquo respective master leaseagreements

Hotel master lease agreements provide minimum rent of

S$675 millionper annum(3)

By Segment

Contribution(2)

By Revenue

Contribution(2)

By Asset

Value(1)


Mandarin Orchard

Singapore182OUE Bayfront

175

OUE Downtown

Office135

Lippo Plaza

86

Crowne Plaza Changi Airport73

Mandarin Gallery73

◼ 914 of assets under management inSingapore

Balance Sheet as at 30 Jun 2020

S$ million As at 30 Jun 2020

Investment Properties 67822

Total Assets 69134

Borrowings 26814

Total Liabilities 30126

Net Assets Attributable to Unitholders 32962

Units in issue and to be issued (rsquo000) 5414715

NAV per Unit (S$) 061

9

Issued S$100 million 40 notes due 2025 on 24 June 2020 to refinance existing borrowings

Balance of 2020 debt to be refinanced ahead of maturity with average cost of debt expected to remain stable

With 807 of debt on fixed rate basis earnings are mitigated against interest rate fluctuations

As at 30 Jun 2020 As at 31 Mar 2020

Aggregate Leverage 401 402

Total debt S$2644m(1) S$2656m(2)

Weighted average cost of debt 31 pa 32 pa

Average term of debt 18 years 19 years

fixed rate debt 807 766

unsecured debt 416 407

Average term of fixed rate debt 21 years 21 years

Interest coverage ratio(3) 28x 29x

Capital Management

10

(1) Based on SGDCNY exchange rate of 15092 as at 30 June 2020 and includes OUE C-REITrsquos share of OUB Centre Limitedrsquos loan

(2) Based on SGDCNY exchange rate of 14885 as at 31 March 2020 and includes OUE C-REITrsquos share of OUB Centre Limitedrsquos loan

(3) Interest coverage ratio as prescribed under Appendix 6 of the Monetary Authority of Singaporersquos Code on Collective Investment Schemes (last revised on 16 April 2020)

Debt Maturity Profile as at 30 June 2020

342

150 107

425

450

644 253

150

100

23

2020 2021 2022 2023 2024 2025

Unsecured SGD Loan Secured SGD Loan

Share of OUB Centre Limiteds Unsecured SGD Loan MTN

Secured RMB Loan

S$ million

Commercial

Segment

474

350

519

408

Revenue Net Property Income

2Q 2020 2Q 2019

12

Portfolio Performance ndash Commercial Segment

2Q 2020 amp 1H 2020

86

141

(S$ million) (S$ million)

1083

821

1072

843


1H 2020 1H 2019

10

26

The lower YoY performance in revenue and net property income was mainly due to provisions for rental rebates

extended to tenants to cushion the impact of business disruption caused by COVID-19 pandemic

Rental rebates committed to commercial tenants to date amount to approximately S$138 million

1000

914 917

811

944916

OUE Bayfront One Raffles Place OUE Downtown Office Lippo Plaza Mandarin Gallery Commercial Segment

Market 854(2)

13

Commercial Segment Occupancy

Office 913

Commercial segment committed occupancy declined 27 percentage points (ldquopptrdquo) quarter-on-quarter (ldquoQoQrdquo) to

916 as at 30 June 2020

In Singapore committed office occupancy eased 20 ppt QoQ to 937 as the weak economic outlook dampened

leasing momentum compounded by the suspension of leasing activities during the circuit breaker period

Mandarin Galleryrsquos committed occupancy fell 34 ppt QoQ to 944 due to continued operating challenges facing the

retail segment amidst the pandemic situation

Lippo Plazarsquos committed office occupancy declined 47 ppt QoQ to 811 as demand continued to be weak due to

persistent business uncertainty exacerbated by COVID-19

Retail 944 Commercial 916

Market 971(1)

As at 30 Jun 2020(1) Source CBRE Singapore MarketView 2Q 2020 for Singapore Grade A office occupancy of 971

(2) Source Colliers Shanghai Office Property Market Overview 2Q 2020 for Shanghai CBD Grade A office occupancy of 854

Office Segment Occupancy

Source CBRE Colliers Shanghai

Singapore

Shanghai

14

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

Chart Title

OUE Bayfront One Raffles Place OUE Downtown Singapore Core CBD Office

1000

914

971

917

75

80

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

Lippo Plaza Shanghai CBD Grade A Office

811

854

Committed Office Rents In Line Or Above Market

2Q 2020Average Expired

RentsCommitted Rents(1) Sub-market

Comparable Sub-market Rents

Colliers(2) Savills(3)

Singapore

OUE Bayfront S$1150 S$1320New Downtown

Marina BayS$1198 S$1298

One Raffles Place S$889 S$880 ndash S$1020 Raffles Place S$1029 S$1017

OUE Downtown

OfficeS$732 S$800 ndash S$880

Shenton Way

Tanjong PagarS$1043 S$891 ndash S$926

Shanghai

Lippo Plaza RMB973 RMB550 ndash RMB1090 Puxi RMB883 RMB1040(4)

Singapore office properties continued to achieve rents which were in line or above their respective market rents

Continued to record positive rental reversions across Singapore office properties in 2Q 2020 ranging from 68 to 148

(1) Committed rents for renewals and new leases

(2) Source Colliers Singapore Office Quarterly 2Q 2020 for Singapore comparable sub-market rents Colliers Shanghai Office Property Market Overview 2Q 2020 for Shanghai comparable sub-market rents

(3) Source Savills Singapore Office Briefing 1Q 2020 for Singapore comparable sub-market rents Savills Shanghai Office Market in Minutes Update 1Q 2020 for Shanghai comparable sub-market rents

(4) Shanghai Grade A office rent for prime districts of Nanjing Road West Huaihai Middle Road and Lujiazui as defined by Savills

Note For reference CBRE Researchrsquos 2Q 2020 Grade A Singapore office rent is S$1115 psfmth Sub-market rents are not published 15

Average Passing Rents

(1) Proforma average passing rents as at 30 September 2013 as disclosed in OUE C-REITrsquos Prospectus dated 17 January 2014

Average passing office rent for all

Singapore office properties

improved as of June 2020 due to

consecutive quarters of positive

rental reversions

Lippo Plazarsquos average passing

office rent was stable at RMB964

psmday as of June 2020

16

Singapore

(Office)

Shanghai

(Office)

Mandarin

Gallery

Average retail rent at Mandarin

Gallery remained stable

1040 10581175 1185 1143 1160 1198 1203 1209

1026 1028 992 945 968 969 988

694 727 731 739

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

OUE Bayfront One Raffles Place OUE Downtown Office

S$ psfmth

(1)

906 914

945

989979 981

965 970 964

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Lippo Plaza

RMB psmday

(1)

