Pollux Prop 5AE
Financials
Annual Report 2025
Explore the statements
10 tablesStatements of Financial Position - Group
38 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as at 31 December 2025 | 2024Group, as at 31 December 2024 | Source |
|---|---|---|---|
| Non-Current Assets | |||
| Property, plant and equipment$ | 18,349,248 | 17,184,182 | PDF p. 78 |
| Right-of-use asset$ | – | 51,666 | PDF p. 78 |
| Investment properties$ | 317,690,000 | 321,240,000 | PDF p. 78 |
| Investment in subsidiaries$ | – | – | PDF p. 78 |
| Investment in a joint venture$ | 2,130,571 | 2,337,462 | PDF p. 78 |
| Subtotal$ | 338,169,819 | 340,813,310 | PDF p. 78 |
| Current Assets | |||
| Investment securities$ | 327,758 | 329,285 | PDF p. 78 |
| Trade receivables$ | 107,918 | 140,279 | PDF p. 78 |
| Other receivables and deposits$ | 1,869,125 | 2,662,425 | PDF p. 78 |
| Prepaid operating expenses$ | 852,067 | 543,667 | PDF p. 78 |
| Due from subsidiaries$ | – | – | PDF p. 78 |
| Due from related parties$ | – | 195,443 | PDF p. 78 |
| Fixed deposits pledged$ | 1,540,000 | 1,530,000 | PDF p. 78 |
| Cash and cash equivalents$ | 8,731,987 | 7,185,495 | PDF p. 78 |
| Subtotal$ | 13,428,855 | 12,586,594 | PDF p. 78 |
| Assets held for sale$ | – | 7,500,000 | PDF p. 78 |
| Current Assets (total incl. assets held for sale) | |||
| Subtotal$ | 13,428,855 | 20,086,594 | PDF p. 78 |
| Assets | |||
| Total assets$ | 351,598,674 | 360,899,904 | PDF p. 78 |
| Capital and Reserves | |||
| Share capital$ | 140,099,994 | 140,099,994 | PDF p. 78 |
| Revenue reserve$ | 70,175,742 | 68,357,683 | PDF p. 78 |
| Foreign currency translation reserve$ | (216,276) | (152,711) | PDF p. 78 |
| Total equity$ | 210,059,460 | 208,304,966 | PDF p. 78 |
| Non-Current Liabilities | |||
| Deferred tax liabilities$ | 8,336 | 8,336 | PDF p. 78 |
| Loans and borrowings$ | 114,679,422 | 118,311,685 | PDF p. 78 |
| Loan from joint venture$ | 2,123,400 | 2,249,342 | PDF p. 78 |
| Lease liabilities$ | – | 13,460 | PDF p. 78 |
| Subtotal$ | 116,811,158 | 120,582,823 | PDF p. 78 |
| Current Liabilities | |||
| Due to related parties$ | 76,496 | 285,119 | PDF p. 78 |
| Due to subsidiaries$ | – | – | PDF p. 78 |
| Trade payables$ | 2,141,503 | 1,945,527 | PDF p. 78 |
| Other payables and accruals$ | 6,246,480 | 6,731,998 | PDF p. 78 |
| Rental received in advance$ | 340,287 | 1,030,266 | PDF p. 78 |
| Provision for taxation$ | 902,206 | 437,202 | PDF p. 78 |
| Loans and borrowings$ | 15,021,084 | 21,542,943 | PDF p. 78 |
| Lease liabilities$ | – | 39,060 | PDF p. 78 |
| Subtotal$ | 24,728,056 | 32,012,115 | PDF p. 78 |
| Liabilities | |||
| Total liabilities$ | 141,539,214 | 152,594,938 | PDF p. 78 |
| Equity and Liabilities | |||
| Total equity and liabilities$ | 351,598,674 | 360,899,904 | PDF p. 78 |
Definitions & sources
Original report: PDF p. 78 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Quotes are whole printed rows including Company columns; Group values are the first two numeric columns.
