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Financials

ANNUAL REPORT 2025

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72 tables

Group profit or loss

15 metrics

Units appear below each metric. Scroll to compare years

Group profit or loss from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Group profit or loss
RevenueSingapore dollars thousands 878,44814,971 PDF p. 43
Cost of salesSingapore dollars thousands (692,054)(4,290) PDF p. 43
Gross profitSingapore dollars thousands 186,39410,681 PDF p. 43
Other incomeSingapore dollars thousands 3,0836,823 PDF p. 43
Administrative expensesSingapore dollars thousands (11,842)(3,568) PDF p. 43
Sales and marketing expensesSingapore dollars thousands (208)(1,066) PDF p. 43
Other operating expensesSingapore dollars thousands (3,192)(1,555) PDF p. 43
Finance costsSingapore dollars thousands (820)(18) PDF p. 43
Profit before taxSingapore dollars thousands 173,41511,297 PDF p. 43
Income tax expenseSingapore dollars thousands (31,076)(1,448) PDF p. 43
Profit for the yearSingapore dollars thousands 142,3399,849 PDF p. 43
Attributable to:
Shareholders of the CompanySingapore dollars thousands 142,3249,779 PDF p. 43
Non-controlling interestsSingapore dollars thousands 1570 PDF p. 43
SubtotalSingapore dollars thousands 142,3399,849 PDF p. 43
Earnings per share attributable to shareholders of the Company,
basic and diluted (cents per share)Singapore cents per share 35.492.44 PDF p. 43
Definitions & sources

Original report: PDF p. 43 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group comprehensive income

7 metrics

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Group comprehensive income from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Group comprehensive income
Profit for the yearSingapore dollars thousands 142,3399,849 PDF p. 44
Items that will not be reclassified subsequently to profit or loss
Net fair value gain on equity instruments at fair value through other comprehensive income (FVOCI)Singapore dollars thousands 2,262256 PDF p. 44
Items that may be reclassified subsequently to profit or loss
Foreign currency translationSingapore dollars thousands 1,569(5,448) PDF p. 44
Total comprehensive income for the yearSingapore dollars thousands 146,1704,657 PDF p. 44
Total comprehensive income attributable to:
Shareholders of the CompanySingapore dollars thousands 146,1554,587 PDF p. 44
Non-controlling interestsSingapore dollars thousands 1570 PDF p. 44
SubtotalSingapore dollars thousands 146,1704,657 PDF p. 44
Definitions & sources

Original report: PDF p. 44 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group cash flows

42 metrics

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Group cash flows from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Cash flows from operating activities
Profit before taxSingapore dollars thousands 173,41511,297 PDF p. 49
Adjustments for:
Depreciation of property, plant and equipmentSingapore dollars thousands 284748 PDF p. 49
Depreciation of right-of-use assetsSingapore dollars thousands 217216 PDF p. 49
Interest expenseSingapore dollars thousands 82018 PDF p. 49
Interest incomeSingapore dollars thousands (1,909)(2,851) PDF p. 49
Dividend income from equity securities at FVOCISingapore dollars thousands (277)(256) PDF p. 49
Dividend income from equity securities at fair value through profit or lossSingapore dollars thousands (36)– PDF p. 49
Gain on sale of equity securities at fair value through profit or lossSingapore dollars thousands (83)– PDF p. 49
Fair value loss/(gain) on investment propertySingapore dollars thousands 1,684(2,431) PDF p. 49
Foreign exchange (gain)/lossSingapore dollars thousands (28)148 PDF p. 49
Operating cash flows before changes in working capitalSingapore dollars thousands 174,0876,889 PDF p. 49
Changes in working capital:
Development propertiesSingapore dollars thousands (798,699)(84,512) PDF p. 49
Completed propertiesSingapore dollars thousands 1,7184,305 PDF p. 49
Trade receivablesSingapore dollars thousands 12,661(9,734) PDF p. 49
Deposits and other receivablesSingapore dollars thousands 95(76) PDF p. 49
PrepaymentsSingapore dollars thousands 524 PDF p. 49
Contract assetsSingapore dollars thousands (130,193)– PDF p. 49
Contract liabilitiesSingapore dollars thousands (278,674)152,733 PDF p. 49
Trade and other payablesSingapore dollars thousands 3,097(6,001) PDF p. 49
Net cash (used in)/generated from operationsSingapore dollars thousands (1,015,903)63,628 PDF p. 49
Interest receivedSingapore dollars thousands 2,1972,785 PDF p. 49
Interest paidSingapore dollars thousands (5,153)(15,198) PDF p. 49
Income tax paidSingapore dollars thousands (1,560)(2,176) PDF p. 49
Net cash flows (used in)/generated from operating activitiesSingapore dollars thousands (1,020,419)49,039 PDF p. 49
Cash flows from investing activities
Purchase of property, plant and equipmentSingapore dollars thousands (424)(13) PDF p. 50
Purchase of equity securities at fair value through profit or lossSingapore dollars thousands (2,619)– PDF p. 50
Dividends receivedSingapore dollars thousands 313256 PDF p. 50
Proceeds from sale of equity securities at fair value through profit or lossSingapore dollars thousands 2,702– PDF p. 50
Subsequent expenditure on investment propertySingapore dollars thousands –(411) PDF p. 50
Net cash flows used in investing activitiesSingapore dollars thousands (28)(168) PDF p. 50
Cash flows from financing activities
Proceeds from bank loansSingapore dollars thousands 1,055,933– PDF p. 50
Repayment of bank loansSingapore dollars thousands (254,000)(40,125) PDF p. 50
Loans from non-controlling shareholder of a subsidiarySingapore dollars thousands 165,824– PDF p. 50
Proceeds from capital injection from non-controlling shareholder of a subsidiarySingapore dollars thousands 1,400– PDF p. 50
Dividends paid on ordinary sharesSingapore dollars thousands (4,010)(4,010) PDF p. 50
Principal elements of lease paymentsSingapore dollars thousands (235)(234) PDF p. 50
Net cash flows generated from/(used in) financing activitiesSingapore dollars thousands 964,912(44,369) PDF p. 50
Net (decrease)/increase in cash and cash equivalentsSingapore dollars thousands (55,535)4,502 PDF p. 50
Decrease in cash and cash equivalents due to loss of control of subsidiarySingapore dollars thousands (5,050)– PDF p. 50
Effect of exchange rates changes on cash and cash equivalentsSingapore dollars thousands 91(440) PDF p. 50
Cash and cash equivalents at 1 JanuarySingapore dollars thousands 87,21283,150 PDF p. 50
Cash and cash equivalents at 31 DecemberSingapore dollars thousands 26,71887,212 PDF p. 50
Definitions & sources

Original report: PDF p. 49 ↗ PDF p. 50 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group financial position

40 metrics

Units appear below each metric. Scroll to compare years

Group financial position from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 684544 PDF p. 45
Investment propertySingapore dollars thousands 79,30779,660 PDF p. 45
Investment in subsidiaries and trustsSingapore dollars thousands –– PDF p. 45
Investment securitiesSingapore dollars thousands 6,7854,523 PDF p. 45
Loans to subsidiariesSingapore dollars thousands –– PDF p. 45
Right-of-use assetsSingapore dollars thousands –217 PDF p. 45
Deferred tax assetsSingapore dollars thousands –1,102 PDF p. 45
SubtotalSingapore dollars thousands 86,77686,046 PDF p. 45
Current assets
Development propertiesSingapore dollars thousands 1,478,479671,639 PDF p. 45
Completed propertiesSingapore dollars thousands 8,0569,774 PDF p. 45
Investment securitiesSingapore dollars thousands 16,135– PDF p. 45
Trade receivablesSingapore dollars thousands 1,82614,466 PDF p. 45
Contract assetsSingapore dollars thousands 130,193– PDF p. 45
Deposits and other receivablesSingapore dollars thousands 162541 PDF p. 45
PrepaymentsSingapore dollars thousands 8286 PDF p. 45
Advance to non-controlling shareholder of a subsidiarySingapore dollars thousands –5,400 PDF p. 45
Loans to subsidiariesSingapore dollars thousands –– PDF p. 45
Amounts due from subsidiariesSingapore dollars thousands –– PDF p. 45
Cash and cash equivalentsSingapore dollars thousands 26,71887,212 PDF p. 45
SubtotalSingapore dollars thousands 1,661,651789,118 PDF p. 45
Current liabilities
Trade and other payablesSingapore dollars thousands 33,27912,028 PDF p. 45
Interest-bearing bank loansSingapore dollars thousands 60,300254,000 PDF p. 45
Advance from subsidiariesSingapore dollars thousands –– PDF p. 45
Contract liabilitiesSingapore dollars thousands –278,674 PDF p. 45
Lease liabilitiesSingapore dollars thousands –225 PDF p. 45
Provision for taxationSingapore dollars thousands 7,8461,666 PDF p. 45
SubtotalSingapore dollars thousands 101,425546,593 PDF p. 45
Net current assetsSingapore dollars thousands 1,560,226242,525 PDF p. 45
Non-current liabilities
Trade and other payablesSingapore dollars thousands –3,222 PDF p. 45
Interest-bearing bank loansSingapore dollars thousands 995,633– PDF p. 45
Loans from subsidiariesSingapore dollars thousands –– PDF p. 45
Loans from non-controlling shareholder of a subsidiarySingapore dollars thousands 167,158– PDF p. 45
Deferred tax liabilitiesSingapore dollars thousands 22,569352 PDF p. 45
SubtotalSingapore dollars thousands 1,185,3603,574 PDF p. 45
Net assetsSingapore dollars thousands 461,642324,997 PDF p. 45
Equity attributable to owners of the Company
Share capitalSingapore dollars thousands 104,951104,951 PDF p. 45
ReservesSingapore dollars thousands 355,303213,158 PDF p. 45
SubtotalSingapore dollars thousands 460,254318,109 PDF p. 45
Non-controlling interestsSingapore dollars thousands 1,3886,888 PDF p. 45
Total equitySingapore dollars thousands 461,642324,997 PDF p. 45
Definitions & sources

Original report: PDF p. 45 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Company financial position

40 metrics

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Company financial position from ANNUAL REPORT 2025
Metric / unit 2025Company / year ended 31 December 20252024Company / year ended 31 December 2024 Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 684544 PDF p. 45
Investment propertySingapore dollars thousands –– PDF p. 45
Investment in subsidiaries and trustsSingapore dollars thousands 87,75158,139 PDF p. 45
Investment securitiesSingapore dollars thousands 6,7854,523 PDF p. 45
Loans to subsidiariesSingapore dollars thousands 313,43986,157 PDF p. 45
Right-of-use assetsSingapore dollars thousands –217 PDF p. 45
Deferred tax assetsSingapore dollars thousands –– PDF p. 45
SubtotalSingapore dollars thousands 408,659149,580 PDF p. 45
Current assets
Development propertiesSingapore dollars thousands –– PDF p. 45
Completed propertiesSingapore dollars thousands 7,0469,774 PDF p. 45
Investment securitiesSingapore dollars thousands –– PDF p. 45
Trade receivablesSingapore dollars thousands 42,417 PDF p. 45
Contract assetsSingapore dollars thousands –– PDF p. 45
Deposits and other receivablesSingapore dollars thousands 63383 PDF p. 45
PrepaymentsSingapore dollars thousands 2938 PDF p. 45
Advance to non-controlling shareholder of a subsidiarySingapore dollars thousands –– PDF p. 45
Loans to subsidiariesSingapore dollars thousands 131,585130,402 PDF p. 45
Amounts due from subsidiariesSingapore dollars thousands 27,68427,053 PDF p. 45
Cash and cash equivalentsSingapore dollars thousands 22856,627 PDF p. 45
SubtotalSingapore dollars thousands 166,639226,694 PDF p. 45
Current liabilities
Trade and other payablesSingapore dollars thousands 9,6131,571 PDF p. 45
Interest-bearing bank loansSingapore dollars thousands 400– PDF p. 45
Advance from subsidiariesSingapore dollars thousands 82,42081,649 PDF p. 45
Contract liabilitiesSingapore dollars thousands –– PDF p. 45
Lease liabilitiesSingapore dollars thousands –225 PDF p. 45
Provision for taxationSingapore dollars thousands –830 PDF p. 45
SubtotalSingapore dollars thousands 92,43384,275 PDF p. 45
Net current assetsSingapore dollars thousands 74,206142,419 PDF p. 45
Non-current liabilities
Trade and other payablesSingapore dollars thousands –133 PDF p. 45
Interest-bearing bank loansSingapore dollars thousands –– PDF p. 45
Loans from subsidiariesSingapore dollars thousands 190,864– PDF p. 45
Loans from non-controlling shareholder of a subsidiarySingapore dollars thousands –– PDF p. 45
Deferred tax liabilitiesSingapore dollars thousands 3525 PDF p. 45
SubtotalSingapore dollars thousands 190,899158 PDF p. 45
Net assetsSingapore dollars thousands 291,966291,841 PDF p. 45
Equity attributable to owners of the Company
Share capitalSingapore dollars thousands 104,951104,951 PDF p. 45
ReservesSingapore dollars thousands 187,015186,890 PDF p. 45
SubtotalSingapore dollars thousands 291,966291,841 PDF p. 45
Non-controlling interestsSingapore dollars thousands –– PDF p. 45
Total equitySingapore dollars thousands 291,966291,841 PDF p. 45
Definitions & sources

Original report: PDF p. 45 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group changes in equity / 2025