2360

2460

2360 2360

2250 22302170 2195 2195 2202

2247

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Mandarin Gallery

S$ psfmth

4947

46

24

2119

18 17 1714

Bank ofAmerica Merrill

Lynch

Deloitte ampTouche LLP

LuxuryVentures

L Brands Allen amp OveryLLP

Aramco AsiaSingapore Pte

Ltd

Spaces Virgin ActiveSingapore Pte

Ltd

OUELimited

Hogan LovellsLee amp Lee

Top 10 Tenants ndash Commercial Segment

As of Jun 2020

17

By Gross Rental Income 272

Top 10 Tenants

(1) Including the hotel master lease arrangements for Mandarin Orchard Singapore and Crowne Plaza Changi Airport where OUE Limited is the master lessee OUE Limitedrsquos contribution

to the portfolio by gross rental income is 235

(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond

By NLA By Gross Rental Income

91

90

Based on committed tenancies and excludes turnover rent

(1) ldquoNLArdquo refers to net lettable area

WALE of 19 years by NLA(1) and 22 years by Gross Rental Income

18

Lease Expiry Profile - Commercial Segment

As at 30 Jun 2020

111 of OUE C-REITrsquos commercial segment gross rental income is due for renewal for the rest of

2020 This has been reduced to 58 post the quarter-end

Completed (Year-to-date)

396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19

Lease Expiry Profile by Commercial Property

OUE Bayfront

WALE 23 years (NLA) 23 Years (GRI)

OUE Downtown Office

WALE 12 years (NLA) 13 years (GRI)

One Raffles Place


Lippo Plaza


As at 30 Jun 2020By NLA By Gross Rental Income Completed (Year-to-date)

8682

118109

28

25

(1)

(1) Post the quarter-end 83 of NLA and 86 of gross rental income remains

to be renewed for the balance of 2020

36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2

Fashion amp Accessories Food amp Beverage Hair amp BeautyLiving amp Lifestyle Travel Watches amp JewelleryServices

57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond

By NLA By Gross Rental Income Completed (Year-to-date)

110

103

(1) Excludes pop-up stores

(2) Excludes turnover rent

Mandarin Gallery ndash Stable Performance

20

Differentiated Tenant Mix

WALE 21 years (NLA) 27 Years (GRI(2))

Committed Occupancy(1)

As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond

Office Retail HospitalityHospitality223

Banking Insurance amp Financial Services

201

Retail105

Accounting amp Consultancy Services

99

Food amp Beverage54

Energy amp Commodities

49

Real Estate amp Property Services

48

Legal45

IT Media amp Telecommunications

44

Manufacturing amp Distribution

43

Services37

Maritime amp Logistics

23

Others16

Pharmaceuticals amp Healthcare

14

Tenant Base and Lease Expiry Profile ndash

All Segments

21

Note Tenant by trade sector is based on gross rental income excluding any provisions of rental rebates

(1) Refers to contribution from Mandarin Gallery and all other retail components within OUE C-REITrsquos portfolio

(2) Post the quarter-end 29 of office gross rental income remains to be renewed for the balance of 2020

(3) ldquoWALErdquo refers to the weighted average lease term to expiry Based on committed tenancies and excludes turnover rent

WALE(3) of 35 years by Gross Rental Income

As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23

Portfolio Performance ndash Hospitality Segment

2Q 2020 amp 1H 2020

Hospitality segment revenue for 2Q 2020 of S$169 million and S$338 million for 1H 2020 was the minimum rent under the

master lease arrangements of the hotel properties

OUE C-REITrsquos hotel properties have sought alternative demand sources such as healthcare and eldercare workers

inbound travellers serving out Stay-Home Notices and workers affected by border shutdowns


1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020

For 2Q 2020 Mandarin Orchard Singaporersquos RevPAR declined 795 YoY to S$40 while RevPAR for Crowne Plaza

Changi Airport declined 562 YoY to S$83 Hospitality segment RevPAR was 717 lower YoY in 2Q 2020 at S$55

The relatively smaller decline in RevPAR for Crowne Plaza Changi Airport was due to additional demand from the air crew

segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193

Mandarin OrchardSingapore

Crowne Plaza ChangiAirport

Hospitality Portfolio

2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19

Tenant Support Measures

bull Passing on in full property tax rebate from the Singapore Government

bull Eligible tenants have been extended flexible rental payment schemes

SG Office (554 of Revenue)


SG Hospitality (263 of Revenue)

SG Retail (84 of Revenue)


bull Various assistance schemes such as rental rebates flexible rental

payment and rental reductions have been extended to eligible tenants

Shanghai Office amp Retail (99 of Revenue)

bull Rental rebates and flexible payment schemes have been extended to

eligible tenants

Less than 10 tenants have invoked the

COVID-19 (Temporary Measures) Act to defer

rental payments

Total relief commitment to tenants is

S$138 million to date

Includes provision for rental rebates to be

extended to qualifying tenants under the

New Rental Relief Framework for Small

and Medium Enterprises (ldquoSMErdquo)

announced on 5 June 2020 by the

Singapore Government(1)

Excludes an estimated S$199 million of

support from the Singapore Government

comprising property tax rebates and

mandated share of SME relief

26

(1) ldquoMinistry of Law Press Release New Rental Relief Framework for SMEs 3 June 2020

URL httpswwwmlawgovsgnewspress-releasesnew-rental-relief-framework-for-smes

Priorities for 2020

Tenant retention through

proactive lease management

Focus on cost management

and cash conservation and

maintaining financial flexibility

Preserve sustainable long

term returns for Unitholders

Operations Flexible leasing terms to selected tenants to sustain occupancy and

preserve cash flows

Intensified frequency of cleaning and implemented various safe

management measures to ensure a safe and clean environment for

tenants and visitors

Suspension of non-essential capital and operating expenditure across

OUE C-REITrsquos properties

Capital Management Issued S$100 million of 40 notes due 2025 for refinancing existing

borrowings in June 2020 Balance of borrowings due in latter part of

2020 to be refinanced ahead of maturity Average cost of debt is

expected to remain stable

Balance sheet remains healthy with available credit facilities to tap on

where necessary

Asset values would need to correct by ~20 before regulatory limit

of 50 is reached

27

Outlook

Outlook

29

Singapore - Office

Occupancy and office rents are expected to remain under pressure as occupiers look to streamline operating costs

although the situation is partially mitigated by limited supply of new CBD Grade A office in the medium term

OUE C-REITrsquos office properties are expected to continue to achieve rents which are in line with or above market rents

As current expiring rents are below that of market rents operating performance expected to remain resilient

Shanghai

While business activities have resumed office leasing momentum continued to be slow due to economic uncertainty

exacerbated by the COVID-19 pandemic

Rental outlook is expected to be subdued given intense leasing competition amidst significant office supply in the

medium term

Commercial

Singapore - Retail

Most retailers have resumed operations since Phase 2 of reopening the economy and shopper traffic has rebounded to