Statements of Financial Position - Company
26 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, as at 31 December 2025 | 2024Company, as at 31 December 2024 | Source |
|---|---|---|---|
| Non-Current Assets | |||
| Property, plant and equipment$ | 13,264 | 7,575 | PDF p. 78 |
| Right-of-use asset$ | – | 51,666 | PDF p. 78 |
| Investment properties$ | – | – | PDF p. 78 |
| Investment in subsidiaries$ | 142,058,299 | 142,058,299 | PDF p. 78 |
| Investment in a joint venture$ | 1 | 1 | PDF p. 78 |
| Subtotal$ | 142,071,564 | 142,117,541 | PDF p. 78 |
| Current Assets | |||
| Other receivables and deposits$ | 2,100 | 24,725 | PDF p. 78 |
| Prepaid operating expenses$ | 21,026 | 17,000 | PDF p. 78 |
| Due from subsidiaries$ | 47,106,255 | 47,048,909 | PDF p. 78 |
| Cash and cash equivalents$ | 3,728,141 | 3,998,761 | PDF p. 78 |
| Subtotal$ | 50,857,522 | 51,089,395 | PDF p. 78 |
| Assets | |||
| Total assets$ | 192,929,086 | 193,206,936 | PDF p. 78 |
| Capital and Reserves | |||
| Share capital$ | 140,099,994 | 140,099,994 | PDF p. 78 |
| Revenue reserve$ | (35,906,173) | (33,312,069) | PDF p. 78 |
| Total equity$ | 104,193,821 | 106,787,925 | PDF p. 78 |
| Non-Current Liabilities | |||
| Loan from joint venture$ | 2,123,400 | 2,249,342 | PDF p. 78 |
| Lease liabilities$ | – | 13,460 | PDF p. 78 |
| Subtotal$ | 2,123,400 | 2,262,802 | PDF p. 78 |
| Current Liabilities | |||
| Due to related parties$ | 76,496 | 285,068 | PDF p. 78 |
| Due to subsidiaries$ | 86,104,842 | 83,499,701 | PDF p. 78 |
| Trade payables$ | 3,196 | 28,222 | PDF p. 78 |
| Other payables and accruals$ | 427,331 | 304,158 | PDF p. 78 |
| Lease liabilities$ | – | 39,060 | PDF p. 78 |
| Subtotal$ | 86,611,865 | 84,156,209 | PDF p. 78 |
| Liabilities | |||
| Total liabilities$ | 88,735,265 | 86,419,011 | PDF p. 78 |
| Equity and Liabilities | |||
| Total equity and liabilities$ | 192,929,086 | 193,206,936 | PDF p. 78 |
Definitions & sources
Original report: PDF p. 78 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Company values are the last two numeric columns of each quoted row. Rows where Company has no printed value (e.g. Trade receivables, Fixed deposits pledged) are omitted.
Consolidated Statement of Profit or Loss and Other Comprehensive Income - Group
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025 | 2024Group, year ended 31 December 2024 | Source |
|---|---|---|---|
| Profit or loss | |||
| Revenue$ | 13,555,823 | 13,381,642 | PDF p. 79 |
| Cost of sales$ | (151,719) | (153,240) | PDF p. 79 |
| Gross profits$ | 13,404,104 | 13,228,402 | PDF p. 79 |
| Interest income$ | 44,318 | 125,437 | PDF p. 79 |
| Other income$ | 156,410 | 461,919 | PDF p. 79 |
| Other expenses$ | – | (440,000) | PDF p. 79 |
| Marketing and distribution expenses$ | (583,127) | (398,360) | PDF p. 79 |
| General and administrative expenses$ | (5,286,537) | (5,132,916) | PDF p. 79 |
| Finance costs$ | (3,960,225) | (6,673,233) | PDF p. 79 |
| Share of results of a joint venture, net of tax$ | (206,891) | (251,800) | PDF p. 79 |
| Profit before tax$ | 3,568,052 | 919,449 | PDF p. 79 |
| Tax expense$ | (1,749,993) | (522,119) | PDF p. 79 |
| Profit for the year$ | 1,818,059 | 397,330 | PDF p. 79 |
| Other comprehensive income/(loss) after tax: Items that may be reclassified subsequently to profit or loss | |||
| Exchange differences arising from consolidation of foreign operations$ | (63,565) | (17,078) | PDF p. 79 |
| Other comprehensive income/(loss) | |||
| Other comprehensive loss for the year, net of nil tax$ | (63,565) | (17,078) | PDF p. 79 |
| Total comprehensive income | |||
| Total comprehensive income for the year$ | 1,754,494 | 380,252 | PDF p. 79 |
| Profit attributable to | |||
| Owners of the Company$ | 1,818,059 | 397,330 | PDF p. 79 |
| Total comprehensive income attributable to | |||
| Owners of the Company$ | 1,754,494 | 380,252 | PDF p. 79 |
| Earnings per share (cents) | |||
| - Basiccents per share | 0.07 | 0.01 | PDF p. 79 |
| - Dilutedcents per share | 0.07 | 0.01 | PDF p. 79 |
Definitions & sources
Original report: PDF p. 79 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
The 'Exchange differences arising from consolidation of foreign operations' label wraps over two lines; the quote shows the second line carrying the values.