9 metrics

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Group changes in equity / 2025 from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 2025 / Share capital2025Group / year ended 31 December 2025 / Fair value adjustment reserve2025Group / year ended 31 December 2025 / Foreign currency translation reserve2025Group / year ended 31 December 2025 / Revenue reserve2025Group / year ended 31 December 2025 / Owners total2025Group / year ended 31 December 2025 / Non-controlling interests2025Group / year ended 31 December 2025 / Total equity Source
Group
At 1 January 2025Singapore dollars thousands 104,9511,442(16,775)228,491318,1096,888324,997 PDF p. 46
Profit for the yearSingapore dollars thousands –––142,324142,32415142,339 PDF p. 46
Net fair value gain on equity instruments at FVOCISingapore dollars thousands –2,262––2,262–2,262 PDF p. 46
Foreign currency translationSingapore dollars thousands ––1,569–1,569–1,569 PDF p. 46
Total comprehensive income for the yearSingapore dollars thousands –2,2621,569142,324146,15515146,170 PDF p. 46
Capital injection by non-controlling shareholder of a subsidiarySingapore dollars thousands –––––1,4001,400 PDF p. 46
Reduction in non-controlling interests due to loss of control of subsidiarySingapore dollars thousands –––––(6,915)(6,915) PDF p. 46
Dividends on ordinary sharesSingapore dollars thousands –––(4,010)(4,010)–(4,010) PDF p. 46
At 31 December 2025Singapore dollars thousands 104,9513,704(15,206)366,805460,2541,388461,642 PDF p. 46
Definitions & sources

Original report: PDF p. 46 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group changes in equity / 2024

7 metrics

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Group changes in equity / 2024 from ANNUAL REPORT 2025
Metric / unit 2024Group / year ended 31 December 2024 / Share capital2024Group / year ended 31 December 2024 / Fair value adjustment reserve2024Group / year ended 31 December 2024 / Foreign currency translation reserve2024Group / year ended 31 December 2024 / Revenue reserve2024Group / year ended 31 December 2024 / Owners total2024Group / year ended 31 December 2024 / Non-controlling interests2024Group / year ended 31 December 2024 / Total equity Source
Group
At 1 January 2024Singapore dollars thousands 104,9511,186(11,327)222,722317,5326,818324,350 PDF p. 47
Profit for the yearSingapore dollars thousands –––9,7799,779709,849 PDF p. 47
Net fair value gain on equity instruments at FVOCISingapore dollars thousands –256––256–256 PDF p. 47
Foreign currency translationSingapore dollars thousands ––(5,448)–(5,448)–(5,448) PDF p. 47
Total comprehensive income for the yearSingapore dollars thousands –256(5,448)9,7794,587704,657 PDF p. 47
Dividends on ordinary sharesSingapore dollars thousands –––(4,010)(4,010)–(4,010) PDF p. 47
At 31 December 2024Singapore dollars thousands 104,9511,442(16,775)228,491318,1096,888324,997 PDF p. 47
Definitions & sources

Original report: PDF p. 47 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Company changes in equity / 2025

6 metrics

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Company changes in equity / 2025 from ANNUAL REPORT 2025
Metric / unit 2025Company / year ended 31 December 2025 / Share capital2025Company / year ended 31 December 2025 / Fair value adjustment reserve2025Company / year ended 31 December 2025 / Revenue reserve2025Company / year ended 31 December 2025 / Total equity Source
Company
At 1 January 2025Singapore dollars thousands 104,9511,442185,448291,841 PDF p. 48
Profit for the yearSingapore dollars thousands ––1,8731,873 PDF p. 48
Other comprehensive income for the year
Net fair value gain on equity instruments at FVOCISingapore dollars thousands –2,262–2,262 PDF p. 48
Total comprehensive income for the yearSingapore dollars thousands –2,2621,8734,135 PDF p. 48
Company
Dividends on ordinary sharesSingapore dollars thousands ––(4,010)(4,010) PDF p. 48
At 31 December 2025Singapore dollars thousands 104,9513,704183,311291,966 PDF p. 48
Definitions & sources

Original report: PDF p. 48 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Company changes in equity / 2024

6 metrics

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Company changes in equity / 2024 from ANNUAL REPORT 2025
Metric / unit 2024Company / year ended 31 December 2024 / Share capital2024Company / year ended 31 December 2024 / Fair value adjustment reserve2024Company / year ended 31 December 2024 / Revenue reserve2024Company / year ended 31 December 2024 / Total equity Source
Company
At 1 January 2024Singapore dollars thousands 104,9511,186184,011290,148 PDF p. 48
Profit for the yearSingapore dollars thousands ––5,4475,447 PDF p. 48
Other comprehensive income for the year
Net fair value gain on equity instruments at FVOCISingapore dollars thousands –256–256 PDF p. 48
Total comprehensive income for the yearSingapore dollars thousands –2565,4475,703 PDF p. 48
Company
Dividends on ordinary sharesSingapore dollars thousands ––(4,010)(4,010) PDF p. 48
At 31 December 2024Singapore dollars thousands 104,9511,442185,448291,841 PDF p. 48
Definitions & sources

Original report: PDF p. 48 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Original five-year income summary

3 metrics

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Original five-year income summary from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 20242023Group / year ended 31 December 20232022Group / year ended 31 December 20222021Group / year ended 31 December 2021 Source
Original five-year financial summary
RevenueSingapore dollars thousands 878,44814,9715,82662,011121,730 PDF p. 8
Profit before taxSingapore dollars thousands 173,41511,29712,21213,73619,813 PDF p. 8
Profit attributable to shareholdersSingapore dollars thousands 142,3249,7797,97010,8439,834 PDF p. 8
Definitions & sources

Original report: PDF p. 8 ↗

Original five-year financial position summary

14 metrics

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Original five-year financial position summary from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 20242023Group / year ended 31 December 20232022Group / year ended 31 December 20222021Group / year ended 31 December 2021 Source
Original five-year financial summary
Investment propertySingapore dollars thousands 79,30779,66081,78283,11089,180 PDF p. 8
Development propertiesSingapore dollars thousands 1,478,479671,639573,585487,243469,055 PDF p. 8
Completed propertiesSingapore dollars thousands 8,0569,77414,07914,56320,095 PDF p. 8
Contract assetsSingapore dollars thousands 130,193000291,730 PDF p. 8
Cash and cash equivalentsSingapore dollars thousands 26,71887,21283,150102,42716,756 PDF p. 8
Other assetsSingapore dollars thousands 25,67426,87917,60850,2147,806 PDF p. 8
Total assetsSingapore dollars thousands 1,748,427875,164770,204737,557894,622 PDF p. 8
Interest-bearing bank loansSingapore dollars thousands 1,055,933254,000294,125294,125439,984 PDF p. 8
Contract liabilitiesSingapore dollars thousands 0278,674125,94158,0540 PDF p. 8
Loans from non-controlling shareholder of a subsidiarySingapore dollars thousands 167,15800038,083 PDF p. 8
Other liabilitiesSingapore dollars thousands 63,69417,49325,78859,37257,038 PDF p. 8
Shareholders’ fundsSingapore dollars thousands 460,254318,109317,532314,982314,252 PDF p. 8
Non-controlling interestsSingapore dollars thousands 1,3886,8886,81811,02445,265 PDF p. 8
Total liabilities and equitySingapore dollars thousands 1,748,427875,164770,204737,557894,622 PDF p. 8
Definitions & sources

Original report: PDF p. 8 ↗

Original five-year Earnings per share (cents)

1 metrics

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Original five-year Earnings per share (cents) from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 20242023Group / year ended 31 December 20232022Group / year ended 31 December 20222021Group / year ended 31 December 2021 Source
Original five-year financial summary
Earnings per share (cents)Singapore cents per share 35.492.441.992.702.45 PDF p. 8
Definitions & sources

Original report: PDF p. 8 ↗

All three shareholder-return series are before the proposed bonus issue. FY2025 dividend 5.00 cents is proposed final 1.00 plus special 4.00, not the amount paid during FY2025. NAV uses owners funds rather than total Group equity including NCI.

Original five-year Net asset value per share (cents)

1 metrics

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Original five-year Net asset value per share (cents) from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 20242023Group / year ended 31 December 20232022Group / year ended 31 December 20222021Group / year ended 31 December 2021 Source
Original five-year financial summary
Net asset value per share (cents)Singapore cents per share 114.7879.3379.1978.5578.37 PDF p. 8
Definitions & sources

Original report: PDF p. 8 ↗

All three shareholder-return series are before the proposed bonus issue. FY2025 dividend 5.00 cents is proposed final 1.00 plus special 4.00, not the amount paid during FY2025. NAV uses owners funds rather than total Group equity including NCI.

Original five-year Dividend per share (cents)

1 metrics

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Original five-year Dividend per share (cents) from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 20242023Group / year ended 31 December 20232022Group / year ended 31 December 20222021Group / year ended 31 December 2021 Source
Original five-year financial summary
Dividend per share (cents)Singapore cents per share 5.001.001.001.001.00 PDF p. 8
Definitions & sources

Original report: PDF p. 8 ↗

All three shareholder-return series are before the proposed bonus issue. FY2025 dividend 5.00 cents is proposed final 1.00 plus special 4.00, not the amount paid during FY2025. NAV uses owners funds rather than total Group equity including NCI.

Original EPS owner-profit input / 2025

1 metrics

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Original EPS owner-profit input / 2025 from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Original EPS owner-profit input
profit for the year attributable to shareholders of the CompanySingapore dollars 142,324,0009,779,000 PDF p. 71
Definitions & sources

Original report: PDF p. 71 ↗

Profit inputs are whole Singapore dollars; weighted shares are whole shares. Original currency sign and paragraph-closing parentheses remain in source geometry, not in numeric magnitude.

Original EPS weighted share count / 2025

1 metrics

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Original EPS weighted share count / 2025 from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Original EPS weighted share count
weighted average number of ordinary shares outstandingShares 400,994,652400,994,652 PDF p. 71
Definitions & sources

Original report: PDF p. 71 ↗

Profit inputs are whole Singapore dollars; weighted shares are whole shares. Original currency sign and paragraph-closing parentheses remain in source geometry, not in numeric magnitude.

Original issued ordinary shares / 2025

1 metrics

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Original issued ordinary shares / 2025 from ANNUAL REPORT 2025
Metric / unit 2025Group and Company / year ended 31 December 20252024Group and Company / year ended 31 December 2024 Source
Original issued ordinary shares
At 1 January and 31 DecemberShares 400,994,652400,994,652 PDF p. 86
Definitions & sources

Original report: PDF p. 86 ↗

Original share-adjusted net debt and gearing / 2025

5 metrics

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Original share-adjusted net debt and gearing / 2025 from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Original share-adjusted capital and gearing
Group’s share of interest-bearing bank loans in accordance with shareholding percentages in the respective subsidiaries and loans from non-controlling shareholder of a subsidiarySingapore dollars thousands 874,619254,000 PDF p. 103
Less: Group’s share of cash and cash equivalents in accordance with shareholding percentages in the respective subsidiariesSingapore dollars thousands (26,662)(85,557) PDF p. 103
Net debtSingapore dollars thousands 847,957168,443 PDF p. 103
Equity attributable to shareholders of the CompanySingapore dollars thousands 460,254318,109 PDF p. 103
Net debt to equity ratioTimes 1.80.5 PDF p. 103
Definitions & sources

Original report: PDF p. 103 ↗

Original gearing uses Group-share debt and cash according to shareholding percentages, with owners equity. It is not a ratio computed from gross consolidated borrowings and gross cash; 1.8 times is not 1.8 percent.

Original paid and proposed dividends / 2025

3 metrics

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Original paid and proposed dividends / 2025 from ANNUAL REPORT 2025
Metric / unit 2025Group and Company / year ended 31 December 20252024Group and Company / year ended 31 December 2024 Source
Dividends on ordinary shares:
– final tax exempt (one-tier) dividend for 2024: 1.00 cent (2023: 1.00 cent) per shareSingapore dollars thousands 4,0104,010 PDF p. 104
at the AGM:
– final tax exempt (one-tier) dividend for 2025: 1.00 cent (2024: 1.00 cent) per shareSingapore dollars thousands 4,0104,010 PDF p. 104
– special tax exempt (one-tier) dividend for 2025: 4.00 cents (2024: Nil) per shareSingapore dollars thousands 16,040– PDF p. 104
Definitions & sources

Original report: PDF p. 104 ↗

Thousand-dollar cash amounts are distinct from rates embedded in source captions. First row is paid; following rows proposed and unrecognised as a liability.