~70 of pre-COVID-19 levels at Mandarin Gallery With continued business uncertainties operating environment for the

retail segment is expected to remain challenging

Outlook

30

Due to continued restrictions on inbound short-term visitors to Singapore to stem the spread of COVID-19 visitor

arrivals for Jan - May 2020 decreased by 657 YoY to 27 million

OUE C-REITrsquos hotel properties will continue to seek alternative sources of demand from eldercare workers inbound

travellers serving out Stay-Home Notices and workers affected by border shutdowns

Staycation bookings by locals once approved by the authorities will also augment hotel demand

Minimum rent component of S$675 million per annum under the master lease arrangements of OUE C-REITrsquos hotel

portfolio provides downside protection

Hospitality

In 1H 2020 the Manager has retained ~S$138 million of distribution comprising tax-exempt income and capital

distribution in view of the on-going uncertainties caused by the COVID-19 pandemic globally The prudent measure to

conserve cash while balancing returns to Unitholders will provide financial flexibility for OUE C-REIT to better address

the challenges ahead

The Manager will continue to prioritise tenant retention through proactive asset management and manage our capital

prudently to maintain financial flexibility so as to preserve sustainable long term returns for Unitholders

Overall

Appendices Overview of OUE C-REIT

OUE C-REITrsquos Portfolio

Singapore Office Market

Shanghai Office Market

Singapore Hospitality Market

Hotel Master Lease Details

Overview of OUE C-REIT

(1) As at 30 June 2020

OUE Bayfront One Raffles Place OUE Downtown Office Lippo Plaza Mandarin Orchard Singapore Crowne Plaza Changi Airport Mandarin Gallery

High quality prime assets

3 Asset classes

7Total assets under management

S$68billion(1)7High quality prime assets

6 properties in Singapore and 1 property in Shanghai

32

Investment Mandate

Commercial Hospitality Hospitality-related

One of the

Largest Diversified

SGX-listed REITs

20More than in net lettable area

upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)

OUE Bayfront One Raffles PlaceOUE Downtown

OfficeLippo Plaza Mandarin Gallery

Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal

Description A landmark Grade A

office building located

at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated

development with two

Grade A office towers

and a retail mall located

in Singaporersquos CBD at

Raffles Place latest AEI

completed in 2019

Grade A office space a

mixed-used

development with

offices retail and

serviced residences at

Shenton Way recently

refurbished in 2017

Grade A commercial

building located along

Huaihai Zhong Road

within the established

commercial district of

Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin

Orchard Singapore is

the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi

Airport and close to

Changi Business

Park with seamless

connectivity to Jewel

Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370

Office 530487 Office 361010

Retail 60776

Retail 126283 1077 hotel rooms 563 hotel rooms

Occupancy(1) Office 1000

Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817

Retail 944 - - Office 913

Retail 936

Overall 916

Valuation(2) S$11810m

(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33

Premium Portfolio of Assets

Strategically-located assets in the prime business districts of Singapore and Shanghai

(3) Based on OUB Centre Limitedrsquos 8154 interest in One Raffles Place OUE C-REIT has an indirect 8333 interest in OUB Centre Limited held via its wholly-owned subsidiaries

(4) Based on SGDCNY exchange rate of 15092 as at 30 June 2020

(1) Committed Occupancy as at 30 June 2020

(2) As at 31 December 2019


34

Core CBD Grade A occupancy declined 05 ppt QoQ to 971 in 2Q 2020 while core CBD Grade A office rents

corrected 30 QoQ to S$1115 psfmth

While the supply of new Grade A office space in the medium-term is limited both occupancy and office rents are

expected to come under pressure in view of subdued demand as occupiers focus on cost containment

Note Excluding strata-titled officeSource CBRE Research

Office Supply Pipeline in Singapore (CBD and Fringe of CBD)

(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond

Shenton Way Robinson Road Fringe CBD Raffles Place Marina Bay

Singapore CBD Grade A Rents and Occupancy

955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971

2Q13 4Q13 2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20

Grade A rents (S$ psfmth) Core CBD Occupancy

Singapore Office

Demand and Supply vs Office Rental

Source URA statistics CBRE Research

2Q 2011 was the last period where CBRE provided Prime Office Rental data Prime Grade A office rental data not available prior to 1Q 2002

Island-wide Office Demand Supply and Office Rents

35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20

Demand (LHS) Supply (LHS) Prime Office Rental (RHS) Prime Grade A Office Rental (RHS)

(000 sq ft)(S$ psfmth)

88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20

Puxi Grade A Average Rent (RMB psmday) Puxi CBD Grade A Office Occupancy

910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20

CBD Grade A Rents (RMB psmday) Shanghai CBD Grade A Occupancy


Source Colliers International

Shanghai CBD Grade A office occupancy

remained stable in 2Q 2020 at 854

Rents declined 43 QoQ to RMB928

psmday due to intense leasing

competition among landlords

Puxi Grade A office occupancy remained

relatively stable at 869 as at 2Q 2020

while rents corrected a further 35 QoQ

to RMB883 psmday

Given the significant office supply

pipeline which only peaks in the medium

term the rental outlook is expected to

remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024

Zhuyuan Old Hongqiao amp Gubei

Xujiahui Nanjing Road West

The Bund Huaihai Middle Road amp Xintiandi

Zhongshan Park Jingan (Other)

(000 sq m)

353

600

192

321276

Shanghai CBD

Demand Supply and Vacancy


37

Office Supply Pipeline in Shanghai CBD

Shanghai CBD Grade A office supply expected to

abate after 2022

Grade A Office Net Absorption New Supply and Vacancy Rate

00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Net Demand (LHS) New Supply (LHS) Vacancy rate (RHS)

(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Visitor Arrivals YTD May 2020

Sep lsquo11 and SARS Sub-Prime


38

Visitor Arrivals in Singapore

Source Singapore Tourism Board International Visitor Arrival Statistics JLL Industry Sources

Singapore Hotel Supply

-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F

Total No of Rooms Net Increase in Supply New Supply

(No of Hotel Rooms)(million)

For Jan to May 2020 due to restrictions on inbound short-term visitors to stem the spread of COVID-19 Singapore visitor

arrivals have fallen 657 YoY to 27 million

Top source markets saw major declines led by China (-782 YoY) Indonesia (-624 YoY) India (-717 YoY) Malaysia

(-697 YoY) and Australia (-547)

The World Tourism Organisation (UNWTO) has forecasted a 58-78 annual decline in international tourist arrivals

worldwide due to COVID-19

Upcoming Attractions and Developments

Sentosa Redevelopment (~2030)

Merlion Gateway (2021 )

Mandai Nature Precinct Rejuvenation of Mandai into an

integrated nature and wildlife destination

New developments include the Bird Park Rainforest Park and a Nature Resort

Jurong Lake District (JLD) Set to become the largest commercial

and regional centre outside Singaporersquos CBD

A new tourism development consisting of an attraction retail FampB entertainment hotel and open public spaces is envisioned to support JLDrsquos position as a lsquomust visitrsquo leisure and recreational cluster