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Group)
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025 | 2024Group, year ended 31 December 2024 | Source |
|---|---|---|---|
| Other comprehensive income | |||
| Other comprehensive income/(loss) after tax: Exchange differences arising from consolidation of foreign operations$ | (63,565) | (17,078) | PDF p. 79 |
| Other comprehensive loss for the year, net of nil tax$ | (63,565) | (17,078) | PDF p. 79 |
| Total comprehensive income | |||
| Total comprehensive income for the year$ | 1,754,494 | 380,252 | PDF p. 79 |
| Profit | |||
| Profit for the year$ | 1,818,059 | 397,330 | PDF p. 79 |
| Attribution of profit | |||
| Profit attributable to: Owners of the Company$ | 1,818,059 | 397,330 | PDF p. 79 |
| Attribution of total comprehensive income | |||
| Total comprehensive income attributable to: Owners of the Company$ | 1,754,494 | 380,252 | PDF p. 79 |
Definitions & sources
Original report: PDF p. 79 ↗
No non-controlling interests are shown; all profit and total comprehensive income is attributable to Owners of the Company. Only the Group statement is presented; no separate Company statement of comprehensive income is printed. Profit and loss lines were not extracted in this scoped stage.
Consolidated Statement of Changes in Equity (Group)
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital ($) | 2025Group, Revenue reserve ($) | 2025Group, Foreign currency translation reserve ($) | 2025Group, Total equity ($) | Source |
|---|---|---|---|---|---|
| Group | |||||
| At 1 January 2024$ | 140,099,994 | 67,960,353 | (135,633) | 207,924,714 | PDF p. 80 |
| Group, year 2024 | |||||
| Profit for the year (2024)$ | – | 397,330 | – | 397,330 | PDF p. 80 |
| Other comprehensive loss (2024)$ | – | – | (17,078) | (17,078) | PDF p. 80 |
| Total comprehensive income/(loss) for the year (2024)$ | – | 397,330 | (17,078) | 380,252 | PDF p. 80 |
| Group | |||||
| At 31 December 2024$ | 140,099,994 | 68,357,683 | (152,711) | 208,304,966 | PDF p. 80 |
| Group, year 2025 | |||||
| Profit for the year (2025)$ | – | 1,818,059 | – | 1,818,059 | PDF p. 80 |
| Other comprehensive loss (2025)$ | – | – | (63,565) | (63,565) | PDF p. 80 |
| Total comprehensive income/(loss) for the year (2025)$ | – | 1,818,059 | (63,565) | 1,754,494 | PDF p. 80 |
| Group | |||||
| At 31 December 2025$ | 140,099,994 | 70,175,742 | (216,276) | 210,059,460 | PDF p. 80 |
Definitions & sources
Original report: PDF p. 80 ↗
Rows 'Profit for the year', 'Other comprehensive loss' and 'Total comprehensive income/(loss) for the year' appear twice in the source (2024 block then 2025 block); disambiguated by year in the label. Column year labelled 2025 is the closing year; opening balance 1 January 2024 and movements in 2024 are also included as printed. Equity attributable to owners of the Company; no non-controlling interest columns. No separate Company statement of changes in equity was found on the pages read (pages 77-82).
