Link: https://links.sgx.com/1.0.0/corporate-announcements/8ZZHDRKFRZFTZ943/445b73c03deb4058bbd0a1010138f15207b2937d3d3d639150e7e796c73918b8

Summary:

• Group revenue rose to S$230.2 million (FY2025) from S$169.2 million (FY2024), mainly from higher progressive sales in The LakeGarden Residences (Singapore) and Jesselton Hills (Malaysia).

• Net loss narrowed to S$61.0 million, down from S$78.7 million last year.

• Operating profit dropped to S$7.4 million (FY2025) from S$22.5 million (FY2024), largely due to lower contributions from completed projects and negative fair value/impairment on joint-venture properties in Hong Kong.

• Share of JV/associate losses: S$22.5 million (FY2025) vs S$58.6 million (FY2024); includes large fair value losses on Hong Kong assets, partially offset by S$84.4 million in negative goodwill from Amara acquisition.

• Net asset value per share: S$3.73 (down from S$3.90); net gearing increased to 0.29x (from 0.06x).

• Dividend declared: 3 cents per share (first and final), representing a 2.1% yield.

• Residential sales: 107 units (S$227 million) in Singapore (LakeGarden Residences, >70% sold as of June 2025), and 74 units (S$21 million) in Malaysia (Jesselton Hills).

• Notable balance sheet changes: total assets S$4.3 billion, increased current/non-current assets, higher non-current liabilities due to new loans and MTN issuance.

• Strategic focus remains on core property projects in Singapore and Malaysia; asset base diversified with 27% exposure to Hong Kong.