Expansion of Marina Bay Sands to include a 15000-seat arena a luxury hotel tower

and additional MICE space

Information amp Image Sources Websites of Changi Airport Group Mandai Project Sentosa Development Corporation Singapore Tourism Board Womenrsquos Tennis Association International Rugby Board F1 International Champions Cup Singapore Las Vegas Sands Resorts World

Sentosa Singapore Art Week Singapore Food Festival Ultra Singapore Urban Redevelopment Authority of Singapore and The Worldrsquos 50 Best Restaurants

Rejuvenation of Orchard Road

39

Greater Flight Connectivity New and increased flights to key markets of China India Japan and USA

Partnerships to drive visitor arrivalsSTB CAG and Royal Caribbean collaborated on a new multimillion-dollar five-year tripartite marketing partnership to promote fly-cruises The collaboration is expected to bring some 623000 international fly-cruise visitors to Singapore and generate over S$430 million in tourism receipts between end-2019 and 2024

Source Singapore Tourism Board Changi Airport Group and Singapore Airlines Media Releases

Tourism Investment


ndash Investment in Tourism

Jurong Lake District

developmental project (~2026)

Strong Leisure and Events Calendar

Greater Southern Waterfront

(~2027)

Rejuvenation and Expansion of Mandai

Nature Precinct (~2020)

Resorts World Sentosarsquos expansion includes new

attractions hotels and lifestyle offerings


(1) GOR Gross operating revenue

(2) GOP Gross operating profit

(3) The rental under the master lease will be the minimum rent if the amount of variable rent for that operating year is less than the amount of minimum rent

Property Mandarin Orchard Singapore Crowne Plaza Changi Airport

No of Guestrooms 1077 563

Master Lease

Rental

Variable Rent Comprising Sum of

(i) 330 of MOS GOR(1) and

(ii) 275 of MOS GOP(2)

subject to minimum rent of S$450 million(3)


(i) 4 of Hotel FampB Revenues

(ii) 33 of Hotel Rooms and Other Revenues not related to FampB

(iii) 30 Hotel GOP and

(iv) 80 of Gross Rental Income from leased space


Master Lessee OUE Limited OUE Airport Hotel Pte Ltd (OUEAH)

Tenure First term of 15 years to expire in July 2028

Option to renew for an additional 15 years on the same

terms and conditions

First term of Master Lease to expire in May 2028

Option to renew for an additional two consecutive 5-year terms

FFampE Reserve Capital Replacement Contribution

3 of GOR Aligned with hotel management agreement between OUEAH and IHG

Generally at 3 of GOR

40

Thank You

Important Notice

This presentation should be read in conjunction with the announcements released by OUE Commercial REIT (ldquoOUE C-REITrdquo) on 23 July 2020 (in relation to its

Financial Results for 2nd Quarter 2020)

This presentation is for information purposes only and does not constitute an invitation offer or solicitation of any offer to acquire purchase or subscribe for units in

OUE C-REIT (ldquoUnitsrdquo) The value of Units and the income derived from them if any may fall or rise The Units are not obligations of deposits in or guaranteed by

OUE Commercial REIT Management Pte Ltd (the ldquoManagerrdquo) DBS Trustee Limited (as trustee of OUE C-REIT) or any of its affiliates An investment in the Units is

subject to investment risks including the possible loss of the principal amount invested The past performance of OUE C-REIT is not necessarily indicative of the

future performance of OUE C-REIT

This presentation may contain forward-looking statements that involve risks and uncertainties Actual future performance outcomes and results may differ materially

from those expressed in forward-looking statements as a result of a number of risks uncertainties and assumptions These forward-looking statements speak only as

at the date of this presentation Past performance is not necessarily indicative of future performance No assurance can be given that future events will occur that

projections will be achieved or that assumptions are correct Representative examples of these factors include (without limitation) general industry and economic

conditions interest rate trends cost of capital and capital availability competition from similar developments shifts in expected levels of property rental income

changes in operating expenses (including employee wages benefits and training costs) property expenses and governmental and public policy changes You are

cautioned not to place undue reliance on these forward-looking statements which are based on the Managerrsquos current view of future events

Investors should note that they will have no right to request the Manager to redeem their Units while the Units are listed on the Singapore Exchange Securities

Trading Limited (the ldquoSGX-STrdquo) It is intended that Unitholders may only deal in their Units through trading on the SGX-ST Listing of the Units on the SGX-ST does

not guarantee a liquid market for the Units

The information and opinions contained in this presentation are subject to change without notice

2

Agenda

3

Key Highlights


Commercial Segment

Hospitality Segment

Impact of COVID-19

Outlook

Appendices

Key Highlights

4

Portfolio

Performance

916


Committed Occupancy

Financial

Highlights

Capital

Management

Aggregate

Leverage

401

68 - 148

Singapore Office

Rental Reversions

58

312Q 2019 35

Weighted Average

Cost of Debt

8072Q 2019 761

Fixed Rate Debt

S$504237 YoY

2Q 2020

Net Property Income

m S$683406 YoY


for Distribution

m

2Q 2019 393

2Q 2019 945

S$643239 YoY

2Q 2020

Revenue

m

S$1000

Issued in June 2020

40 Notes due 2025

m




S$545121 YoY

1H 2020

Distribution(1)



m


Capital Management







2Q 2020

(S$m)

2Q 2019

(S$m)

Change

()

1H 2020

(S$m)

1H 2019

(S$m)

Change

()

Revenue 643 519 239 1420 1072 324



Distribution307 225 360 683 486 406



6





7








OUE Bayfront215


175

OUE Downtown

Office146

Lippo Plaza99


88

Mandarin Gallery53

Hospitality263

Office626

Retail111




(2) For 2Q 2020


8





By Segment

Contribution(2)

By Revenue

Contribution(2)

By Asset

Value(1)


Mandarin Orchard


175

OUE Downtown

Office135

Lippo Plaza

86


Mandarin Gallery73





Total Assets 69134

Borrowings 26814





9













Capital Management

10





342

150 107

425

450

644 253

150

100

23

2020 2021 2022 2023 2024 2025



Secured RMB Loan

S$ million

Commercial

Segment

474

350

519

408


2Q 2020 2Q 2019

12


2Q 2020 amp 1H 2020

86

141


1083

821

1072

843


1H 2020 1H 2019

10

26




1000

914 917

811

944916


Market 854(2)

13


Office 913


916 as at 30 June 2020








Market 971(1)





Singapore

Shanghai

14

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

Chart Title


1000

914

971

917

75

80

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20


811

854






Singapore




OUE Downtown


Shenton Way


Shanghai















rental reversions




16

Singapore

(Office)

Shanghai

(Office)