Consolidated Statement of Cash Flows (Group)
38 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025 | 2024Group, year ended 31 December 2024 | Source |
|---|---|---|---|
| Cash Flows from Operating Activities | |||
| Profit before taxation$ | 3,568,052 | 919,449 | PDF p. 81 |
| Operating Activities - Adjustments | |||
| Impairment loss on trade receivables$ | – | 4,598 | PDF p. 81 |
| Depreciation of property, plant and equipment$ | 257,600 | 246,191 | PDF p. 81 |
| Depreciation of right-of-use asset$ | 16,146 | 25,833 | PDF p. 81 |
| Interest income$ | (44,318) | (125,437) | PDF p. 81 |
| Fair value (gain)/loss on investment properties$ | (150,000) | 440,000 | PDF p. 81 |
| Fair value loss/(gain) on quoted equity securities$ | 1,527 | (5,283) | PDF p. 81 |
| Fair value loss on unquoted equity securities$ | – | 155,871 | PDF p. 81 |
| Interest expense$ | 3,912,851 | 6,565,021 | PDF p. 81 |
| Share of results of a joint venture$ | 206,891 | 251,800 | PDF p. 81 |
| Currency realignment$ | 1,585,402 | 207,539 | PDF p. 81 |
| Loss on write-off of property, plant and equipment$ | 1,461 | – | PDF p. 81 |
| Cash Flows from Operating Activities | |||
| Operating profit before working capital changes$ | 9,354,651 | 8,685,582 | PDF p. 81 |
| Operating Activities - Working capital | |||
| Changes in trade receivables$ | 32,361 | (10,280) | PDF p. 81 |
| Changes in trade payables$ | 195,976 | 348,448 | PDF p. 81 |
| Changes in rental received in advance$ | (689,979) | (1,191,930) | PDF p. 81 |
| Changes in other payables and accruals$ | (108,633) | 433,146 | PDF p. 81 |
| Cash Flows from Operating Activities | |||
| Cash generated from operations$ | 9,269,276 | 7,992,636 | PDF p. 81 |
| Interest received$ | 44,318 | 125,437 | PDF p. 81 |
| Income taxes paid$ | (1,284,989) | (697,350) | PDF p. 81 |
| Net cash generated from operating activities$ | 8,028,605 | 7,420,723 | PDF p. 81 |
| Cash Flows from Investing Activities | |||
| Purchase of property, plant and equipment$ | (3,451,777) | (389,048) | PDF p. 81 |
| Advances to related parties$ | – | (195,428) | PDF p. 81 |
| Proceeds from capital return of unquoted securities$ | – | 347,010 | PDF p. 81 |
| Proceeds from sale of investment properties$ | 3,700,000 | 15,290,000 | PDF p. 81 |
| Proceeds from disposal of assets held for sale$ | 7,500,000 | – | PDF p. 81 |
| Net cash generated from investing activities$ | 7,748,223 | 15,052,534 | PDF p. 81 |
| Cash Flows from Financing Activities | |||
| Repayment of loan from joint venture$ | (125,942) | (98,062) | PDF p. 81 |
| Repayment to related parties$ | (13,180) | (724,932) | PDF p. 81 |
| Repayment of lease liabilities$ | (16,039) | (24,979) | PDF p. 81 |
| Proceeds from loans and borrowings$ | – | 250,000 | PDF p. 81 |
| Increase in fixed deposits pledged$ | (10,000) | – | PDF p. 81 |
| Repayment of loans and borrowings$ | (10,154,122) | (11,874,019) | PDF p. 81 |
| Interest paid$ | (3,912,851) | (6,565,021) | PDF p. 81 |
| Net cash used in financing activities$ | (14,232,134) | (19,037,013) | PDF p. 81 |
| Cash and cash equivalents | |||
| Net increase in cash and cash equivalents$ | 1,544,694 | 3,436,244 | PDF p. 82 |
| Cash and cash equivalents at beginning of year$ | 7,185,495 | 3,749,302 | PDF p. 82 |
| Cash and cash equivalents at end of year$ | 8,731,987 | 7,185,495 | PDF p. 82 |
Definitions & sources
Original report: PDF p. 81 ↗ PDF p. 82 ↗
Note (A): For the financial year ended 31 December 2025, cash payments of $3,451,777 (2024 - $389,048) consist mainly of acquisition of property, plant and equipment made during the year with an aggregate cost of $3,074,892 (2024 - $194,908) and the balance pertains to partial payment made for property, plant and equipment purchased in prior periods.