Revenue by original category

4 metrics

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Revenue by original category from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Revenue by original category
Revenue from contracts with customers Sale of development propertiesSingapore dollars thousands 867,950– PDF p. 68
Sale of completed propertiesSingapore dollars thousands 5,9419,213 PDF p. 68
Rental income from investment propertySingapore dollars thousands 4,5575,758 PDF p. 68
SubtotalSingapore dollars thousands 878,44814,971 PDF p. 68
Definitions & sources

Original report: PDF p. 68 ↗

Original other income

12 metrics

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Original other income from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Original other income
Property management fee from completed propertiesSingapore dollars thousands 1263 PDF p. 69
Rental income from completed propertiesSingapore dollars thousands 531718 PDF p. 69
Dividend income from equity securities at FVOCISingapore dollars thousands 277256 PDF p. 69
Dividend income from equity securities at fair value through profit or lossSingapore dollars thousands 36– PDF p. 69
Gain on sale of equity securities at fair value through profit or lossSingapore dollars thousands 83– PDF p. 69
Interest income from:
– fixed and current depositsSingapore dollars thousands 1,6012,766 PDF p. 69
– late payment from tenants and purchasersSingapore dollars thousands 30885 PDF p. 69
Fair value gain on investment propertySingapore dollars thousands –2,431 PDF p. 69
Forfeiture of option moneySingapore dollars thousands 203497 PDF p. 69
Foreign exchange gainSingapore dollars thousands 28– PDF p. 69
OthersSingapore dollars thousands 47 PDF p. 69
SubtotalSingapore dollars thousands 3,0836,823 PDF p. 69
Definitions & sources

Original report: PDF p. 69 ↗

Original finance costs in profit or loss

3 metrics

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Original finance costs in profit or loss from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Original finance costs in profit or loss
Interest expense on bank loansSingapore dollars thousands 810– PDF p. 69
Interest on lease liabilitiesSingapore dollars thousands 1018 PDF p. 69
Finance costs recognised in profit or lossSingapore dollars thousands 82018 PDF p. 69
Definitions & sources

Original report: PDF p. 69 ↗

Original tax expense components

7 metrics

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Original tax expense components from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Original tax expense components
Current income tax – Current income taxationSingapore dollars thousands 7,8541,594 PDF p. 70
– Over provision in respect of previous yearsSingapore dollars thousands (97)(35) PDF p. 70
SubtotalSingapore dollars thousands 7,7571,559 PDF p. 70
Deferred income tax – Origination and reversal of temporary differencesSingapore dollars thousands 23,319(22) PDF p. 70
– Over provision in respect of previous yearsSingapore dollars thousands –(89) PDF p. 70
SubtotalSingapore dollars thousands 23,319(111) PDF p. 70
Income tax expense recognised in profit or lossSingapore dollars thousands 31,0761,448 PDF p. 70
Definitions & sources

Original report: PDF p. 70 ↗

Original tax reconciliation

10 metrics

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Original tax reconciliation from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Original tax reconciliation
Accounting profit before taxSingapore dollars thousands 173,41511,297 PDF p. 71
Tax expense at the domestic rates applicable to profits in the countries where the Group operatesSingapore dollars thousands 29,4811,921 PDF p. 71
Income not subject to taxationSingapore dollars thousands (39)(498) PDF p. 71
Non-deductible expensesSingapore dollars thousands 588209 PDF p. 71
Over provision in respect of previous years:
– Current taxSingapore dollars thousands (97)(35) PDF p. 71
– Deferred taxSingapore dollars thousands –(89) PDF p. 71
Deferred tax assets not recognisedSingapore dollars thousands 1,195– PDF p. 71
Effect of partial tax exemption and reliefSingapore dollars thousands (47)(60) PDF p. 71
OthersSingapore dollars thousands (5)– PDF p. 71
Income tax expense recognised in profit or lossSingapore dollars thousands 31,0761,448 PDF p. 71
Definitions & sources

Original report: PDF p. 71 ↗

Original investment property movements

5 metrics

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Original investment property movements from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Balance sheet:
At 1 JanuarySingapore dollars thousands 79,66081,782 PDF p. 73
AdditionsSingapore dollars thousands –411 PDF p. 73
Net (loss)/gain on fair value adjustmentSingapore dollars thousands (1,684)2,431 PDF p. 73
Exchange differencesSingapore dollars thousands 1,331(4,964) PDF p. 73
At 31 DecemberSingapore dollars thousands 79,30779,660 PDF p. 73
Definitions & sources

Original report: PDF p. 73 ↗

Original investment property rental and expense

4 metrics

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Original investment property rental and expense from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Rental income from investment property:
– Minimum lease paymentsSingapore dollars thousands 1,1771,228 PDF p. 74
– Contingent rentSingapore dollars thousands 3,3804,530 PDF p. 74
SubtotalSingapore dollars thousands 4,5575,758 PDF p. 74
Direct operating expensesSingapore dollars thousands (412)(406) PDF p. 74
Definitions & sources

Original report: PDF p. 74 ↗

Company investment in subsidiaries and trusts

5 metrics

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Company investment in subsidiaries and trusts from ANNUAL REPORT 2025
Metric / unit 2025Company / year ended 31 December 20252024Company / year ended 31 December 2024 Source
Company investment in subsidiaries and trusts
Unquoted equity shares, at costSingapore dollars thousands 37,69437,694 PDF p. 75
Unquoted units in subsidiary trusts, at costSingapore dollars thousands 12,48511,691 PDF p. 75
Deemed equity contribution to subsidiariesSingapore dollars thousands 58,50227,695 PDF p. 75
Impairment lossesSingapore dollars thousands (20,930)(18,941) PDF p. 75
SubtotalSingapore dollars thousands 87,75158,139 PDF p. 75
Definitions & sources

Original report: PDF p. 75 ↗

Original material-NCI subsidiary financial position

7 metrics

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Original material-NCI subsidiary financial position from ANNUAL REPORT 2025
Metric / unit 2025Chuan Grove Pte. Ltd. / subsidiary2024Fernvale Green Pte. Ltd. / former subsidiary Source
Original material-NCI subsidiary financial position
Current AssetsSingapore dollars thousands 1,481,11723,535 PDF p. 77
LiabilitiesSingapore dollars thousands (3,926)(575) PDF p. 77
Net current assetsSingapore dollars thousands 1,477,19122,960 PDF p. 77
Non-current AssetsSingapore dollars thousands –– PDF p. 77
LiabilitiesSingapore dollars thousands (1,473,226)– PDF p. 77
Net non-current liabilitiesSingapore dollars thousands (1,473,226)– PDF p. 77
Net assetsSingapore dollars thousands 3,96522,960 PDF p. 77
Definitions & sources

Original report: PDF p. 77 ↗

Current Chuan Grove and comparative Fernvale Green are different entities; consolidated and subsidiary-scoped figures remain distinct.

Original material-NCI subsidiary result

4 metrics

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Original material-NCI subsidiary result from ANNUAL REPORT 2025
Metric / unit 2025Chuan Grove Pte. Ltd. / subsidiary2024Fernvale Green Pte. Ltd. / former subsidiary Source
Original material-NCI subsidiary result
RevenueSingapore dollars thousands –– PDF p. 78
(Loss)/profit before income taxSingapore dollars thousands (35)209 PDF p. 78
Income tax creditSingapore dollars thousands –26 PDF p. 78
(Loss)/profit for the year, representing total comprehensive income for the yearSingapore dollars thousands (35)235 PDF p. 78
Definitions & sources

Original report: PDF p. 78 ↗

Current Chuan Grove and comparative Fernvale Green are different entities; consolidated and subsidiary-scoped figures remain distinct.

Original material-NCI subsidiary cash flows

3 metrics

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Original material-NCI subsidiary cash flows from ANNUAL REPORT 2025
Metric / unit 2025Chuan Grove Pte. Ltd. / subsidiary2024Fernvale Green Pte. Ltd. / former subsidiary Source
Original material-NCI subsidiary cash flows
Net cash flows used in operating activitiesSingapore dollars thousands (1,474,020)(1,839) PDF p. 78
Net cash flows generated from financing activitiesSingapore dollars thousands 1,474,181– PDF p. 78
Net increase/(decrease) in cash and cash equivalentsSingapore dollars thousands 161(1,839) PDF p. 78
Definitions & sources

Original report: PDF p. 78 ↗

Current Chuan Grove and comparative Fernvale Green are different entities; consolidated and subsidiary-scoped figures remain distinct.

Original current and noncurrent investment securities

2 metrics

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Original current and noncurrent investment securities from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 20242025Company / year ended 31 December 20252024Company / year ended 31 December 2024 Source
Original current and noncurrent investment securities
Non-current At fair value through other comprehensive income Quoted equity shares in an affiliated companySingapore dollars thousands 6,7854,5236,7854,523 PDF p. 78
Current At fair value through profit or loss Unquoted equity investmentSingapore dollars thousands 16,135––– PDF p. 78
Definitions & sources

Original report: PDF p. 78 ↗

Original financing liability reconciliation / 2025

5 metrics

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Original financing liability reconciliation / 2025 from ANNUAL REPORT 2025
Metric / unit 2025Group / Opening2025Group / Cash flows2025Group / Accretion of interest2025Group / Closing Source
Original financing cash/noncash reconciliation
Interest-bearing bank loans – Non-currentSingapore dollars thousands –995,633–995,633 PDF p. 51
– CurrentSingapore dollars thousands 254,000(193,700)–60,300 PDF p. 51
Loans from non-controlling shareholder of a subsidiary – Non-currentSingapore dollars thousands –165,8241,334167,158 PDF p. 51
Lease liabilities – CurrentSingapore dollars thousands 225(235)10– PDF p. 51
SubtotalSingapore dollars thousands 254,225967,5221,3441,223,091 PDF p. 51
Definitions & sources

Original report: PDF p. 51 ↗

NCI-shareholder loan accretion is noncash. Prior others represent current/noncurrent reclassification, not new cash borrowing.

Original financing liability reconciliation / 2024

5 metrics

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Original financing liability reconciliation / 2024 from ANNUAL REPORT 2025
Metric / unit 2024Group / Opening2024Group / Cash flows2024Group / Accretion of interest2024Group / Other reclassifications2024Group / Closing Source
Original financing cash/noncash reconciliation
Interest-bearing bank loans – Non-currentSingapore dollars thousands 294,125(40,125)–(254,000)– PDF p. 51
– CurrentSingapore dollars thousands –––254,000254,000 PDF p. 51
Lease liabilities – Non-currentSingapore dollars thousands 225––(225)– PDF p. 51
– CurrentSingapore dollars thousands 216(234)18225225 PDF p. 51
SubtotalSingapore dollars thousands 294,566(40,359)18–254,225 PDF p. 51
Definitions & sources

Original report: PDF p. 51 ↗

NCI-shareholder loan accretion is noncash. Prior others represent current/noncurrent reclassification, not new cash borrowing.

Original property and geographic segments

11 metrics

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Original property and geographic segments from ANNUAL REPORT 2025
Metric / unit 2025Group / Singapore property development2024Group / Singapore property development2025Group / Australia property investment2024Group / Australia property investment2025Group / Consolidated2024Group / Consolidated Source
Revenue:
External customersSingapore dollars thousands 873,8919,2134,5575,758878,44814,971 PDF p. 103
Total revenueSingapore dollars thousands 873,8919,2134,5575,758878,44814,971 PDF p. 103
Results:
Interest incomeSingapore dollars thousands 1,3982,6065112451,9092,851 PDF p. 103
Dividend incomeSingapore dollars thousands 313256––313256 PDF p. 103
Fair value (loss)/gain on investment propertySingapore dollars thousands ––(1,684)2,431(1,684)2,431 PDF p. 103
DepreciationSingapore dollars thousands (501)(964)––(501)(964) PDF p. 103
Finance costsSingapore dollars thousands (820)(18)––(820)(18) PDF p. 103
Income tax expenseSingapore dollars thousands (30,388)(640)(688)(808)(31,076)(1,448) PDF p. 103
Segment profitSingapore dollars thousands 140,4483,0171,8916,832142,3399,849 PDF p. 103
Segment AssetsSingapore dollars thousands 1,653,836787,67794,59187,4871,748,427875,164 PDF p. 103
Segment LiabilitiesSingapore dollars thousands 1,285,433548,7291,3521,4381,286,785550,167 PDF p. 103
Definitions & sources

Original report: PDF p. 103 ↗

Original EPS before and after proposed bonus adjustment

2 metrics

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Original EPS before and after proposed bonus adjustment from ANNUAL REPORT 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Original proposed bonus-adjusted EPS
– as reported (cents)Singapore cents per share 35.492.44 PDF p. 104
– after bonus issue adjustment (cents)Singapore cents per share 28.391.95 PDF p. 104
Definitions & sources

Original report: PDF p. 104 ↗

Proposed one bonus share for every four existing shares, announced 24 February 2026. The reported five-year EPS remains before bonus adjustment; bonus shares are not entitled to the proposed final/special cash dividend.

Group profit or loss

15 metrics

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Group profit or loss from ANNUAL REPORT 2025
Metric / unit 2023Group / year ended 31 December 2023 Source
Group profit or loss
RevenueSingapore dollars thousands 5,826 PDF p. 45
Cost of salesSingapore dollars thousands 7,095 PDF p. 45
Gross profitSingapore dollars thousands 12,921 PDF p. 45
Other incomeSingapore dollars thousands 5,047 PDF p. 45
Administrative expensesSingapore dollars thousands (3,264) PDF p. 45
Sales and marketing expensesSingapore dollars thousands (1,324) PDF p. 45
Other operating expensesSingapore dollars thousands (1,141) PDF p. 45
Finance costsSingapore dollars thousands (27) PDF p. 45
Profit before taxSingapore dollars thousands 12,212 PDF p. 45
Income tax expenseSingapore dollars thousands (2,148) PDF p. 45
Profit for the yearSingapore dollars thousands 10,064 PDF p. 45
Attributable to:
Shareholders of the CompanySingapore dollars thousands 7,970 PDF p. 45
Non-controlling interestsSingapore dollars thousands 2,094 PDF p. 45
SubtotalSingapore dollars thousands 10,064 PDF p. 45
Earnings per share attributable to shareholders of the Company,
basic and diluted (cents per share)Singapore cents per share 1.99 PDF p. 45
Definitions & sources

Original report: PDF p. 45 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group comprehensive income

7 metrics

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Group comprehensive income from ANNUAL REPORT 2025
Metric / unit 2023Group / year ended 31 December 2023 Source
Group comprehensive income
Profit for the yearSingapore dollars thousands 10,064 PDF p. 46
Items that will not be reclassified subsequently to profit or loss
Net fair value gain/(loss) on equity instruments at fair value through other comprehensive income (FVOCI)Singapore dollars thousands (29) PDF p. 46
Items that may be reclassified subsequently to profit or loss
Foreign currency translationSingapore dollars thousands (1,381) PDF p. 46
Total comprehensive income for the yearSingapore dollars thousands 8,654 PDF p. 46
Total comprehensive income attributable to:
Shareholders of the CompanySingapore dollars thousands 6,560 PDF p. 46
Non-controlling interestsSingapore dollars thousands 2,094 PDF p. 46
SubtotalSingapore dollars thousands 8,654 PDF p. 46
Definitions & sources

Original report: PDF p. 46 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group cash flows