Mandarin

Gallery



1040 10581175 1185 1143 1160 1198 1203 1209

1026 1028 992 945 968 969 988

694 727 731 739

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


S$ psfmth

(1)

906 914

945

989979 981

965 970 964

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Lippo Plaza

RMB psmday

(1)

2360

2460

2360 2360

2250 22302170 2195 2195 2202

2247

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Mandarin Gallery

S$ psfmth

4947

46

24

2119

18 17 1714


Lynch


LuxuryVentures



Ltd


Ltd

OUELimited



As of Jun 2020

17


Top 10 Tenants



(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

Agenda

3

Key Highlights


Commercial Segment

Hospitality Segment

Impact of COVID-19

Outlook

Appendices

Key Highlights

4

Portfolio

Performance

916


Committed Occupancy

Financial

Highlights

Capital

Management

Aggregate

Leverage

401

68 - 148

Singapore Office

Rental Reversions

58

312Q 2019 35

Weighted Average

Cost of Debt

8072Q 2019 761

Fixed Rate Debt

S$504237 YoY

2Q 2020

Net Property Income

m S$683406 YoY


for Distribution

m

2Q 2019 393

2Q 2019 945

S$643239 YoY

2Q 2020

Revenue

m

S$1000

Issued in June 2020

40 Notes due 2025

m




S$545121 YoY

1H 2020

Distribution(1)



m


Capital Management







2Q 2020

(S$m)

2Q 2019

(S$m)

Change

()

1H 2020

(S$m)

1H 2019

(S$m)

Change

()

Revenue 643 519 239 1420 1072 324



Distribution307 225 360 683 486 406



6





7








OUE Bayfront215


175

OUE Downtown

Office146

Lippo Plaza99


88

Mandarin Gallery53

Hospitality263

Office626

Retail111




(2) For 2Q 2020


8





By Segment

Contribution(2)

By Revenue

Contribution(2)

By Asset

Value(1)


Mandarin Orchard


175

OUE Downtown

Office135

Lippo Plaza

86


Mandarin Gallery73





Total Assets 69134

Borrowings 26814





9













Capital Management

10





342

150 107

425

450

644 253

150

100

23

2020 2021 2022 2023 2024 2025



Secured RMB Loan

S$ million

Commercial

Segment

474

350

519

408


2Q 2020 2Q 2019

12


2Q 2020 amp 1H 2020

86

141


1083

821

1072

843


1H 2020 1H 2019

10

26




1000

914 917

811

944916


Market 854(2)

13


Office 913


916 as at 30 June 2020








Market 971(1)





Singapore

Shanghai

14

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

Chart Title


1000

914

971

917

75

80

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20


811

854






Singapore




OUE Downtown


Shenton Way


Shanghai















rental reversions




16

Singapore

(Office)

Shanghai

(Office)

Mandarin

Gallery



1040 10581175 1185 1143 1160 1198 1203 1209

1026 1028 992 945 968 969 988

694 727 731 739

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


S$ psfmth

(1)

906 914

945

989979 981

965 970 964

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Lippo Plaza

RMB psmday

(1)

2360

2460

2360 2360

2250 22302170 2195 2195 2202

2247

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Mandarin Gallery

S$ psfmth

4947

46

24

2119

18 17 1714


Lynch


LuxuryVentures



Ltd


Ltd

OUELimited



As of Jun 2020

17


Top 10 Tenants



(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

Key Highlights

4

Portfolio

Performance

916


Committed Occupancy

Financial

Highlights

Capital

Management

Aggregate

Leverage

401

68 - 148

Singapore Office

Rental Reversions

58

312Q 2019 35

Weighted Average

Cost of Debt

8072Q 2019 761

Fixed Rate Debt

S$504237 YoY

2Q 2020

Net Property Income

m S$683406 YoY


for Distribution

m

2Q 2019 393

2Q 2019 945

S$643239 YoY

2Q 2020

Revenue

m

S$1000

Issued in June 2020

40 Notes due 2025

m




S$545121 YoY

1H 2020

Distribution(1)



m


Capital Management







2Q 2020

(S$m)

2Q 2019

(S$m)

Change

()

1H 2020

(S$m)

1H 2019

(S$m)

Change

()

Revenue 643 519 239 1420 1072 324



Distribution307 225 360 683 486 406



6





7








OUE Bayfront215


175

OUE Downtown

Office146

Lippo Plaza99


88

Mandarin Gallery53

Hospitality263

Office626

Retail111




(2) For 2Q 2020


8





By Segment

Contribution(2)

By Revenue

Contribution(2)

By Asset

Value(1)


Mandarin Orchard


175

OUE Downtown

Office135

Lippo Plaza

86


Mandarin Gallery73





Total Assets 69134

Borrowings 26814





9













Capital Management

10





342

150 107

425

450

644 253

150

100

23

2020 2021 2022 2023 2024 2025



Secured RMB Loan

S$ million

Commercial

Segment

474

350

519

408


2Q 2020 2Q 2019

12


2Q 2020 amp 1H 2020

86

141


1083

821

1072

843


1H 2020 1H 2019

10

26




1000

914 917

811

944916


Market 854(2)

13


Office 913


916 as at 30 June 2020








Market 971(1)





Singapore

Shanghai

14

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

Chart Title


1000

914

971

917

75

80

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20


811

854






Singapore




OUE Downtown


Shenton Way


Shanghai















rental reversions




16

Singapore

(Office)

Shanghai

(Office)

Mandarin

Gallery



1040 10581175 1185 1143 1160 1198 1203 1209

1026 1028 992 945 968 969 988

694 727 731 739

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


S$ psfmth

(1)

906 914

945

989979 981

965 970 964

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Lippo Plaza

RMB psmday

(1)

2360

2460

2360 2360

2250 22302170 2195 2195 2202

2247

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Mandarin Gallery

S$ psfmth

4947

46

24

2119

18 17 1714


Lynch


LuxuryVentures



Ltd


Ltd

OUELimited



As of Jun 2020

17


Top 10 Tenants



(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You


Capital Management







2Q 2020

(S$m)

2Q 2019

(S$m)

Change

()

1H 2020

(S$m)

1H 2019

(S$m)

Change

()

Revenue 643 519 239 1420 1072 324



Distribution307 225 360 683 486 406



6





7








OUE Bayfront215


175

OUE Downtown

Office146

Lippo Plaza99


88

Mandarin Gallery53

Hospitality263

Office626

Retail111




(2) For 2Q 2020


8





By Segment

Contribution(2)

By Revenue

Contribution(2)

By Asset

Value(1)


Mandarin Orchard


175

OUE Downtown

Office135

Lippo Plaza

86


Mandarin Gallery73





Total Assets 69134

Borrowings 26814





9













Capital Management

10





342

150 107

425

450

644 253

150

100

23

2020 2021 2022 2023 2024 2025



Secured RMB Loan

S$ million

Commercial

Segment

474

350

519

408


2Q 2020 2Q 2019

12


2Q 2020 amp 1H 2020

86

141


1083

821

1072

843


1H 2020 1H 2019

10

26




1000

914 917

811

944916


Market 854(2)

