WASTE MANAGEMENT STRATEGY AND PERFORMANCE

The Company continuously invests, innovates, and adopts leading-edge technology to significantly reduce construction waste. As a real estate developer and asset manager, we work closely with our contractors and tenants to manage waste responsibly. All waste from construction sites and managed buildings is disposed of in compliance with local waste regulations.1

We engage NEA-licensed vendors to collect, treat and recycle waste from our managed buildings and construction sites.2 We target to reduce our waste intensity by 8% (from 2016 levels) for office and industrial buildings and 5% (from 2016 levels) for retail buildings by 2030. We also intend to cap the waste intensity from our construction sites at 40 kg/m2 by 2030.

Waste Reduction Performance

In line with the principles of circular economy, our holistic EHS management system framework ensures regular review of our waste minimisation efforts and recycling initiatives across all of our properties.

In 2025, general, non-hazardous waste generation remained consistent for corporate office and managed buildings, compared to 2024 due to the stabilisation of office and retail operations, and 519 tonnes of recyclable waste were collected from our managed buildings. Since 2017, we have engaged tenants across all managed buildings to participate in our paper recycling programme. At our retail properties, recycling bins and facilities are provided to encourage the recycling of paper, plastic and metal by shoppers and tenants. In 2025, City Square Mall reported a recycling rate of 21%, which is above the national rate of 12% for large malls.3 Out of 519 tonnes of recyclable waste, 7.7 tonnes were attributed to food waste composted.

In 2025, construction waste disposed of at all the Company’s active construction sites amounted to 4,143 tonnes, with a waste intensity of 31.9 kg/m2. This is higher than the waste intensity in 2024 due to progression of construction sites into predominantly structural and interior works.

Note:
1 General waste is sent to the waste-to-energy incineration plant, where energy is generated. The resulting incinerated ash is then transported to our only landfill, Semakau Island, for disposal.
2 The Company generates negligible hazardous waste from our operations.
3 The latest publicly available recycling rate for large malls in Singapore is 13.3% in 2024, based on NEA reported findings from 2024 Mandatory Waste Reporting.