37 metrics

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Group cash flows from ANNUAL REPORT 2025
Metric / unit 2023Group / year ended 31 December 2023 Source
Cash flows from operating activities
Profit before taxSingapore dollars thousands 12,212 PDF p. 51
Adjustments for:
Depreciation of property, plant and equipmentSingapore dollars thousands 1,280 PDF p. 51
Depreciation of right-of-use assetsSingapore dollars thousands 216 PDF p. 51
Interest expenseSingapore dollars thousands 27 PDF p. 51
Interest incomeSingapore dollars thousands (3,729) PDF p. 51
Dividend income from equity securities at FVOCISingapore dollars thousands (284) PDF p. 51
Gain on sale of property, plant and equipmentSingapore dollars thousands (108) PDF p. 51
Fair value gain on investment propertySingapore dollars thousands – PDF p. 51
Foreign exchange loss/(gain)Singapore dollars thousands (2) PDF p. 51
Operating cash flows before changes in working capitalSingapore dollars thousands 9,612 PDF p. 51
Changes in working capital:
Development propertiesSingapore dollars thousands (72,322) PDF p. 51
Completed propertiesSingapore dollars thousands 483 PDF p. 51
Trade receivablesSingapore dollars thousands 36,899 PDF p. 51
Deposits and other receivablesSingapore dollars thousands 13 PDF p. 51
PrepaymentsSingapore dollars thousands (31) PDF p. 51
Contract liabilitiesSingapore dollars thousands 67,887 PDF p. 51
Trade and other payablesSingapore dollars thousands (3,453) PDF p. 51
Net cash generated from operationsSingapore dollars thousands 39,088 PDF p. 51
Interest receivedSingapore dollars thousands 3,733 PDF p. 51
Interest paidSingapore dollars thousands (14,000) PDF p. 51
Income tax paidSingapore dollars thousands (31,836) PDF p. 51
Net cash flows generated from/(used in) operating activitiesSingapore dollars thousands (3,015) PDF p. 51
Cash flows from investing activities
Purchase of property, plant and equipmentSingapore dollars thousands (664) PDF p. 52
Dividends receivedSingapore dollars thousands 284 PDF p. 52
Proceeds from sale of property, plant and equipmentSingapore dollars thousands 108 PDF p. 52
Subsequent expenditure on investment propertySingapore dollars thousands – PDF p. 52
Net cash flows used in investing activitiesSingapore dollars thousands (272) PDF p. 52
Cash flows from financing activities
Repayment of bank loansSingapore dollars thousands – PDF p. 52
Advance to non-controlling shareholder of a subsidiarySingapore dollars thousands (5,400) PDF p. 52
Dividends paid to non-controlling shareholder of a subsidiarySingapore dollars thousands (6,300) PDF p. 52
Dividends paid on ordinary sharesSingapore dollars thousands (4,010) PDF p. 52
Principal elements of lease paymentsSingapore dollars thousands (236) PDF p. 52
Net cash flows used in financing activitiesSingapore dollars thousands (15,946) PDF p. 52
Net increase/(decrease) in cash and cash equivalentsSingapore dollars thousands (19,233) PDF p. 52
Effect of exchange rates changes on cash and cash equivalentsSingapore dollars thousands (44) PDF p. 52
Cash and cash equivalents at 1 JanuarySingapore dollars thousands 102,427 PDF p. 52
Cash and cash equivalents at 31 DecemberSingapore dollars thousands 83,150 PDF p. 52
Definitions & sources

Original report: PDF p. 51 ↗ PDF p. 52 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group financial position

38 metrics

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Group financial position from ANNUAL REPORT 2025
Metric / unit 2023Group / year ended 31 December 2023 Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 1,279 PDF p. 47
Investment propertySingapore dollars thousands 81,782 PDF p. 47
Investment in subsidiaries and trustsSingapore dollars thousands – PDF p. 47
Investment securitiesSingapore dollars thousands 4,267 PDF p. 47
Loans to subsidiariesSingapore dollars thousands – PDF p. 47
Right-of-use assetsSingapore dollars thousands 433 PDF p. 47
Deferred tax assetsSingapore dollars thousands 980 PDF p. 47
SubtotalSingapore dollars thousands 88,741 PDF p. 47
Current assets
Development propertiesSingapore dollars thousands 573,585 PDF p. 47
Completed propertiesSingapore dollars thousands 14,079 PDF p. 47
Trade receivablesSingapore dollars thousands 4,727 PDF p. 47
Deposits and other receivablesSingapore dollars thousands 429 PDF p. 47
PrepaymentsSingapore dollars thousands 93 PDF p. 47
Advance to non-controlling shareholder of a subsidiarySingapore dollars thousands 5,400 PDF p. 47
Loans to subsidiariesSingapore dollars thousands – PDF p. 47
Amounts due from subsidiariesSingapore dollars thousands – PDF p. 47
Cash and cash equivalentsSingapore dollars thousands 83,150 PDF p. 47
SubtotalSingapore dollars thousands 681,463 PDF p. 47
Current liabilities
Trade and other payablesSingapore dollars thousands 16,673 PDF p. 47
Interest-bearing bank loansSingapore dollars thousands – PDF p. 47
Advance from subsidiariesSingapore dollars thousands – PDF p. 47
Contract liabilitiesSingapore dollars thousands 125,941 PDF p. 47
Lease liabilitiesSingapore dollars thousands 216 PDF p. 47
Provision for taxationSingapore dollars thousands 2,284 PDF p. 47
SubtotalSingapore dollars thousands 145,114 PDF p. 47
Net current assetsSingapore dollars thousands 536,349 PDF p. 47
Non-current liabilities
Trade and other payablesSingapore dollars thousands 6,049 PDF p. 47
Interest-bearing bank loansSingapore dollars thousands 294,125 PDF p. 47
Advance from subsidiariesSingapore dollars thousands – PDF p. 47
Lease liabilitiesSingapore dollars thousands 225 PDF p. 47
Deferred tax liabilitiesSingapore dollars thousands 341 PDF p. 47
SubtotalSingapore dollars thousands 300,740 PDF p. 47
Net assetsSingapore dollars thousands 324,350 PDF p. 47
Equity attributable to owners of the Company
Share capitalSingapore dollars thousands 104,951 PDF p. 47
ReservesSingapore dollars thousands 212,581 PDF p. 47
SubtotalSingapore dollars thousands 317,532 PDF p. 47
Non-controlling interestsSingapore dollars thousands 6,818 PDF p. 47
Total equitySingapore dollars thousands 324,350 PDF p. 47
Definitions & sources

Original report: PDF p. 47 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Company financial position

38 metrics

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Company financial position from ANNUAL REPORT 2025
Metric / unit 2023Company / year ended 31 December 2023 Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 761 PDF p. 47
Investment propertySingapore dollars thousands – PDF p. 47
Investment in subsidiaries and trustsSingapore dollars thousands 58,354 PDF p. 47
Investment securitiesSingapore dollars thousands 4,267 PDF p. 47
Loans to subsidiariesSingapore dollars thousands 217,684 PDF p. 47
Right-of-use assetsSingapore dollars thousands 433 PDF p. 47
Deferred tax assetsSingapore dollars thousands – PDF p. 47
SubtotalSingapore dollars thousands 281,499 PDF p. 47
Current assets
Development propertiesSingapore dollars thousands – PDF p. 47
Completed propertiesSingapore dollars thousands 14,079 PDF p. 47
Trade receivablesSingapore dollars thousands 13 PDF p. 47
Deposits and other receivablesSingapore dollars thousands 349 PDF p. 47
PrepaymentsSingapore dollars thousands 39 PDF p. 47
Advance to non-controlling shareholder of a subsidiarySingapore dollars thousands – PDF p. 47
Loans to subsidiariesSingapore dollars thousands – PDF p. 47
Amounts due from subsidiariesSingapore dollars thousands 14,455 PDF p. 47
Cash and cash equivalentsSingapore dollars thousands 62,765 PDF p. 47
SubtotalSingapore dollars thousands 91,700 PDF p. 47
Current liabilities
Trade and other payablesSingapore dollars thousands 1,483 PDF p. 47
Interest-bearing bank loansSingapore dollars thousands – PDF p. 47
Advance from subsidiariesSingapore dollars thousands 18,767 PDF p. 47
Contract liabilitiesSingapore dollars thousands – PDF p. 47
Lease liabilitiesSingapore dollars thousands 216 PDF p. 47
Provision for taxationSingapore dollars thousands 196 PDF p. 47
SubtotalSingapore dollars thousands 20,662 PDF p. 47
Net current assetsSingapore dollars thousands 71,038 PDF p. 47
Non-current liabilities
Trade and other payablesSingapore dollars thousands 29 PDF p. 47
Interest-bearing bank loansSingapore dollars thousands – PDF p. 47
Advance from subsidiariesSingapore dollars thousands 62,110 PDF p. 47
Lease liabilitiesSingapore dollars thousands 225 PDF p. 47
Deferred tax liabilitiesSingapore dollars thousands 25 PDF p. 47
SubtotalSingapore dollars thousands 62,389 PDF p. 47
Net assetsSingapore dollars thousands 290,148 PDF p. 47
Equity attributable to owners of the Company
Share capitalSingapore dollars thousands 104,951 PDF p. 47
ReservesSingapore dollars thousands 185,197 PDF p. 47
SubtotalSingapore dollars thousands 290,148 PDF p. 47
Non-controlling interestsSingapore dollars thousands – PDF p. 47
Total equitySingapore dollars thousands 290,148 PDF p. 47
Definitions & sources

Original report: PDF p. 47 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group changes in equity / 2023

8 metrics

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Group changes in equity / 2023 from ANNUAL REPORT 2025
Metric / unit 2023Group / year ended 31 December 2023 / Share capital2023Group / year ended 31 December 2023 / Fair value adjustment reserve2023Group / year ended 31 December 2023 / Foreign currency translation reserve2023Group / year ended 31 December 2023 / Revenue reserve2023Group / year ended 31 December 2023 / Owners total2023Group / year ended 31 December 2023 / Non-controlling interests2023Group / year ended 31 December 2023 / Total equity Source
Group
At 1 January 2023Singapore dollars thousands 104,9511,215(9,946)218,762314,98211,024326,006 PDF p. 49
Profit for the yearSingapore dollars thousands –––7,9707,9702,09410,064 PDF p. 49
Net fair value loss on equity instruments at FVOCISingapore dollars thousands –(29)––(29)–(29) PDF p. 49
Foreign currency translationSingapore dollars thousands ––(1,381)–(1,381)–(1,381) PDF p. 49
Total comprehensive income for the yearSingapore dollars thousands –(29)(1,381)7,9706,5602,0948,654 PDF p. 49
Dividends paid to non-controlling shareholder of a subsidiarySingapore dollars thousands –––––(6,300)(6,300) PDF p. 49
Dividends on ordinary sharesSingapore dollars thousands –––(4,010)(4,010)–(4,010) PDF p. 49
At 31 December 2023Singapore dollars thousands 104,9511,186(11,327)222,722317,5326,818324,350 PDF p. 49
Definitions & sources

Original report: PDF p. 49 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Company changes in equity / 2023

6 metrics

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Company changes in equity / 2023 from ANNUAL REPORT 2025
Metric / unit 2023Company / year ended 31 December 2023 / Share capital2023Company / year ended 31 December 2023 / Fair value adjustment reserve2023Company / year ended 31 December 2023 / Revenue reserve2023Company / year ended 31 December 2023 / Total equity Source
Company
At 1 January 2023Singapore dollars thousands 104,9511,215134,917241,083 PDF p. 50
Profit for the yearSingapore dollars thousands ––53,10453,104 PDF p. 50
Other comprehensive income for the year
Net fair value loss on equity instruments at FVOCISingapore dollars thousands –(29)–(29) PDF p. 50
Total comprehensive income for the yearSingapore dollars thousands –(29)53,10453,075 PDF p. 50
Company
Dividends on ordinary sharesSingapore dollars thousands ––(4,010)(4,010) PDF p. 50
At 31 December 2023Singapore dollars thousands 104,9511,186184,011290,148 PDF p. 50
Definitions & sources

Original report: PDF p. 50 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Original EPS owner-profit input / 2024

1 metrics

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Original EPS owner-profit input / 2024 from ANNUAL REPORT 2025
Metric / unit 2023Group / year ended 31 December 2023 Source
Original EPS owner-profit input
profit for the year attributable to shareholders of the CompanySingapore dollars 7,970,000 PDF p. 72
Definitions & sources

Original report: PDF p. 72 ↗

Profit inputs are whole Singapore dollars; weighted shares are whole shares. Original currency sign and paragraph-closing parentheses remain in source geometry, not in numeric magnitude.

Original EPS weighted share count / 2024

1 metrics

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Original EPS weighted share count / 2024 from ANNUAL REPORT 2025
Metric / unit 2023Group / year ended 31 December 2023 Source
Original EPS weighted share count
weighted average number of ordinary shares outstandingShares 400,994,652 PDF p. 72
Definitions & sources

Original report: PDF p. 72 ↗

Profit inputs are whole Singapore dollars; weighted shares are whole shares. Original currency sign and paragraph-closing parentheses remain in source geometry, not in numeric magnitude.