13


Office 913


916 as at 30 June 2020








Market 971(1)





Singapore

Shanghai

14

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

Chart Title


1000

914

971

917

75

80

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20


811

854






Singapore




OUE Downtown


Shenton Way


Shanghai















rental reversions




16

Singapore

(Office)

Shanghai

(Office)

Mandarin

Gallery



1040 10581175 1185 1143 1160 1198 1203 1209

1026 1028 992 945 968 969 988

694 727 731 739

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


S$ psfmth

(1)

906 914

945

989979 981

965 970 964

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Lippo Plaza

RMB psmday

(1)

2360

2460

2360 2360

2250 22302170 2195 2195 2202

2247

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Mandarin Gallery

S$ psfmth

4947

46

24

2119

18 17 1714


Lynch


LuxuryVentures



Ltd


Ltd

OUELimited



As of Jun 2020

17


Top 10 Tenants



(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You







2Q 2020

(S$m)

2Q 2019

(S$m)

Change

()

1H 2020

(S$m)

1H 2019

(S$m)

Change

()

Revenue 643 519 239 1420 1072 324



Distribution307 225 360 683 486 406



6





7








OUE Bayfront215


175

OUE Downtown

Office146

Lippo Plaza99


88

Mandarin Gallery53

Hospitality263

Office626

Retail111




(2) For 2Q 2020


8





By Segment

Contribution(2)

By Revenue

Contribution(2)

By Asset

Value(1)


Mandarin Orchard


175

OUE Downtown

Office135

Lippo Plaza

86


Mandarin Gallery73





Total Assets 69134

Borrowings 26814





9













Capital Management

10





342

150 107

425

450

644 253

150

100

23

2020 2021 2022 2023 2024 2025



Secured RMB Loan

S$ million

Commercial

Segment

474

350

519

408


2Q 2020 2Q 2019

12


2Q 2020 amp 1H 2020

86

141


1083

821

1072

843


1H 2020 1H 2019

10

26




1000

914 917

811

944916


Market 854(2)

13


Office 913


916 as at 30 June 2020








Market 971(1)





Singapore

Shanghai

14

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

Chart Title


1000

914

971

917

75

80

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20


811

854






Singapore




OUE Downtown


Shenton Way


Shanghai















rental reversions




16

Singapore

(Office)

Shanghai

(Office)

Mandarin

Gallery



1040 10581175 1185 1143 1160 1198 1203 1209

1026 1028 992 945 968 969 988

694 727 731 739

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


S$ psfmth

(1)

906 914

945

989979 981

965 970 964

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Lippo Plaza

RMB psmday

(1)

2360

2460

2360 2360

2250 22302170 2195 2195 2202

2247

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Mandarin Gallery

S$ psfmth

4947

46

24

2119

18 17 1714


Lynch


LuxuryVentures



Ltd


Ltd

OUELimited



As of Jun 2020

17


Top 10 Tenants



(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You


7








OUE Bayfront215


175

OUE Downtown

Office146

Lippo Plaza99


88

Mandarin Gallery53

Hospitality263

Office626

Retail111




(2) For 2Q 2020


8





By Segment

Contribution(2)

By Revenue

Contribution(2)

By Asset

Value(1)


Mandarin Orchard


175

OUE Downtown

Office135

Lippo Plaza

86


Mandarin Gallery73





Total Assets 69134

Borrowings 26814





9













Capital Management

10





342

150 107

425

450

644 253

150

100

23

2020 2021 2022 2023 2024 2025



Secured RMB Loan

S$ million

Commercial

Segment

474

350

519

408


2Q 2020 2Q 2019

12


2Q 2020 amp 1H 2020

86

141


1083

821

1072

843


1H 2020 1H 2019

10

26




1000

914 917

811

944916


Market 854(2)

13


Office 913


916 as at 30 June 2020








Market 971(1)





Singapore

Shanghai

14

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

Chart Title


1000

914

971

917

75

80

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20


811

854






Singapore




OUE Downtown


Shenton Way


Shanghai















rental reversions




16

Singapore

(Office)

Shanghai

(Office)

Mandarin

Gallery



1040 10581175 1185 1143 1160 1198 1203 1209

1026 1028 992 945 968 969 988

694 727 731 739

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


S$ psfmth

(1)

906 914

945

989979 981

965 970 964

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Lippo Plaza

RMB psmday

(1)

2360

2460

2360 2360

2250 22302170 2195 2195 2202

2247

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Mandarin Gallery

S$ psfmth

4947

46

24

2119

18 17 1714


Lynch


LuxuryVentures



Ltd


Ltd

OUELimited



As of Jun 2020

17


Top 10 Tenants



(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You


OUE Bayfront215


175

OUE Downtown

Office146

Lippo Plaza99


88

Mandarin Gallery53

Hospitality263

Office626

Retail111




(2) For 2Q 2020


8





By Segment

Contribution(2)

By Revenue

Contribution(2)

By Asset

Value(1)


Mandarin Orchard


175

OUE Downtown

Office135

Lippo Plaza

86


Mandarin Gallery73





Total Assets 69134

Borrowings 26814





9













Capital Management

10





342

150 107

425

450

644 253

150

100

23

2020 2021 2022 2023 2024 2025



Secured RMB Loan

S$ million

Commercial

Segment

474

350

519

408


2Q 2020 2Q 2019

12


2Q 2020 amp 1H 2020

86

141


1083

821

1072

843


1H 2020 1H 2019

10

26




1000

914 917

811

944916


Market 854(2)

13


Office 913


916 as at 30 June 2020








Market 971(1)





Singapore

Shanghai

14

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

Chart Title


1000

914

971

917

75

80

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20


811

854






Singapore




OUE Downtown


Shenton Way


Shanghai















rental reversions




16

Singapore

(Office)

Shanghai

(Office)

Mandarin

Gallery



1040 10581175 1185 1143 1160 1198 1203 1209

1026 1028 992 945 968 969 988

694 727 731 739

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


S$ psfmth

(1)

906 914

945

989979 981

965 970 964

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Lippo Plaza

RMB psmday

(1)

2360

2460

2360 2360

2250 22302170 2195 2195 2202

2247

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Mandarin Gallery

S$ psfmth

4947

46

24

2119

18 17 1714


Lynch


LuxuryVentures



Ltd


Ltd

OUELimited



As of Jun 2020

17


Top 10 Tenants



(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You




Total Assets 69134

Borrowings 26814





9













Capital Management

10





342

150 107

425

450

644 253

150

100

23

2020 2021 2022 2023 2024 2025



Secured RMB Loan

S$ million

Commercial

Segment

474

350

519

408


2Q 2020 2Q 2019

12


2Q 2020 amp 1H 2020

86

141


1083

821

1072

843


1H 2020 1H 2019

10

26




1000

914 917

811

944916


Market 854(2)