Not extracted as separate rows (multi-line labels or non-cash): 'Changes in other receivables, deposits and prepaid operating expenses' (484,900; (272,330)), 'Gain on derecognition of right-of-use assets and lease liabilities' ((961); –), 'Net effect of exchange rate changes on the balance of cash held in foreign currencies' (1,798; (51)). Note (B) liability reconciliation tables on page 82 not extracted. Only Group cash flow is presented.
5 Years Revenue By Business Segments (S$'m)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group, FY21, S$'m | 2022Group, FY22, S$'m | 2023Group, FY23, S$'m | 2024Group, FY24, S$'m | 2025Group, FY25, S$'m | Source |
|---|---|---|---|---|---|---|
| 5 Years Revenue By Business Segments | ||||||
| Property InvestmentS$'m | 9.05 | 13.74 | 13.59 | 12.89 | 13.02 | PDF p. 15 |
| Property DevelopmentS$'m | - | - | - | - | - | PDF p. 15 |
| Fund ManagementS$'m | 0.08 | 0.06 | - | - | - | PDF p. 15 |
| Hotel OperationsS$'m | - | - | 0.20 | 0.49 | 0.54 | PDF p. 15 |
| TotalS$'m | 9.13 | 13.80 | 13.79 | 13.38 | 13.56 | PDF p. 15 |
Definitions & sources
Original report: PDF p. 15 ↗
5 Years Gross Profit By Business Segments (S$'m)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group, FY21, S$'m | 2022Group, FY22, S$'m | 2023Group, FY23, S$'m | 2024Group, FY24, S$'m | 2025Group, FY25, S$'m | Source |
|---|---|---|---|---|---|---|
| 5 Years Gross Profit By Business Segments | ||||||
| Property InvestmentS$'m | 7.59 | 12.31 | 13.59 | 12.89 | 13.02 | PDF p. 15 |
| Property DevelopmentS$'m | - | - | - | - | - | PDF p. 15 |
| Fund ManagementS$'m | 0.08 | 0.06 | - | - | - | PDF p. 15 |
| Hotel OperationsS$'m | - | - | 0.16 | 0.34 | 0.38 | PDF p. 15 |
| TotalS$'m | 7.67 | 12.37 | 13.75 | 13.23 | 13.40 | PDF p. 15 |
Definitions & sources
Original report: PDF p. 15 ↗
Earnings per share (cents) – Consolidated Statement of Profit or Loss
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025 | 2024Group, year ended 31 December 2024 | Source |
|---|---|---|---|
| Earnings per share (cents) | |||
| - Basiccents | 0.07 | 0.01 | PDF p. 79 |
| - Dilutedcents | 0.07 | 0.01 | PDF p. 79 |
Definitions & sources
Original report: PDF p. 79 ↗
Note 30 Earnings per share – profit and weighted average number of shares
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, 2025 | 2024Group, 2024 | Source |
|---|---|---|---|
| Earnings per share | |||
| Profit attributable to ordinary shareholders of the Company$ | 1,818,059 | 397,330 | PDF p. 127 |
Definitions & sources
Original report: PDF p. 127 ↗
Basic and diluted EPS are calculated by dividing profit for the year attributable to owners of the Company by the weighted average number of ordinary shares since there were no dilutive potential ordinary shares in existence for the years ended 31 December 2025 and 2024.