Original issued ordinary shares / 2024

1 metrics

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Original issued ordinary shares / 2024 from ANNUAL REPORT 2025
Metric / unit 2023Group and Company / year ended 31 December 2023 Source
Original issued ordinary shares
At 1 January and 31 DecemberShares 400,994,652 PDF p. 87
Definitions & sources

Original report: PDF p. 87 ↗

Original share-adjusted net debt and gearing / 2024

5 metrics

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Original share-adjusted net debt and gearing / 2024 from ANNUAL REPORT 2025
Metric / unit 2023Group / year ended 31 December 2023 Source
Original share-adjusted capital and gearing
Group’s share of interest-bearing bank loans in accordance with shareholding percentages in the respective subsidiaries and loans from non-controlling shareholder of a subsidiarySingapore dollars thousands 294,125 PDF p. 103
Less: Group’s share of cash and cash equivalents in accordance with shareholding percentages in the respective subsidiariesSingapore dollars thousands (80,942) PDF p. 103
Net debtSingapore dollars thousands 213,183 PDF p. 103
Equity attributable to shareholders of the CompanySingapore dollars thousands 317,532 PDF p. 103
Net debt to equity ratioTimes 0.7 PDF p. 103
Definitions & sources

Original report: PDF p. 103 ↗

Original gearing uses Group-share debt and cash according to shareholding percentages, with owners equity. It is not a ratio computed from gross consolidated borrowings and gross cash; 1.8 times is not 1.8 percent.

Original paid and proposed dividends / 2024

2 metrics

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Original paid and proposed dividends / 2024 from ANNUAL REPORT 2025
Metric / unit 2023Group and Company / year ended 31 December 2023 Source
Dividends on ordinary shares:
– final tax exempt (one-tier) dividend for 2023: 1.00 cent (2022: 1.00 cent) per shareSingapore dollars thousands 4,010 PDF p. 105
at the AGM:
– final tax exempt (one-tier) dividend for 2024: 1.00 cent (2023: 1.00 cent) per shareSingapore dollars thousands 4,010 PDF p. 105
Definitions & sources

Original report: PDF p. 105 ↗

Thousand-dollar cash amounts are distinct from rates embedded in source captions. First row is paid; following rows proposed and unrecognised as a liability.

Group profit or loss

15 metrics

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Group profit or loss from ANNUAL REPORT 2025
Metric / unit 2022Group / year ended 31 December 2022 Source
Group profit or loss
RevenueSingapore dollars thousands 62,011 PDF p. 42
Cost of salesSingapore dollars thousands (40,849) PDF p. 42
Gross profitSingapore dollars thousands 21,162 PDF p. 42
Other incomeSingapore dollars thousands 2,213 PDF p. 42
Administrative expensesSingapore dollars thousands (3,393) PDF p. 42
Sales and marketing expensesSingapore dollars thousands (3,854) PDF p. 42
Other operating expensesSingapore dollars thousands (1,334) PDF p. 42
Finance costsSingapore dollars thousands (1,058) PDF p. 42
Profit before taxSingapore dollars thousands 13,736 PDF p. 42
Income tax expenseSingapore dollars thousands (384) PDF p. 42
Profit for the yearSingapore dollars thousands 13,352 PDF p. 42
Attributable to:
Shareholders of the CompanySingapore dollars thousands 10,843 PDF p. 42
Non-controlling interestsSingapore dollars thousands 2,509 PDF p. 42
SubtotalSingapore dollars thousands 13,352 PDF p. 42
Earnings per share attributable to shareholders of the Company,
basic and diluted (cents per share)Singapore cents per share 2.70 PDF p. 42
Definitions & sources

Original report: PDF p. 42 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group comprehensive income

7 metrics

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Group comprehensive income from ANNUAL REPORT 2025
Metric / unit 2022Group / year ended 31 December 2022 Source
Group comprehensive income
Profit for the yearSingapore dollars thousands 13,352 PDF p. 43
Items that will not be reclassified subsequently to profit or loss
Net fair value (loss)/gain on equity instruments at fair value through other comprehensive income (FVOCI)Singapore dollars thousands 114 PDF p. 43
Items that may be reclassified subsequently to profit or loss
Foreign currency translationSingapore dollars thousands (6,217) PDF p. 43
Total comprehensive income for the yearSingapore dollars thousands 7,249 PDF p. 43
Total comprehensive income attributable to:
Shareholders of the CompanySingapore dollars thousands 4,740 PDF p. 43
Non-controlling interestsSingapore dollars thousands 2,509 PDF p. 43
SubtotalSingapore dollars thousands 7,249 PDF p. 43
Definitions & sources

Original report: PDF p. 43 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group cash flows

37 metrics

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Group cash flows from ANNUAL REPORT 2025
Metric / unit 2022Group / year ended 31 December 2022 Source
Cash flows from operating activities
Profit before taxSingapore dollars thousands 13,736 PDF p. 48
Adjustments for:
Depreciation of property, plant and equipmentSingapore dollars thousands 2,226 PDF p. 48
Depreciation of right-of-use assetsSingapore dollars thousands 196 PDF p. 48
Interest expenseSingapore dollars thousands 1,058 PDF p. 48
Interest incomeSingapore dollars thousands (879) PDF p. 48
Dividend income from equity securities at FVOCISingapore dollars thousands (228) PDF p. 48
Gain on sale of property, plant and equipmentSingapore dollars thousands (88) PDF p. 48
Foreign exchange (gain)/lossSingapore dollars thousands 1 PDF p. 48
Operating cash flows before changes in working capitalSingapore dollars thousands 16,022 PDF p. 48
Changes in working capital:
Development propertiesSingapore dollars thousands (10,306) PDF p. 48
Completed propertiesSingapore dollars thousands 5,532 PDF p. 48
Trade receivablesSingapore dollars thousands (38,511) PDF p. 48
Deposits and other receivablesSingapore dollars thousands 91 PDF p. 48
PrepaymentsSingapore dollars thousands (21) PDF p. 48
Contract assetsSingapore dollars thousands 291,730 PDF p. 48
Contract liabilitiesSingapore dollars thousands 58,054 PDF p. 48
Trade and other payablesSingapore dollars thousands (929) PDF p. 48
Net cash generated from operationsSingapore dollars thousands 321,662 PDF p. 48
Interest receivedSingapore dollars thousands 553 PDF p. 48
Interest paidSingapore dollars thousands (7,223) PDF p. 48
Income tax paidSingapore dollars thousands (269) PDF p. 48
Net cash flows (used in)/generated from operating activitiesSingapore dollars thousands 314,723 PDF p. 48
Cash flows from investing activities
Purchase of property, plant and equipmentSingapore dollars thousands (4,108) PDF p. 49
Dividends receivedSingapore dollars thousands 228 PDF p. 49
Proceeds from sale of property, plant and equipmentSingapore dollars thousands 88 PDF p. 49
Net cash flows used in investing activitiesSingapore dollars thousands (3,792) PDF p. 49
Cash flows from financing activities
Repayment of bank loansSingapore dollars thousands (145,859) PDF p. 49
Repayment of loans from non-controlling shareholder of a subsidiarySingapore dollars thousands (38,416) PDF p. 49
Advance to non-controlling shareholder of a subsidiarySingapore dollars thousands – PDF p. 49
Dividends paid to non-controlling shareholder of a subsidiarySingapore dollars thousands (36,750) PDF p. 49
Dividends paid on ordinary sharesSingapore dollars thousands (4,010) PDF p. 49
Principal elements of lease paymentsSingapore dollars thousands (219) PDF p. 49
Net cash flows used in financing activitiesSingapore dollars thousands (225,254) PDF p. 49
Net (decrease)/increase in cash and cash equivalentsSingapore dollars thousands 85,677 PDF p. 49
Effect of exchange rates changes on cash and cash equivalentsSingapore dollars thousands (6) PDF p. 49
Cash and cash equivalents at 1 JanuarySingapore dollars thousands 16,756 PDF p. 49
Cash and cash equivalents at 31 DecemberSingapore dollars thousands 102,427 PDF p. 49
Definitions & sources

Original report: PDF p. 48 ↗ PDF p. 49 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group financial position

37 metrics

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Group financial position from ANNUAL REPORT 2025
Metric / unit 2022Group / year ended 31 December 2022 Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 1,895 PDF p. 44
Investment propertySingapore dollars thousands 83,110 PDF p. 44
Investment in subsidiaries and trustsSingapore dollars thousands – PDF p. 44
Investment securitiesSingapore dollars thousands 4,296 PDF p. 44
Loans to subsidiariesSingapore dollars thousands – PDF p. 44
Right-of-use assetsSingapore dollars thousands 649 PDF p. 44
Deferred tax assetsSingapore dollars thousands 735 PDF p. 44
SubtotalSingapore dollars thousands 90,685 PDF p. 44
Current assets
Development propertiesSingapore dollars thousands 487,243 PDF p. 44
Completed propertiesSingapore dollars thousands 14,563 PDF p. 44
Trade receivablesSingapore dollars thousands 41,642 PDF p. 44
Deposits and other receivablesSingapore dollars thousands 445 PDF p. 44
PrepaymentsSingapore dollars thousands 63 PDF p. 44
Tax recoverableSingapore dollars thousands 489 PDF p. 44
Advance to non-controlling shareholder of a subsidiarySingapore dollars thousands – PDF p. 44
Amounts due from subsidiariesSingapore dollars thousands – PDF p. 44
Cash and cash equivalentsSingapore dollars thousands 102,427 PDF p. 44
SubtotalSingapore dollars thousands 646,872 PDF p. 44
Current liabilities
Trade and other payablesSingapore dollars thousands 22,113 PDF p. 44
Advance from subsidiariesSingapore dollars thousands – PDF p. 44
Contract liabilitiesSingapore dollars thousands 58,054 PDF p. 44
Lease liabilitiesSingapore dollars thousands 208 PDF p. 44
Provision for taxationSingapore dollars thousands 32,341 PDF p. 44
SubtotalSingapore dollars thousands 112,716 PDF p. 44
Net current assetsSingapore dollars thousands 534,156 PDF p. 44
Non-current liabilities
Trade and other payablesSingapore dollars thousands 4,081 PDF p. 44
Interest-bearing bank loansSingapore dollars thousands 294,125 PDF p. 44
Advance from subsidiariesSingapore dollars thousands – PDF p. 44
Lease liabilitiesSingapore dollars thousands 442 PDF p. 44
Deferred tax liabilitiesSingapore dollars thousands 187 PDF p. 44
SubtotalSingapore dollars thousands 298,835 PDF p. 44
Net assetsSingapore dollars thousands 326,006 PDF p. 44
Equity attributable to owners of the Company
Share capitalSingapore dollars thousands 104,951 PDF p. 44
ReservesSingapore dollars thousands 210,031 PDF p. 44
SubtotalSingapore dollars thousands 314,982 PDF p. 44
Non-controlling interestsSingapore dollars thousands 11,024 PDF p. 44
Total equitySingapore dollars thousands 326,006 PDF p. 44
Definitions & sources

Original report: PDF p. 44 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Company financial position

37 metrics

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Company financial position from ANNUAL REPORT 2025
Metric / unit 2022Company / year ended 31 December 2022 Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 485 PDF p. 44
Investment propertySingapore dollars thousands – PDF p. 44
Investment in subsidiaries and trustsSingapore dollars thousands 58,036 PDF p. 44
Investment securitiesSingapore dollars thousands 4,296 PDF p. 44
Loans to subsidiariesSingapore dollars thousands 214,050 PDF p. 44
Right-of-use assetsSingapore dollars thousands 649 PDF p. 44
Deferred tax assetsSingapore dollars thousands – PDF p. 44
SubtotalSingapore dollars thousands 277,516 PDF p. 44
Current assets
Development propertiesSingapore dollars thousands – PDF p. 44
Completed propertiesSingapore dollars thousands 14,563 PDF p. 44
Trade receivablesSingapore dollars thousands 35 PDF p. 44
Deposits and other receivablesSingapore dollars thousands 273 PDF p. 44
PrepaymentsSingapore dollars thousands 39 PDF p. 44
Tax recoverableSingapore dollars thousands 489 PDF p. 44
Advance to non-controlling shareholder of a subsidiarySingapore dollars thousands – PDF p. 44
Amounts due from subsidiariesSingapore dollars thousands 554 PDF p. 44
Cash and cash equivalentsSingapore dollars thousands 51,593 PDF p. 44
SubtotalSingapore dollars thousands 67,546 PDF p. 44
Current liabilities
Trade and other payablesSingapore dollars thousands 1,502 PDF p. 44
Advance from subsidiariesSingapore dollars thousands 40,432 PDF p. 44
Contract liabilitiesSingapore dollars thousands – PDF p. 44
Lease liabilitiesSingapore dollars thousands 208 PDF p. 44
Provision for taxationSingapore dollars thousands – PDF p. 44
SubtotalSingapore dollars thousands 42,142 PDF p. 44
Net current assetsSingapore dollars thousands 25,404 PDF p. 44
Non-current liabilities
Trade and other payablesSingapore dollars thousands 42 PDF p. 44
Interest-bearing bank loansSingapore dollars thousands – PDF p. 44
Advance from subsidiariesSingapore dollars thousands 61,334 PDF p. 44
Lease liabilitiesSingapore dollars thousands 442 PDF p. 44
Deferred tax liabilitiesSingapore dollars thousands 19 PDF p. 44
SubtotalSingapore dollars thousands 61,837 PDF p. 44
Net assetsSingapore dollars thousands 241,083 PDF p. 44
Equity attributable to owners of the Company
Share capitalSingapore dollars thousands 104,951 PDF p. 44
ReservesSingapore dollars thousands 136,132 PDF p. 44
SubtotalSingapore dollars thousands 241,083 PDF p. 44
Non-controlling interestsSingapore dollars thousands – PDF p. 44
Total equitySingapore dollars thousands 241,083 PDF p. 44
Definitions & sources

Original report: PDF p. 44 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group changes in equity / 2022