13


Office 913


916 as at 30 June 2020








Market 971(1)





Singapore

Shanghai

14

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

Chart Title


1000

914

971

917

75

80

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20


811

854






Singapore




OUE Downtown


Shenton Way


Shanghai















rental reversions




16

Singapore

(Office)

Shanghai

(Office)

Mandarin

Gallery



1040 10581175 1185 1143 1160 1198 1203 1209

1026 1028 992 945 968 969 988

694 727 731 739

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


S$ psfmth

(1)

906 914

945

989979 981

965 970 964

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Lippo Plaza

RMB psmday

(1)

2360

2460

2360 2360

2250 22302170 2195 2195 2202

2247

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Mandarin Gallery

S$ psfmth

4947

46

24

2119

18 17 1714


Lynch


LuxuryVentures



Ltd


Ltd

OUELimited



As of Jun 2020

17


Top 10 Tenants



(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You













Capital Management

10





342

150 107

425

450

644 253

150

100

23

2020 2021 2022 2023 2024 2025



Secured RMB Loan

S$ million

Commercial

Segment

474

350

519

408


2Q 2020 2Q 2019

12


2Q 2020 amp 1H 2020

86

141


1083

821

1072

843


1H 2020 1H 2019

10

26




1000

914 917

811

944916


Market 854(2)

13


Office 913


916 as at 30 June 2020








Market 971(1)





Singapore

Shanghai

14

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

Chart Title


1000

914

971

917

75

80

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20


811

854






Singapore




OUE Downtown


Shenton Way


Shanghai















rental reversions




16

Singapore

(Office)

Shanghai

(Office)

Mandarin

Gallery



1040 10581175 1185 1143 1160 1198 1203 1209

1026 1028 992 945 968 969 988

694 727 731 739

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


S$ psfmth

(1)

906 914

945

989979 981

965 970 964

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Lippo Plaza

RMB psmday

(1)

2360

2460

2360 2360

2250 22302170 2195 2195 2202

2247

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Mandarin Gallery

S$ psfmth

4947

46

24

2119

18 17 1714


Lynch


LuxuryVentures



Ltd


Ltd

OUELimited



As of Jun 2020

17


Top 10 Tenants



(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

Commercial

Segment

474

350

519

408


2Q 2020 2Q 2019

12


2Q 2020 amp 1H 2020

86

141


1083

821

1072

843


1H 2020 1H 2019

10

26




1000

914 917

811

944916


Market 854(2)

13


Office 913


916 as at 30 June 2020








Market 971(1)





Singapore

Shanghai

14

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

Chart Title


1000

914

971

917

75

80

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20


811

854






Singapore




OUE Downtown


Shenton Way


Shanghai















rental reversions




16

Singapore

(Office)

Shanghai

(Office)

Mandarin

Gallery



1040 10581175 1185 1143 1160 1198 1203 1209

1026 1028 992 945 968 969 988

694 727 731 739

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


S$ psfmth

(1)

906 914

945

989979 981

965 970 964

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Lippo Plaza

RMB psmday

(1)

2360

2460

2360 2360

2250 22302170 2195 2195 2202

2247

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Mandarin Gallery

S$ psfmth

4947

46

24

2119

18 17 1714


Lynch


LuxuryVentures



Ltd


Ltd

OUELimited



As of Jun 2020

17


Top 10 Tenants



(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

474

350

519

408


2Q 2020 2Q 2019

12


2Q 2020 amp 1H 2020

86

141


1083

821

1072

843


1H 2020 1H 2019

10

26




1000

914 917

811

944916


Market 854(2)

13


Office 913


916 as at 30 June 2020








Market 971(1)





Singapore

Shanghai

14

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

Chart Title


1000

914

971

917

75

80

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20


811

854






Singapore




OUE Downtown


Shenton Way


Shanghai















rental reversions




16

Singapore

(Office)

Shanghai

(Office)

Mandarin

Gallery



1040 10581175 1185 1143 1160 1198 1203 1209

1026 1028 992 945 968 969 988

694 727 731 739

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


S$ psfmth

(1)

906 914

945

989979 981

965 970 964

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Lippo Plaza

RMB psmday

(1)

2360

2460

2360 2360

2250 22302170 2195 2195 2202

2247

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Mandarin Gallery

S$ psfmth

4947

46

24

2119

18 17 1714


Lynch


LuxuryVentures



Ltd


Ltd

OUELimited



As of Jun 2020

17


Top 10 Tenants



(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

1000

914 917

811

944916


Market 854(2)

13


Office 913


916 as at 30 June 2020








Market 971(1)





Singapore

Shanghai

14

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

Chart Title


1000

914

971

917

75

80

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20


811

854






Singapore




OUE Downtown


Shenton Way


Shanghai















rental reversions




16

Singapore

(Office)

Shanghai

(Office)

Mandarin

Gallery



1040 10581175 1185 1143 1160 1198 1203 1209

1026 1028 992 945 968 969 988

694 727 731 739

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


S$ psfmth

(1)

906 914

945

989979 981

965 970 964

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Lippo Plaza

RMB psmday

(1)

2360

2460

2360 2360

2250 22302170 2195 2195 2202

2247

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Mandarin Gallery

S$ psfmth

4947

46

24

2119

18 17 1714


Lynch


LuxuryVentures



Ltd


Ltd

OUELimited



As of Jun 2020

17


Top 10 Tenants



(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You



Singapore

Shanghai

14

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

Chart Title


1000

914

971

917

75

80

85

90

95

100

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20


811

854






Singapore




OUE Downtown


Shenton Way


Shanghai















rental reversions




16

Singapore

(Office)

Shanghai

(Office)

Mandarin

Gallery



1040 10581175 1185 1143 1160 1198 1203 1209

1026 1028 992 945 968 969 988

694 727 731 739

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


S$ psfmth

(1)

906 914

945

989979 981

965 970 964

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Lippo Plaza

RMB psmday

(1)

2360

2460

2360 2360

2250 22302170 2195 2195 2202

2247

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Mandarin Gallery

S$ psfmth

4947

46

24

2119

18 17 1714


Lynch


LuxuryVentures



Ltd


Ltd

OUELimited



As of Jun 2020

17


Top 10 Tenants



(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You






Singapore




OUE Downtown


Shenton Way


Shanghai















rental reversions




16

Singapore

(Office)

Shanghai

(Office)

Mandarin

Gallery



1040 10581175 1185 1143 1160 1198 1203 1209

1026 1028 992 945 968 969 988

694 727 731 739

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


S$ psfmth

(1)

906 914

945

989979 981

965 970 964

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Lippo Plaza

RMB psmday

(1)