Where the money comes from
Segment information
By business
Segment information – Group by business segment: revenue, results, assets, liabilities 18 lines
| Item / unit | 2025Property investment | 2024Property investment | 2025Property development | 2024Property development | 2025Corporate | 2024Corporate | 2025Fund management | 2024Fund management | 2025Hotel operations | 2024Hotel operations | 2025Total Group | 2024Total Group | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||
| External customers$ | 13,020,101 | 12,889,355 | – | – | – | – | – | – | 535,722 | 492,287 | 13,555,823 | 13,381,642 | PDF p. 131 |
| Total revenue$ | 13,020,101 | 12,889,355 | – | – | – | – | – | – | 535,722 | 492,287 | 13,555,823 | 13,381,642 | PDF p. 131 |
| Results | |||||||||||||
| Interest income$ | 44,016 | 125,284 | – | – | – | – | – | – | 302 | 153 | 44,318 | 125,437 | PDF p. 131 |
| Other income$ | 152,811 | 445,173 | – | – | 3,599 | 16,746 | – | – | – | – | 156,410 | 461,919 | PDF p. 131 |
| Depreciation of property, plant and equipment and right-of-use assets$ | 37,225 | 56,438 | – | – | 20,259 | 29,163 | – | – | 216,262 | 186,423 | 273,746 | 272,024 | PDF p. 131 |
| Interest expense on bank loans$ | 3,911,890 | 6,562,800 | – | – | – | – | – | – | – | – | 3,911,890 | 6,562,800 | PDF p. 131 |
| Interest expense on lease liabilities$ | – | – | – | – | 961 | 2,221 | – | – | – | – | 961 | 2,221 | PDF p. 131 |
| Share of results of joint venture$ | – | – | 206,891 | 251,800 | – | – | – | – | – | – | 206,891 | 251,800 | PDF p. 131 |
| Income tax expense$ | 1,749,993 | 522,119 | – | – | – | – | – | – | – | – | 1,749,993 | 522,119 | PDF p. 131 |
| Segment profit/(loss) after tax$ | 4,362,870 | 2,329,542 | (215,304) | (263,148) | (1,201,202) | (1,411,653) | (17,615) | (65) | (1,110,690) | (257,346) | 1,818,059 | 397,330 | PDF p. 131 |
| Assets | |||||||||||||
| Assets held for sale$ | – | 7,500,000 | – | – | – | – | – | – | – | – | – | 7,500,000 | PDF p. 131 |
| Investment in a joint venture$ | – | – | 2,130,571 | 2,337,462 | – | – | – | – | – | – | 2,130,571 | 2,337,462 | PDF p. 131 |
| Segment assets$ | 325,384,561 | 327,739,826 | – | – | 3,764,532 | 4,099,728 | 345,565 | 221,574 | 19,973,445 | 19,001,314 | 349,468,103 | 351,062,442 | PDF p. 131 |
| Total assets$ | 325,384,561 | 335,239,826 | 2,130,571 | 2,337,462 | 3,764,532 | 4,099,728 | 345,565 | 221,574 | 19,973,445 | 19,001,314 | 351,598,674 | 360,899,904 | PDF p. 131 |
| Liabilities | |||||||||||||
| Provision for taxation$ | 902,206 | 437,202 | – | – | – | – | – | – | – | – | 902,206 | 437,202 | PDF p. 131 |
| Deferred tax liabilities$ | 8,336 | 8,336 | – | – | – | – | – | – | – | – | 8,336 | 8,336 | PDF p. 131 |
| Segment liabilities$ | 135,735,282 | 146,885,274 | 1,521,236 | 1,519,144 | 2,630,423 | 2,919,310 | 4,400 | – | 737,331 | 825,672 | 140,628,672 | 152,149,400 | PDF p. 131 |
| Total liabilities$ | 136,645,824 | 147,330,812 | 1,521,236 | 1,519,144 | 2,630,423 | 2,919,310 | 4,400 | – | 737,331 | 825,672 | 141,539,214 | 152,594,938 | PDF p. 131 |
Notes
Segment performance is evaluated based on operating profit or loss which in certain aspects is measured differently from operating profit or loss in the consolidated financial statements.
Five reportable segments: Property Development, Property Investment, Corporate, Fund Management, Hotel Operations.