8 metrics

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Group changes in equity / 2022 from ANNUAL REPORT 2025
Metric / unit 2022Group / year ended 31 December 2022 / Share capital2022Group / year ended 31 December 2022 / Fair value adjustment reserve2022Group / year ended 31 December 2022 / Foreign currency translation reserve2022Group / year ended 31 December 2022 / Revenue reserve2022Group / year ended 31 December 2022 / Owners total2022Group / year ended 31 December 2022 / Non-controlling interests2022Group / year ended 31 December 2022 / Total equity Source
Group
At 1 January 2022Singapore dollars thousands 104,9511,101(3,729)211,929314,25245,265359,517 PDF p. 46
Profit for the yearSingapore dollars thousands –––10,84310,8432,50913,352 PDF p. 46
Net fair value gain on equity instruments at FVOCISingapore dollars thousands –114––114–114 PDF p. 46
Foreign currency translationSingapore dollars thousands ––(6,217)–(6,217)–(6,217) PDF p. 46
Total comprehensive income for the yearSingapore dollars thousands –114(6,217)10,8434,7402,5097,249 PDF p. 46
Dividends paid to non-controlling shareholder of a subsidiarySingapore dollars thousands –––––(36,750)(36,750) PDF p. 46
Dividends on ordinary sharesSingapore dollars thousands –––(4,010)(4,010)–(4,010) PDF p. 46
At 31 December 2022Singapore dollars thousands 104,9511,215(9,946)218,762314,98211,024326,006 PDF p. 46
Definitions & sources

Original report: PDF p. 46 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Company changes in equity / 2022

6 metrics

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Company changes in equity / 2022 from ANNUAL REPORT 2025
Metric / unit 2022Company / year ended 31 December 2022 / Share capital2022Company / year ended 31 December 2022 / Fair value adjustment reserve2022Company / year ended 31 December 2022 / Revenue reserve2022Company / year ended 31 December 2022 / Total equity Source
Company
At 1 January 2022Singapore dollars thousands 104,9511,101136,220242,272 PDF p. 47
Profit for the yearSingapore dollars thousands ––2,7072,707 PDF p. 47
Other comprehensive income for the year
Net fair value gain on equity instruments at FVOCISingapore dollars thousands –114–114 PDF p. 47
Total comprehensive income for the yearSingapore dollars thousands –1142,7072,821 PDF p. 47
Company
Dividends on ordinary sharesSingapore dollars thousands ––(4,010)(4,010) PDF p. 47
At 31 December 2022Singapore dollars thousands 104,9511,215134,917241,083 PDF p. 47
Definitions & sources

Original report: PDF p. 47 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Original EPS owner-profit input / 2023

1 metrics

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Original EPS owner-profit input / 2023 from ANNUAL REPORT 2025
Metric / unit 2022Group / year ended 31 December 2022 Source
Original EPS owner-profit input
profit for the year attributable to shareholders of the CompanySingapore dollars 10,843,000 PDF p. 70
Definitions & sources

Original report: PDF p. 70 ↗

Profit inputs are whole Singapore dollars; weighted shares are whole shares. Original currency sign and paragraph-closing parentheses remain in source geometry, not in numeric magnitude.

Original EPS weighted share count / 2023

1 metrics

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Original EPS weighted share count / 2023 from ANNUAL REPORT 2025
Metric / unit 2022Group / year ended 31 December 2022 Source
Original EPS weighted share count
weighted average number of ordinary shares outstandingShares 400,994,652 PDF p. 70
Definitions & sources

Original report: PDF p. 70 ↗

Profit inputs are whole Singapore dollars; weighted shares are whole shares. Original currency sign and paragraph-closing parentheses remain in source geometry, not in numeric magnitude.

Original issued ordinary shares / 2023

1 metrics

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Original issued ordinary shares / 2023 from ANNUAL REPORT 2025
Metric / unit 2022Group and Company / year ended 31 December 2022 Source
Original issued ordinary shares
At 1 January and 31 DecemberShares 400,994,652 PDF p. 85
Definitions & sources

Original report: PDF p. 85 ↗

Original share-adjusted net debt and gearing / 2023

5 metrics

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Original share-adjusted net debt and gearing / 2023 from ANNUAL REPORT 2025
Metric / unit 2022Group / year ended 31 December 2022 Source
Original share-adjusted capital and gearing
Group’s share of interest-bearing bank loans in accordance with shareholding percentages in the respective subsidiaries and loans from non-controlling shareholder of a subsidiarySingapore dollars thousands 294,125 PDF p. 101
Less: Group’s share of cash and cash equivalents in accordance with shareholding percentages in the respective subsidiariesSingapore dollars thousands (88,905) PDF p. 101
Net debtSingapore dollars thousands 205,220 PDF p. 101
Equity attributable to shareholders of the CompanySingapore dollars thousands 314,982 PDF p. 101
Net debt to equity ratioTimes 0.7 PDF p. 101
Definitions & sources

Original report: PDF p. 101 ↗

Original gearing uses Group-share debt and cash according to shareholding percentages, with owners equity. It is not a ratio computed from gross consolidated borrowings and gross cash; 1.8 times is not 1.8 percent.

Original paid and proposed dividends / 2023

2 metrics

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Original paid and proposed dividends / 2023 from ANNUAL REPORT 2025
Metric / unit 2022Group and Company / year ended 31 December 2022 Source
Dividends on ordinary shares:
– final tax exempt (one-tier) dividend for 2022: 1.00 cent (2021: 1.00 cent) per shareSingapore dollars thousands 4,010 PDF p. 103
approval at the AGM:
– final tax exempt (one-tier) dividend for 2023: 1.00 cent (2022: 1.00 cent) per shareSingapore dollars thousands 4,010 PDF p. 103
Definitions & sources

Original report: PDF p. 103 ↗

Thousand-dollar cash amounts are distinct from rates embedded in source captions. First row is paid; following rows proposed and unrecognised as a liability.

Group profit or loss

15 metrics

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Group profit or loss from ANNUAL REPORT 2025
Metric / unit 2021Group / year ended 31 December 2021 Source
Group profit or loss
RevenueSingapore dollars thousands 121,730 PDF p. 46
Cost of salesSingapore dollars thousands (92,944) PDF p. 46
Gross profitSingapore dollars thousands 28,786 PDF p. 46
Other incomeSingapore dollars thousands 1,078 PDF p. 46
Administrative expensesSingapore dollars thousands (3,581) PDF p. 46
Sales and marketing expensesSingapore dollars thousands (115) PDF p. 46
Other operating expensesSingapore dollars thousands (4,142) PDF p. 46
Finance costsSingapore dollars thousands (2,213) PDF p. 46
Profit before taxSingapore dollars thousands 19,813 PDF p. 46
Income tax expenseSingapore dollars thousands (4,408) PDF p. 46
Profit for the yearSingapore dollars thousands 15,405 PDF p. 46
Attributable to:
Shareholders of the CompanySingapore dollars thousands 9,834 PDF p. 46
Non-controlling interestsSingapore dollars thousands 5,571 PDF p. 46
SubtotalSingapore dollars thousands 15,405 PDF p. 46
Earnings per share attributable to shareholders of the Company,
basic and diluted (cents per share)Singapore cents per share 2.45 PDF p. 46
Definitions & sources

Original report: PDF p. 46 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group comprehensive income

7 metrics

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Group comprehensive income from ANNUAL REPORT 2025
Metric / unit 2021Group / year ended 31 December 2021 Source
Group comprehensive income
Profit for the yearSingapore dollars thousands 15,405 PDF p. 47
Items that will not be reclassified subsequently to profit or loss
Net fair value gain on equity instruments at fair value through other comprehensive income (FVOCI)Singapore dollars thousands 427 PDF p. 47
Items that may be reclassified subsequently to profit or loss
Foreign currency translationSingapore dollars thousands (3,399) PDF p. 47
Total comprehensive income for the yearSingapore dollars thousands 12,433 PDF p. 47
Total comprehensive income attributable to:
Shareholders of the CompanySingapore dollars thousands 6,862 PDF p. 47
Non-controlling interestsSingapore dollars thousands 5,571 PDF p. 47
SubtotalSingapore dollars thousands 12,433 PDF p. 47
Definitions & sources

Original report: PDF p. 47 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group cash flows

43 metrics

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Group cash flows from ANNUAL REPORT 2025
Metric / unit 2021Group / year ended 31 December 2021 Source
Cash flows from operating activities
Profit before taxSingapore dollars thousands 19,813 PDF p. 52
Adjustments for:
Depreciation of property, plant and equipmentSingapore dollars thousands 4 PDF p. 52
Depreciation of right-of-use assetsSingapore dollars thousands 197 PDF p. 52
Interest expenseSingapore dollars thousands 2,213 PDF p. 52
Interest incomeSingapore dollars thousands (13) PDF p. 52
Dividend income from equity securities at FVOCISingapore dollars thousands (102) PDF p. 52
Dividend income from equity securities at fair value through profit or lossSingapore dollars thousands (12) PDF p. 52
Gain on sale of property, plant and equipmentSingapore dollars thousands – PDF p. 52
Gain on sale of equity securities at fair value through profit or lossSingapore dollars thousands (61) PDF p. 52
Net loss on fair value adjustment of investment propertySingapore dollars thousands 3,169 PDF p. 52
Foreign exchange loss/(gain)Singapore dollars thousands (4) PDF p. 52
Operating cash flows before changes in working capitalSingapore dollars thousands 25,204 PDF p. 52
Changes in working capital:
Development propertiesSingapore dollars thousands (386,879) PDF p. 52
Completed propertiesSingapore dollars thousands 3,581 PDF p. 52
Trade receivablesSingapore dollars thousands (2,454) PDF p. 52
Deposits and other receivablesSingapore dollars thousands 93,289 PDF p. 52
PrepaymentsSingapore dollars thousands 14,934 PDF p. 52
Contract assetsSingapore dollars thousands (84,208) PDF p. 52
Contract liabilitiesSingapore dollars thousands – PDF p. 52
Trade and other payablesSingapore dollars thousands 8,863 PDF p. 52
Net cash generated from/(used in) operationsSingapore dollars thousands (327,670) PDF p. 52
Interest receivedSingapore dollars thousands 15 PDF p. 52
Interest paidSingapore dollars thousands (4,652) PDF p. 52
Income tax paidSingapore dollars thousands (33) PDF p. 52
Net cash flows generated from/(used in) operating activitiesSingapore dollars thousands (332,340) PDF p. 52
Cash flows from investing activities
Purchase of equity securities at fair value through profit or lossSingapore dollars thousands (7) PDF p. 53
Purchase of property, plant and equipmentSingapore dollars thousands (5) PDF p. 53
Subsequent expenditure on investment propertySingapore dollars thousands (153) PDF p. 53
Dividends receivedSingapore dollars thousands 115 PDF p. 53
Proceeds from sale of equity securities at fair value through profit or lossSingapore dollars thousands 273 PDF p. 53
Proceeds from sale of property, plant and equipmentSingapore dollars thousands – PDF p. 53
Net cash flows (used in)/generated from investing activitiesSingapore dollars thousands 223 PDF p. 53
Cash flows from financing activities
Proceeds from bank loansSingapore dollars thousands 371,329 PDF p. 53
Repayment of bank loansSingapore dollars thousands (54,950) PDF p. 53
(Repayment of)/proceeds from loans from non-controlling shareholder of a subsidiarySingapore dollars thousands 2,250 PDF p. 53
Dividends paid to non-controlling shareholder of a subsidiarySingapore dollars thousands – PDF p. 53
Dividends paid on ordinary sharesSingapore dollars thousands (4,010) PDF p. 53
Principal elements of lease paymentsSingapore dollars thousands (219) PDF p. 53
Net cash flows (used in)/generated from financing activitiesSingapore dollars thousands 314,400 PDF p. 53
Net increase/(decrease) in cash and cash equivalentsSingapore dollars thousands (17,717) PDF p. 53
Effect of exchange rates changes on cash and cash equivalentsSingapore dollars thousands (39) PDF p. 53
Cash and cash equivalents at 1 JanuarySingapore dollars thousands 34,512 PDF p. 53
Cash and cash equivalents at 31 DecemberSingapore dollars thousands 16,756 PDF p. 53
Definitions & sources

Original report: PDF p. 52 ↗ PDF p. 53 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group financial position

40 metrics

Units appear below each metric. Scroll to compare years

Group financial position from ANNUAL REPORT 2025
Metric / unit 2021Group / year ended 31 December 2021 Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 13 PDF p. 48
Investment propertySingapore dollars thousands 89,180 PDF p. 48
Investment in subsidiaries and trustsSingapore dollars thousands – PDF p. 48
Investment securitiesSingapore dollars thousands 4,182 PDF p. 48
Loans to subsidiariesSingapore dollars thousands – PDF p. 48
Right-of-use assetsSingapore dollars thousands 196 PDF p. 48
Deferred tax assetsSingapore dollars thousands – PDF p. 48
SubtotalSingapore dollars thousands 93,571 PDF p. 48
Current assets
Development propertiesSingapore dollars thousands 469,055 PDF p. 48
Completed propertiesSingapore dollars thousands 20,095 PDF p. 48
Trade receivablesSingapore dollars thousands 3,141 PDF p. 48
Deposits and other receivablesSingapore dollars thousands 211 PDF p. 48
PrepaymentsSingapore dollars thousands 63 PDF p. 48
Tax recoverableSingapore dollars thousands – PDF p. 48
Contract assetsSingapore dollars thousands 291,730 PDF p. 48
Loans to subsidiariesSingapore dollars thousands – PDF p. 48
Amounts due from subsidiariesSingapore dollars thousands – PDF p. 48
Cash and cash equivalentsSingapore dollars thousands 16,756 PDF p. 48
SubtotalSingapore dollars thousands 801,051 PDF p. 48
Current liabilities
Trade and other payablesSingapore dollars thousands 20,854 PDF p. 48
Interest-bearing bank loansSingapore dollars thousands 142,859 PDF p. 48
Loans from non-controlling shareholder of a subsidiarySingapore dollars thousands 38,083 PDF p. 48
Advance from subsidiariesSingapore dollars thousands – PDF p. 48
Contract liabilitiesSingapore dollars thousands – PDF p. 48
Lease liabilitiesSingapore dollars thousands 214 PDF p. 48
Provision for taxationSingapore dollars thousands 948 PDF p. 48
SubtotalSingapore dollars thousands 202,958 PDF p. 48
Net current assetsSingapore dollars thousands 598,093 PDF p. 48
Non-current liabilities
Trade and other payablesSingapore dollars thousands 5,033 PDF p. 48
Interest-bearing bank loansSingapore dollars thousands 297,125 PDF p. 48
Advance from subsidiariesSingapore dollars thousands – PDF p. 48
Lease liabilitiesSingapore dollars thousands – PDF p. 48
Deferred tax liabilitiesSingapore dollars thousands 29,989 PDF p. 48
SubtotalSingapore dollars thousands 332,147 PDF p. 48
Net assetsSingapore dollars thousands 359,517 PDF p. 48
Equity attributable to shareholders of the Company Share capitalSingapore dollars thousands 104,951 PDF p. 48
ReservesSingapore dollars thousands 209,301 PDF p. 48
SubtotalSingapore dollars thousands 314,252 PDF p. 48
Non-controlling interestsSingapore dollars thousands 45,265 PDF p. 48
Total equitySingapore dollars thousands 359,517 PDF p. 48
Definitions & sources