2360

2460

2360 2360

2250 22302170 2195 2195 2202

2247

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Mandarin Gallery

S$ psfmth

4947

46

24

2119

18 17 1714


Lynch


LuxuryVentures



Ltd


Ltd

OUELimited



As of Jun 2020

17


Top 10 Tenants



(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You







rental reversions




16

Singapore

(Office)

Shanghai

(Office)

Mandarin

Gallery



1040 10581175 1185 1143 1160 1198 1203 1209

1026 1028 992 945 968 969 988

694 727 731 739

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


S$ psfmth

(1)

906 914

945

989979 981

965 970 964

2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20

Lippo Plaza

RMB psmday

(1)

2360

2460

2360 2360

2250 22302170 2195 2195 2202

2247

2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Mandarin Gallery

S$ psfmth

4947

46

24

2119

18 17 1714


Lynch


LuxuryVentures



Ltd


Ltd

OUELimited



As of Jun 2020

17


Top 10 Tenants



(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

4947

46

24

2119

18 17 1714


Lynch


LuxuryVentures



Ltd


Ltd

OUELimited



As of Jun 2020

17


Top 10 Tenants



(1)

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

143

311

273

166

107

111

294

253

190

152

2020 2021 2022 2023 2024 and beyond


91

90




18


As at 30 Jun 2020




396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

396282

223

6633

350

288249

76

37

2020 2021 2022 2023 2024 and beyond

69

323

256234

118

66

308

257 247

122

2020 2021 2022 2023 2024 and beyond

41

347

245216

151

43

313

245 241

158

2020 2021 2022 2023 2024 and beyond

19


OUE Bayfront


OUE Downtown Office


One Raffles Place


Lippo Plaza



8682

118109

28

25

(1)



36

273

421

137 133

29

228

333

105

305

2020 2021 2022 2023 2024 and beyond

148

114

(1)

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

38

23

18

9

5

5 2


57

14

12

4

7

5 1

152

343

245

129 131

91

291

197182

239

2020 2021 2022 2023 2024 and beyond


110

103




20




As of Jun 2020

As at 30 Jun 2020

By NLA By GRI

968 991 1000 995 982 983 978944

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

70

192

164

110

50

16

38 34 38

69

219

2020 2021 2022 2023 2024 and beyond



201

Retail105


99

Food amp Beverage54


49


48

Legal45


44


43

Services37


23

Others16


14


All Segments

21






As at 30 Jun 2020

(1)

As of Jun 2020

(2)

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

Hospitality

Segment

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

23


2Q 2020 amp 1H 2020






1H 20202Q 2020

338

304


169154


24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

24


2Q 2020 amp 1H 2020




segment

1H 2020 RevPAR

795 562 717

2Q 2020 RevPAR

402

40

83

55

196189 193




2Q 2020 2Q 2019

75

112

88

203187

198




1H 2020 1H 2019

630 556

(S$) (S$)

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

Impact of

COVID-19













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You













eligible tenants



rental payments













26



Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

Priorities for 2020









preserve cash flows











where necessary


of 50 is reached

27

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

Outlook

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

Outlook

29

Singapore - Office





Shanghai




medium term

Commercial

Singapore - Retail




Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

Outlook

30








Hospitality







Overall








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You








(1) As at 30 June 2020



3 Asset classes




32

Investment Mandate


One of the

Largest Diversified

SGX-listed REITs


upscale hotel rooms

mil sq ft

1640

Strong Support

OUE Group

478 stake(1)



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You



Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal



at Collyer Quay

between the Marina

Bay downtown and

Raffles Place

completed in 2011

Iconic integrated






completed in 2019


mixed-used

development with

offices retail and



refurbished in 2017

Grade A commercial


Huaihai Zhong Road



Huangpu in Puxi

Shanghai

Prime retail

landmark on

Orchard Road ndash

preferred location

for flagship stores

of international

brands

A world class

hospitality icon in

Singapore since

1971 Mandarin


the largest hotel

along Orchard Road

Award-winning hotel

at Singapore Changi


Changi Business

Park with seamless


Changi Airport

NLA

Office 1869003

Retail 307561

Overall 2176564

1640 hotel rooms

Attributable

NLA (sq ft)

Office 378692

Retail 21132

Office 598814

Retail 99370


Retail 60776



Retail 989

Overall 999

Office 914

Retail 965

Overall 922


Retail 850

Overall 817


Retail 936

Overall 916


(S$2954 psf)

S$18620m(3)

(S$2667 psf)

S$9120m

(S$1719 psf)

RMB29500m

RMB50409 psm GFA

S$5793m(4)

(S$1374 psf)

S$4930m

(S$3904 psf)

S$12280m

(S$11m key)

S$4970m

(S$09m key)

S$67523m

33








34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You


34







(000 sq ft)

140 129

650 635

1258

0

500

1000

1500

2000

2500

2020 2021 2022 and beyond



955955975

10251060

10951120

11401130

10901040

990950

930 910895 895

910940 970

10101045

10801115

11301145

11551150

1115

950

935

952

957958

966

957

961962

958952

952951

959

958 956

941

925

938941

941

946

948

952

961

965

961

976

971



Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

Singapore Office





35

-4

-2

0

2

4

6

8

10

12

14

16

18

20

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 1Q20



88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

88 88 88 90 91 93 94 95 94 96 95 93 92 914 914 931 946 951 954 955 954 956 946 915

883

886

890

917

909

922

928

949963 936

900

885

872

876

853

857

862

907

915

925

897

919

902

904

867 869

20

30

40

50

60

70

80

90

100

750

800

850

900

950

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20


910 920 930 949 970 990 1010 1030 1030 1050 1040 1040

1030 1015

1021 1026 1036 1035

1035 1032 1027 1020 1010

968 928

928922

944

926

938

940

950

960 928

902898

876

871

861

861

865

894

897

900

876

884

875

876

854

854

200

300

400

500

600

700

800

900

1000

1100

800

820

840

860

880

900

920

940

960

980

1000

2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20












to RMB883 psmday




remain subdued

Shanghai

Puxi

36

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

-

100

200

300

400

500

600

700

2020 2021 2022 2023 2024





(000 sq m)

353

600

192

321276

Shanghai CBD



37



abate after 2022


00

20

40

60

80

100

120

140

160

-200

-

200

400

600

800

1000

1200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20


(000 sq m)

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You

7661

83 8998 103 101 97

116132

145156 151 152

164174

185 191

27

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




38




-

10000

20000

30000

40000

50000

60000

70000

80000

2014 2015 2016 2017 2018 2019 2020F 2021F 2022F























39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You















39




Tourism Investment







(~2027)











Master Lease

Rental




















40

Thank You







Master Lease

Rental




















40

Thank You

Thank You

oue c-reit 2q 2020 results presentation · 2020. 7. 23. · 2q 2019: 3.5% weighted average cost of...

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