Segment information – Other segment information 4 lines
| Item / unit | 2025Property investment | 2024Property investment | 2025Property development | 2024Property development | 2025Corporate | 2024Corporate | 2025Fund management | 2024Fund management | 2025Hotel operations | 2024Hotel operations | 2025Total Group | 2024Total Group | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Other segment information | |||||||||||||
| Fair value (gain)/ loss of investment properties, net$ | (150,000) | 440,000 | – | – | – | – | – | – | – | – | (150,000) | 440,000 | PDF p. 132 |
| Fair value loss/(gain) on quoted equity securities$ | – | – | – | – | 1,527 | (5,283) | – | – | – | – | 1,527 | (5,283) | PDF p. 132 |
| Loss on write-off of property, plant and equipment$ | 1,461 | – | – | – | – | – | – | – | – | – | 1,461 | – | PDF p. 132 |
| Additions to property, plant and equipment$ | 6,497 | – | – | – | 9,802 | 7,520 | – | – | 3,058,593 | 187,388 | 3,074,892 | 194,908 | PDF p. 132 |
Notes
Other lines on this page (impairment loss on trade receivables: total 4,598 in 2024; fair value loss on unquoted equity securities: Corporate 155,871 in 2024; gain on derecognition of right-of-use assets and lease liabilities: Corporate (961) in 2025) are printed but their wrapped row labels make single-line quotes unreliable; not tabulated.
By geography
Geographical information – Group 3 lines
| Item / unit | 2025Revenue from external customers | 2024Revenue from external customers | 2025Non-current assets | 2024Non-current assets | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| Singapore$ | 13,020,101 | 12,889,355 | 319,869,852 | 323,704,910 | PDF p. 133 |
| Indonesia$ | 535,722 | 492,287 | 18,299,967 | 17,108,400 | PDF p. 133 |
| Total$ | 13,555,823 | 13,381,642 | 338,169,819 | 340,813,310 | PDF p. 133 |
Notes
Non-current assets information presented above consist of property, plant and equipment, right-of-use asset, investment properties and investment in a joint venture presented in the consolidated balance sheet.
The total row has no printed label.
Debt
Borrowings
Note 36(e) Maturity profile, 31 December 2025 (contractual undiscounted cash flows)
| Item / unit | 2025Carrying amount, $ | 2025Total, $ | 2025Less than 1 year, $ | 2025Between 2 and 5 years, $ | 2025Over 5 years, $ | Source |
|---|---|---|---|---|---|---|
| 31 December 2025 Financial liabilities | ||||||
| Loans and borrowings$ | 129,700,506 | 138,565,724 | 17,863,140 | 113,106,885 | 7,595,699 | PDF p. 142 |
| Loan from joint venture$ | 2,123,400 | 2,123,400 | – | 2,123,400 | – | PDF p. 142 |
Notes
Based on contractual undiscounted repayment obligations. Lease liabilities not listed for 2025.
Note 36(e) Maturity profile, 31 December 2024 (contractual undiscounted cash flows)
| Item / unit | 2024Carrying amount, $ | 2024Total, $ | 2024Less than 1 year, $ | 2024Between 2 and 5 years, $ | 2024Over 5 years, $ | Source |
|---|---|---|---|---|---|---|
| 31 December 2024 Financial liabilities | ||||||
| Loans and borrowings$ | 139,854,628 | 162,651,110 | 27,310,800 | 124,393,999 | 10,946,311 | PDF p. 142 |
| Lease liabilities$ | 52,520 | 54,400 | 40,800 | 13,600 | – | PDF p. 142 |
| Loan from joint venture$ | 2,249,342 | 2,249,342 | – | 2,249,342 | – | PDF p. 142 |
Notes
Based on contractual undiscounted repayment obligations.
Note 36(e) Maturity profile - The Company, 31 December 2025 and 2024
| Item / unit | 2025Carrying amount, $ | 2025Total, $ | 2025Less than 1 year, $ | 2025Between 2 and 5 years, $ | 2025Over 5 years, $ | Source |
|---|---|---|---|---|---|---|
| 31 December 2025 Financial liabilities | ||||||
| Loan from joint venture$ | 2,123,400 | 2,123,400 | – | 2,123,400 | – | PDF p. 143 |
Notes
The Company has no loans and borrowings line in the maturity table. Due to subsidiaries (86,104,842 in 2025) is repayable on demand, unsecured, non-interest bearing (Note 22). 2024 Company lease liabilities: 52,520 carrying, 54,400 total, 40,800 less than 1 year, 13,600 between 2 and 5 years.