Original report: PDF p. 48 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Company financial position

40 metrics

Units appear below each metric. Scroll to compare years

Company financial position from ANNUAL REPORT 2025
Metric / unit 2021Company / year ended 31 December 2021 Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 13 PDF p. 48
Investment propertySingapore dollars thousands – PDF p. 48
Investment in subsidiaries and trustsSingapore dollars thousands 58,346 PDF p. 48
Investment securitiesSingapore dollars thousands 4,182 PDF p. 48
Loans to subsidiariesSingapore dollars thousands 214,508 PDF p. 48
Right-of-use assetsSingapore dollars thousands 196 PDF p. 48
Deferred tax assetsSingapore dollars thousands – PDF p. 48
SubtotalSingapore dollars thousands 277,245 PDF p. 48
Current assets
Development propertiesSingapore dollars thousands – PDF p. 48
Completed propertiesSingapore dollars thousands 20,095 PDF p. 48
Trade receivablesSingapore dollars thousands 2,995 PDF p. 48
Deposits and other receivablesSingapore dollars thousands 157 PDF p. 48
PrepaymentsSingapore dollars thousands 24 PDF p. 48
Tax recoverableSingapore dollars thousands – PDF p. 48
Contract assetsSingapore dollars thousands – PDF p. 48
Loans to subsidiariesSingapore dollars thousands 64,104 PDF p. 48
Amounts due from subsidiariesSingapore dollars thousands 8,225 PDF p. 48
Cash and cash equivalentsSingapore dollars thousands 6,463 PDF p. 48
SubtotalSingapore dollars thousands 102,063 PDF p. 48
Current liabilities
Trade and other payablesSingapore dollars thousands 2,259 PDF p. 48
Interest-bearing bank loansSingapore dollars thousands 28,500 PDF p. 48
Loans from non-controlling shareholder of a subsidiarySingapore dollars thousands – PDF p. 48
Advance from subsidiariesSingapore dollars thousands – PDF p. 48
Contract liabilitiesSingapore dollars thousands – PDF p. 48
Lease liabilitiesSingapore dollars thousands 214 PDF p. 48
Provision for taxationSingapore dollars thousands 836 PDF p. 48
SubtotalSingapore dollars thousands 31,809 PDF p. 48
Net current assetsSingapore dollars thousands 70,254 PDF p. 48
Non-current liabilities
Trade and other payablesSingapore dollars thousands 169 PDF p. 48
Interest-bearing bank loansSingapore dollars thousands – PDF p. 48
Advance from subsidiariesSingapore dollars thousands 105,039 PDF p. 48
Lease liabilitiesSingapore dollars thousands – PDF p. 48
Deferred tax liabilitiesSingapore dollars thousands 19 PDF p. 48
SubtotalSingapore dollars thousands 105,227 PDF p. 48
Net assetsSingapore dollars thousands 242,272 PDF p. 48
Equity attributable to shareholders of the Company Share capitalSingapore dollars thousands 104,951 PDF p. 48
ReservesSingapore dollars thousands 137,321 PDF p. 48
SubtotalSingapore dollars thousands 242,272 PDF p. 48
Non-controlling interestsSingapore dollars thousands – PDF p. 48
Total equitySingapore dollars thousands 242,272 PDF p. 48
Definitions & sources

Original report: PDF p. 48 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Group changes in equity / 2021

8 metrics

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Group changes in equity / 2021 from ANNUAL REPORT 2025
Metric / unit 2021Group / year ended 31 December 2021 / Share capital2021Group / year ended 31 December 2021 / Fair value adjustment reserve2021Group / year ended 31 December 2021 / Foreign currency translation reserve2021Group / year ended 31 December 2021 / Revenue reserve2021Group / year ended 31 December 2021 / Owners total2021Group / year ended 31 December 2021 / Non-controlling interests2021Group / year ended 31 December 2021 / Total equity Source
Group
At 1 January 2021Singapore dollars thousands 104,951674(330)206,105311,40039,361350,761 PDF p. 50
Profit for the yearSingapore dollars thousands –––9,8349,8345,57115,405 PDF p. 50
Net fair value gain on equity instruments at FVOCISingapore dollars thousands –427––427–427 PDF p. 50
Foreign currency translationSingapore dollars thousands ––(3,399)–(3,399)–(3,399) PDF p. 50
Total comprehensive income for the yearSingapore dollars thousands –427(3,399)9,8346,8625,57112,433 PDF p. 50
Deemed capital contribution arising from interest- free loans from non-controlling shareholder of a subsidiarySingapore dollars thousands –––––333333 PDF p. 50
Dividends on ordinary sharesSingapore dollars thousands –––(4,010)(4,010)–(4,010) PDF p. 50
At 31 December 2021Singapore dollars thousands 104,9511,101(3,729)211,929314,25245,265359,517 PDF p. 50
Definitions & sources

Original report: PDF p. 50 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Company changes in equity / 2021

6 metrics

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Company changes in equity / 2021 from ANNUAL REPORT 2025
Metric / unit 2021Company / year ended 31 December 2021 / Share capital2021Company / year ended 31 December 2021 / Fair value adjustment reserve2021Company / year ended 31 December 2021 / Revenue reserve2021Company / year ended 31 December 2021 / Total equity Source
Company
At 1 January 2021Singapore dollars thousands 104,951674138,845244,470 PDF p. 51
Profit for the yearSingapore dollars thousands ––1,3851,385 PDF p. 51
Other comprehensive income
Net fair value gain on equity instruments at FVOCISingapore dollars thousands –427–427 PDF p. 51
Total comprehensive income for the yearSingapore dollars thousands –4271,3851,812 PDF p. 51
Company
Dividends on ordinary sharesSingapore dollars thousands ––(4,010)(4,010) PDF p. 51
At 31 December 2021Singapore dollars thousands 104,9511,101136,220242,272 PDF p. 51
Definitions & sources

Original report: PDF p. 51 ↗

Four official annual originals provide primary reporting years FY2021–FY2025, each year ending on 31 December. All primary monetary values are Singapore dollars thousands; earnings per share are Singapore cents per share.

Group and Company balance sheets and equity statements are separate. No separate Company income, comprehensive-income or cash-flow statement is printed.

FY2025 total profit 142,339 thousand includes owners 142,324 and NCI 15. Total comprehensive income 146,170 includes owners 146,155 and NCI 15. Net profit and total comprehensive income remain distinct.

Original EPS owner-profit input / 2022

1 metrics

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Original EPS owner-profit input / 2022 from ANNUAL REPORT 2025
Metric / unit 2021Group / year ended 31 December 2021 Source
Original EPS owner-profit input
profit for the year attributable to shareholders of the CompanySingapore dollars 9,834,000 PDF p. 75
Definitions & sources

Original report: PDF p. 75 ↗

Profit inputs are whole Singapore dollars; weighted shares are whole shares. Original currency sign and paragraph-closing parentheses remain in source geometry, not in numeric magnitude.

Original EPS weighted share count / 2022

1 metrics

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Original EPS weighted share count / 2022 from ANNUAL REPORT 2025
Metric / unit 2021Group / year ended 31 December 2021 Source
Original EPS weighted share count
weighted average number of ordinary shares outstandingShares 400,994,652 PDF p. 75
Definitions & sources

Original report: PDF p. 75 ↗

Profit inputs are whole Singapore dollars; weighted shares are whole shares. Original currency sign and paragraph-closing parentheses remain in source geometry, not in numeric magnitude.

Original issued ordinary shares / 2022

1 metrics

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Original issued ordinary shares / 2022 from ANNUAL REPORT 2025
Metric / unit 2021Group and Company / year ended 31 December 2021 Source
Original issued ordinary shares
At 1 January and 31 DecemberShares 400,994,652 PDF p. 91
Definitions & sources

Original report: PDF p. 91 ↗

Original share-adjusted net debt and gearing / 2022

5 metrics

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Original share-adjusted net debt and gearing / 2022 from ANNUAL REPORT 2025
Metric / unit 2021Group / year ended 31 December 2021 Source
Original share-adjusted capital and gearing
Group’s share of interest-bearing bank loans in accordance with shareholding percentages in the respective subsidiaries and loans from non-controlling shareholder of a subsidiarySingapore dollars thousands 478,068 PDF p. 108
Less: Group’s share of cash and cash equivalents in accordance with shareholding percentages in the respective subsidiariesSingapore dollars thousands (13,902) PDF p. 108
Net debtSingapore dollars thousands 464,166 PDF p. 108
Equity attributable to shareholders of the CompanySingapore dollars thousands 314,252 PDF p. 108
Net debt to equity ratioTimes 1.5 PDF p. 108
Definitions & sources

Original report: PDF p. 108 ↗

Original gearing uses Group-share debt and cash according to shareholding percentages, with owners equity. It is not a ratio computed from gross consolidated borrowings and gross cash; 1.8 times is not 1.8 percent.

Original paid and proposed dividends / 2022

2 metrics

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Original paid and proposed dividends / 2022 from ANNUAL REPORT 2025
Metric / unit 2021Group and Company / year ended 31 December 2021 Source
Dividends on ordinary shares:
– final tax exempt (one-tier) dividend for 2021: 1.00 cent (2020: 1.00 cent) per shareSingapore dollars thousands 4,010 PDF p. 110
approval at the AGM:
– final tax exempt (one-tier) dividend for 2022: 1.00 cent (2021: 1.00 cent) per shareSingapore dollars thousands 4,010 PDF p. 110
Definitions & sources

Original report: PDF p. 110 ↗

Thousand-dollar cash amounts are distinct from rates embedded in source captions. First row is paid; following rows proposed and unrecognised as a liability.

Official response: Chuan Grove net-current-assets breakdown

8 metrics

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Official response: Chuan Grove net-current-assets breakdown from ANNUAL REPORT 2025
Metric / unit 2025Chuan Grove Pte. Ltd. / at 31 December 2025 / official 16 April 2026 response Source
Official Chuan Grove net-current-assets breakdown
Land costSingapore dollars thousands 1,327,510 PDF p. 5
Buyer’s stamp dutySingapore dollars thousands 79,530 PDF p. 5
Non-remittable ABSDSingapore dollars thousands 66,376 PDF p. 5
Other development costs such as finance cost and property taxSingapore dollars thousands 7,541 PDF p. 5
Other assetsSingapore dollars thousands 160 PDF p. 5
AssetsSingapore dollars thousands 1,481,117 PDF p. 5
LiabilitiesSingapore dollars thousands (3,926) PDF p. 5
Net current assetsSingapore dollars thousands 1,477,191 PDF p. 5
Definitions & sources

Original report: PDF p. 5 ↗

Source is the official annual-query response, physicalpage 5. This table supplements the audited subsidiary schedule; its source is not the annual PDF.

Where the money comes from

Segment information

By geography

Segment information (Note 35): business segments and geographic location 11 lines
Segment information (Note 35): business segments and geographic location
Item / unit 2025Property development, Singapore2024Property development, Singapore2025Property investment, Australia2024Property investment, Australia2025Consolidated financial statements2024Consolidated financial statements Source
Revenue
External customers$'000 873,8919,2134,5575,758878,44814,971 PDF p. 103
Total revenue$'000 873,8919,2134,5575,758878,44814,971 PDF p. 103
Results
Interest income$'000 1,3982,6065112451,9092,851 PDF p. 103
Dividend income$'000 313256––313256 PDF p. 103
Fair value (loss)/gain on investment property$'000 ––(1,684)2,431(1,684)2,431 PDF p. 103
Depreciation$'000 (501)(964)––(501)(964) PDF p. 103
Finance costs$'000 (820)(18)––(820)(18) PDF p. 103
Income tax expense$'000 (30,388)(640)(688)(808)(31,076)(1,448) PDF p. 103
Segment profit$'000 140,4483,0171,8916,832142,3399,849 PDF p. 103
Assets
Segment Assets$'000 1,653,836787,67794,59187,4871,748,427875,164 PDF p. 103
Liabilities
Segment Liabilities$'000 1,285,433548,7291,3521,4381,286,785550,167 PDF p. 103
Notes

Two reportable segments: property development (developing residential, commercial and industrial properties for sale) and property investment (owns and leases investment property). Segment performance is evaluated on operating profit or loss.

Geographic location header: Singapore (Property development), Australia (Property investment); each segment maps to one geography in the printed table.

No capital expenditure line or separate geographic table printed in the segment note.