Borrowing notes 2 tables
Loans and borrowings
| Item / unit | 2025$ | 2024$ | Source |
|---|---|---|---|
| Non-current | |||
| Long-term bank loans$ (maturity 2027-2038) | 114,679,422 | 118,311,685 | PDF p. 121 |
| Current | |||
| Short-term bank loans$ (maturity 2026) | 10,770,000 | 12,861,600 | PDF p. 121 |
| Current portion of long-term bank loans$ (maturity 2026) | 4,251,084 | 8,681,343 | PDF p. 121 |
| Total current$ | 15,021,084 | 21,542,943 | PDF p. 121 |
| Total | |||
| Total$ | 129,700,506 | 139,854,628 | PDF p. 121 |
Notes
(a) The Group’s loans are denominated in Singapore Dollars. During the financial year, the effective interest rates of the bank loans ranged from 1.88% to 5.08% (2024 - 3.54% to 6.56%) per annum.
(b) There are no unsecured loans for the financial years ended 31 December 2025 and 2024. The Group’s loans are generally secured by: (i) First legal mortgage over the related investment properties (Note 7); (ii) Corporate guarantee by the Company; and (iii) Legal assignment over all rights, titles, and interests in the related construction contracts, insurance policies, performance bond (if any), tenancy agreements, current and future rental income relating to the specified property pledged.
The bank loans include a financial covenant that the outstanding loan balance shall not exceed the range of stipulated percentage 55% to 80% (2024 - 55% to 80%) of the market value of the properties.
Total current row has no printed label; subtotal of the two current rows.
Lease liabilities
| Item / unit | 2025The Group, $ | 2024The Group, $ | 2025The Company, $ | 2024The Company, $ | Source |
|---|---|---|---|---|---|
| Undiscounted lease payments due | |||||
| Year 1$ | – | 40,800 | – | 40,800 | PDF p. 122 |
| Year 2$ | – | 13,600 | – | 13,600 | PDF p. 122 |
| Less: Future interest cost$ | – | (1,880) | – | (1,880) | PDF p. 122 |
| Lease Liabilities$ | – | 52,520 | – | 52,520 | PDF p. 122 |
| Presented as | |||||
| - Non-current$ | – | 13,460 | – | 13,460 | PDF p. 122 |
| - Current$ | – | 39,060 | – | 39,060 | PDF p. 122 |
Notes
Interest expense on lease liabilities of $961 (2024 - $2,221) is recognised within “finance costs” in profit or loss. Total cashflows for all leases in the current financial year amounted to $17,000 (2024 - $27,200).
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company is committed to a sustainable dividend policy and aims to deliver growth in the long term. Subject to applicable laws and regulations, the Company plans to provide shareholders of the Company (“Shareholders”) with a targeted annual dividend payout of at least 20% of any profits in excess of S$5 million net profit attributable to Shareholders excluding non-controlling interests and non-recurring, one-off and exceptional items. The dividends will be paid on a yearly basis with effect from 31 December 2023. Such declaration and payment of dividends shall be determined at the sole discretion of the Board. | Company | PDF p. 43 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend for FY2025 | No dividend has been declared or recommended for FY2025 as cash flows are being directed to fund the Group’s operating activities and the Company was in an accumulated loss position as at 31 December 2025. | FY2025 | PDF p. 44 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Foo Kon Tan LLP | Foo Kon Tan LLP | Group and Company, FY2025 | PDF p. 77 |
| Engagement partner | Chan Ser | Group and Company, FY2025 | PDF p. 77 |
| Opinion | true and fair view | Group and Company, FY2025 | PDF p. 74 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties | The valuation of these properties is significant to our audit due to its materiality and use of significant judgement and estimations in the valuation process. | Group, FY2025 | PDF p. 74 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern | The financial statements have been prepared on a going concern basis, notwithstanding that the Group’s current liabilities exceeded its current assets by $11,299,201 (2024 - $11,925,521) as at 31 December 2025. | Group, FY2025 · As at 2025-12-31 | PDF p. 83 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.