Debt

Borrowings

Advance and loans from subsidiaries – maturities (Company)

Advance and loans from subsidiaries – maturities (Company) — Company
Item / unit 2025$'0002024$'000 Source
Advance and loans from subsidiaries
Notional value$'000 279,33082,428 PDF p. 84
Fair value adjustment$'000 (9,669)(3,623) PDF p. 84
Cumulative imputed interest expense recognised$'000 3,6232,844 PDF p. 84
Amortised cost at 31 December$'000 273,28481,649 PDF p. 84
Maturities – Current
Less than one year$'000 82,42081,649 PDF p. 84
Maturities – Non-current
Later than one year but not later than five years$'000 190,864– PDF p. 84
Notes

Advance and loans from subsidiaries are unsecured, interest-free and carried at amortised cost.

Imputed effective interest rates of between 1.4% to 2.5% per annum (page 85).

Note 33(b) Contractual undiscounted maturity – borrowings and leases, Group

Note 33(b) Contractual undiscounted maturity – borrowings and leases, Group — Group
Item / unit 2025Less than 1 year, $'00020251 to 2 years, $'00020252 to 5 years, $'0002025More than 5 years, $'0002025Total, $'0002024Less than 1 year, $'00020241 to 2 years, $'00020242 to 5 years, $'0002024More than 5 years, $'0002024Total, $'000 Source
Financial liabilities
Interest-bearing bank loans$'000 60,518–1,086,989–1,147,507262,095–––262,095 PDF p. 97PDF p. 98
Loan from non-controlling shareholder of a subsidiary$'000 ––183,630–183,630 PDF p. 97
Lease liabilities$'000 225–––225 PDF p. 98
Notes

Based on contractual undiscounted repayment obligations. No lease liabilities line for 2025.

Note 33(b) Contractual undiscounted maturity – borrowings, Company 2025

Note 33(b) Contractual undiscounted maturity – borrowings, Company 2025 — Company
Item / unit 2025Less than 1 year, $'00020251 to 2 years, $'00020252 to 5 years, $'0002025More than 5 years, $'0002025Total, $'000 Source
Financial liabilities
Interest-bearing bank loans$'000 401–––401 PDF p. 99
Advance from subsidiaries$'000 82,420196,910––279,330 PDF p. 99

Note 33(b) Contractual undiscounted maturity – borrowings and leases, Company 2024

Note 33(b) Contractual undiscounted maturity – borrowings and leases, Company 2024 — Company
Item / unit 2024Less than 1 year, $'00020241 to 2 years, $'00020242 to 5 years, $'0002024More than 5 years, $'0002024Total, $'000 Source
Financial liabilities
Advance from subsidiaries$'000 82,428–––82,428 PDF p. 100
Lease liabilities$'000 225–––225 PDF p. 100
Borrowing notes 5 tables

Interest-bearing bank loans

Interest-bearing bank loans
Item / unit 2025Group, $'0002024Group, $'0002025Company, $'0002024Company, $'000 Source
Current
Loans (Current, maturity 2026)$'000 60,300254,000400– PDF p. 84
Non-current
Loans (Non-current, maturity 2030)$'000 995,633––– PDF p. 84
Notes

Interest: During the financial year, these interest-bearing bank loans bear floating interest at rates ranging from 1.8% to 2.8% (2024: 4.1% to 4.9%) per annum.

Security: Bank loans are obtained mainly for the purpose of acquisition and development of properties and are secured by (a) first legal mortgage over the Group's completed properties (Note 15), development properties (Note 14) and investment property (Note 11); (b) assignment of sales and rental proceeds, construction guarantees, insurances, rights, title and interests under construction contracts and performance bonds; (c) deed of subordination in respect of all direct and indirect shareholders' and related company loans; and (d) proportionate undertakings given by the Company and non-controlling shareholder of a subsidiary.

Currency is Singapore dollars ($) as presented; no separate currency denomination table found.

Balance sheets – borrowing lines

Balance sheets – borrowing lines
Item / unit 2025Group, $'0002024Group, $'0002025Company, $'0002024Company, $'000 Source
Current liabilities
Interest-bearing bank loans (current)$'000 60,300254,000400– PDF p. 45
Advance from subsidiaries$'000 ––82,42081,649 PDF p. 45
Lease liabilities$'000 –225–225 PDF p. 45
Non-current liabilities
Interest-bearing bank loans (non-current)$'000 995,633––– PDF p. 45
Loans from subsidiaries$'000 ––190,864– PDF p. 45
Notes

Loans from non-controlling shareholder of a subsidiary (Note 25) is a wrapped row; see reconciliation table: Group 2025 167,158, 2024 –.

Reconciliation of liabilities from Group financing activities (2024 to 2025)

Reconciliation of liabilities from Group financing activities (2024 to 2025)
Item / unit 2024Group opening, $'0002025Group cash flows, $'0002025Group non-cash accretion of interest, $'0002025Group closing, $'000 Source
Interest-bearing bank loans
Interest-bearing bank loans – Non-current$'000 –995,633–995,633 PDF p. 51
Interest-bearing bank loans – Current$'000 254,000(193,700)–60,300 PDF p. 51
Loans from non-controlling shareholder of a subsidiary
Loans from non-controlling shareholder of a subsidiary – Non-current$'000 –165,8241,334167,158 PDF p. 51
Lease liabilities
Lease liabilities – Current$'000 225(235)10– PDF p. 51
Notes

Total row: 254,225 / 967,522 / 1,344 / 1,223,091.

Reconciliation of liabilities from Group financing activities (2023 to 2024)

Reconciliation of liabilities from Group financing activities (2023 to 2024)
Item / unit 2023Group opening, $'0002024Group cash flows, $'0002024Group non-cash accretion of interest, $'0002024Group non-cash others, $'0002024Group closing, $'000 Source
Interest-bearing bank loans
Interest-bearing bank loans – Non-current$'000 294,125(40,125)–(254,000)– PDF p. 51
Interest-bearing bank loans – Current$'000 –––254,000254,000 PDF p. 51
Lease liabilities
Lease liabilities – Non-current$'000 225––(225)– PDF p. 51
Lease liabilities – Current$'000 216(234)18225225 PDF p. 51
Notes

The “Others” column relates to reclassification of non-current to current portion of bank loans and lease liabilities due to passage of time.

Note 30(b) Lease liabilities movement

Note 30(b) Lease liabilities movement — Group and Company
Item / unit 2025$'0002024$'000 Source
Lease liabilities
Balance at 1 January$'000 225441 PDF p. 88
Accretion of interest$'000 1018 PDF p. 88
Payments$'000 (235)(234) PDF p. 88
Balance at 31 December$'000 –225 PDF p. 88
Current$'000 –225 PDF p. 88
Non-current$'000 –– PDF p. 88
Notes

The maturity analysis of lease liabilities is disclosed in Note 33(b).

Payout

Dividends & distributions

Dividend policy

ItemValuePeriod / scopeSource
Dividend policy The Company does not have a fixed dividend policy but a general policy on the factors to consider for dividend payments. In determining the form, frequency and amount of dividends, the Board will consider the Group’s earnings, cash flow, capital requirement, development plans, general business condition, past dividend payment history and other factors that may be relevant. Company PDF p. 33

Dividends declared and proposed

ItemValuePeriod / scopeSource
final tax exempt (one-tier) dividend for 2025 1.00 cents per share FY2025 proposed, subject to shareholders' approval at AGM; Group and Company; comparative 2024: 1.00 cent PDF p. 104
special tax exempt (one-tier) dividend for 2025 4.00 cents per share FY2025 proposed, subject to shareholders' approval at AGM; Group and Company; comparative 2024: Nil PDF p. 104
final tax exempt (one-tier) dividend for 2024 1.00 cents per share FY2024 final dividend declared and paid during 2025; Group and Company PDF p. 104
Bonus issue The bonus shares will not be entitled to the final cash dividend of S$0.01 per share or the special cash dividend of S$0.04 per share announced by the Company on 24 February 2026. Company, subsequent event · As at 2026-02-24 PDF p. 104

Payout

ItemValuePeriod / scopeSource
Dividend per share (cents) 5.00 cents 2025 (before bonus share issue); comparative 2024: 1.00 PDF p. 8

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

ItemValuePeriod / scopeSource
Auditor Ernst & Young LLP Group and Company, FY2025 PDF p. 42
Engagement partner Nelson Chen Group and Company, FY2025 PDF p. 42
Opinion true and fair view Group and Company, FY2025 PDF p. 39

Key audit matters

ItemValuePeriod / scopeSource
Fair valuation of investment property The Group’s investment property comprises Travelodge Docklands, a freehold fourteen-storey hotel, located at 66 Aurora Lane, Docklands in Melbourne, which it carries at fair value, with changes in fair values being recognised in profit or loss. Group, FY2025 PDF p. 40

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.

Four official annual originals 480 pages provide FY2021–FY2025 primary comparisons, all ending 31 December. Four official annual-report query responses 15 pages are separately archived supplements. The latest complete annual report remains FY2025, published 1 April 2026; the later 16 April 2026 response is not a replacement annual report.

Primary monetary statements and the five-year income/financial-position summary are Singapore dollars thousands. Reported EPS, NAV and dividend per share are Singapore cents per share. EPS profit inputs are whole dollars, and issued/weighted shares are whole shares. Company balance sheets and equity changes are supplied; separate Company income, comprehensive-income and cash-flow statements are not printed.

Ernst & Young LLP issued an unmodified current opinion signed 31 March 2026 by Nelson Chen. KAM disclosures do not change that opinion. FY2025 net profit 142,339 thousand includes owners 142,324 and NCI 15; total comprehensive income 146,170 includes owners 146,155 and NCI 15. EPS and NAV use shareholders’ figures, not NCI-inclusive Group totals.

The source five-year return series is explicitly before the proposed bonus share issue. A one-for-four bonus issue was proposed 24 February 2026, subject to shareholder approval. Its up-to 100,248,663 shares were not included in the source issued count 400,994,652. The separate source bonus-adjusted EPS 28.39 and 1.95 cents is retained alongside reported 35.49 and 2.44; the five-year reported series is not overwritten.

FY2025 paid ordinary dividends are 4,010 thousand, relating to the previous final dividend. Proposed FY2025 final 1.00 cent and special 4.00 cents total 5.00 cents, with proposed cash amounts 4,010 plus 16,040 thousand. These proposed amounts were not recognised as reporting-date liabilities and are not the cash paid in FY2025. The proposed bonus shares are not entitled to those cash dividends.

The FY2025 revenue increase chiefly reflects North Gaia executive-condominium revenue recognised at completion and delivery of vacant possession. The official query response distinguishes that point-in-time treatment from progressive recognition for private residential development. Revenue 878,448 thousand and owner profit 142,324 are not operating cash receipts: audited operating cash flow is a 1,020,419 thousand outflow.

Original capital management uses Group-share debt and cash adjusted according to ownership percentages in subsidiaries, divided by owners equity. FY2025 reported adjusted debt 874,619 less adjusted cash 26,662 gives net debt 847,957; gearing is 1.8 times. These are distinct from consolidated gross bank loans 1,055,933 and cash 26,718. No unreported gross-debt ratio is substituted.

Chuan Grove is a consolidated 65% subsidiary with 35%NCI. The original corporate chart identifies its parent as Sing Holdings Residential. Business-partner joint-venture wording in the query response does not change the accounting classification. Its FY2025 net current assets 1,477,191 less noncurrent liabilities 1,473,226 give net assets 3,965 thousand; the Chuan Grove schedule is not a Group balance sheet.

The official 16 April 2026 response, physicalpage 5, provides the Chuan Grove asset breakdown: land 1,327,510, buyer’s stamp duty 79,530, non-remittable ABSD 66,376, other development costs 7,541 and other assets 160 thousand, totalling assets 1,481,117; liabilities 3,926 reduce that to net current assets 1,477,191. The distinct supplement URL and PDF hash are retained for this table.

Fernvale Green was deconsolidated on loss of control and is under members’ voluntary liquidation; the annual-report current ownership column is a dash and prior ownership is 70%. The official response identifies the current unquoted FVPL investment 16,135 thousand as the Company’s share of Fernvale Green net assets. It is not an unrelated new unlisted purchase or a current controlled subsidiary; no current legal-interest percentage is inferred from the dash.

Group NCI equity moves from 6,888 through profit 15, capital injection 1,400 and reduction on loss of control 6,915 to closing 1,388 thousand. The cash-flow statement separately removes 5,050 cash on deconsolidation. Those changes are distinct from a cash dividend or an assumed full disposal of legal ownership.

Borrowing costs capitalised in development properties 6,807 thousand differ from finance costs 820 recognised in profit or loss. The cash/noncash financing reconciliation also shows 1,334 noncash accretion on the NCI-shareholder loan. No aggregate borrowing-cost, expense or cash-paid figure is substituted for another.

Investment-property fair value movements retain both valuation and currency effects: opening 79,660, fair-value loss 1,684 and FX gain 1,331 close at 79,307 thousand. Property-investment segment revenue 4,557 comprises minimum rental 1,177 and contingent rent 3,380. Singapore development and Australian investment segment results, assets and liabilities reconcile to Group totals.

The five-year summary’s shareholders’ funds exclude NCI, whereas its net-assets chart rounds total Group equity including NCI. All 35 chart values were checked against their own income, assets, equity or return scopes. These differently scoped original series are not merged.

Quoted equity holdings are classified at FVOCI and described as an affiliated company; the official query reproduces the name Sing Investments & Finance Limited. The annual definition of affiliated company concerns directors’ substantial financial interests, not an accounting associate. The original 6,785 thousand value is retained; no unprinted voting-stake percentage is invented.

The shareholding-statistics issued-capital figure is 106,737,447.21 Singapore dollars, while the financial statements report share capital 104,951 thousand. Both originals and their precision are preserved. The report supplies no numerical bridge in the inspected share-capital disclosures; no share-issuance-cost explanation is invented.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.