Bukit Sembawang B61
Financials
Annual Report 2026
Explore the statements
36 tablesStatements of Financial Position as at March 31, 2026
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026Company | 2025Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Investment property$’000 | 2,512 | 2,674 | – | – | PDF p. 84 |
| Property, plant and equipment$’000 | 213,036 | 213,161 | – | – | PDF p. 84 |
| Investments in subsidiaries$’000 | – | – | 317,000 | 317,000 | PDF p. 84 |
| Deferred tax assets$’000 | – | 904 | – | – | PDF p. 84 |
| Non-current assets subtotal | |||||
| Subtotal$’000 | 215,548 | 216,739 | 317,000 | 317,000 | PDF p. 84 |
| Current assets | |||||
| Development properties$’000 | 1,133,827 | 517,835 | – | – | PDF p. 84 |
| Contract costs$’000 | 4,879 | 4,661 | – | – | PDF p. 84 |
| Contract assets$’000 | 199,366 | 282,972 | – | – | PDF p. 84 |
| Trade and other receivables$’000 | 78,434 | 91,465 | 576,738 | 766,787 | PDF p. 84 |
| Cash and cash equivalents$’000 | 439,280 | 582,421 | 231,791 | 390,631 | PDF p. 84 |
| Current assets subtotal | |||||
| Subtotal$’000 | 1,855,786 | 1,479,354 | 808,529 | 1,157,418 | PDF p. 84 |
| Total assets | |||||
| Total assets$’000 | 2,071,334 | 1,696,093 | 1,125,529 | 1,474,418 | PDF p. 84 |
| Equity attributable to shareholders of the Company | |||||
| Share capital$’000 | 631,801 | 631,801 | 631,801 | 631,801 | PDF p. 84 |
| Reserves$’000 | 1,037,843 | 960,982 | 73,662 | 80,016 | PDF p. 84 |
| Total equity$’000 | 1,669,644 | 1,592,783 | 705,463 | 711,817 | PDF p. 84 |
| Non-current liabilities | |||||
| Borrowings$’000 | 230,433 | – | – | – | PDF p. 84 |
| Lease liabilities$’000 | 392 | 475 | – | – | PDF p. 84 |
| Provisions$’000 | 90 | 90 | – | – | PDF p. 84 |
| Deferred tax liabilities$’000 | 32,747 | 19,886 | 24 | 27 | PDF p. 84 |
| Non-current liabilities subtotal | |||||
| Subtotal$’000 | 263,662 | 20,451 | 24 | 27 | PDF p. 84 |
| Current liabilities | |||||
| Trade and other payables$’000 | 103,061 | 57,336 | 419,190 | 760,478 | PDF p. 84 |
| Lease liabilities$’000 | 580 | 535 | – | – | PDF p. 84 |
| Contract liabilities$’000 | 19,783 | 22,453 | – | – | PDF p. 84 |
| Provisions$’000 | 58 | 58 | – | – | PDF p. 84 |
| Current tax payable$’000 | 14,546 | 2,477 | 852 | 2,096 | PDF p. 84 |
| Current liabilities subtotal | |||||
| Subtotal$’000 | 138,028 | 82,859 | 420,042 | 762,574 | PDF p. 84 |
| Total liabilities | |||||
| Total liabilities$’000 | 401,690 | 103,310 | 420,066 | 762,601 | PDF p. 84 |
| Total equity and liabilities | |||||
| Total equity and liabilities$’000 | 2,071,334 | 1,696,093 | 1,125,529 | 1,474,418 | PDF p. 84 |
Definitions & sources
Original report: PDF p. 84 ↗
Consolidated Statement of Comprehensive Income, year ended March 31, 2026
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Income | |||
| Revenue$’000 | 345,553 | 549,961 | PDF p. 85 |
| Cost of sales$’000 | (180,931) | (418,010) | PDF p. 85 |
| Gross profit$’000 | 164,622 | 131,951 | PDF p. 85 |
| Other income$’000 | 124 | 115 | PDF p. 85 |
| Expenses | |||
| Administrative expenses$’000 | (11,707) | (11,644) | PDF p. 85 |
| Income | |||
| Other operating income$’000 | 2,586 | 2,514 | PDF p. 85 |
| Profit from operations$’000 | 155,625 | 122,936 | PDF p. 85 |
| Finance | |||
| Finance income$’000 | 4,048 | 14,678 | PDF p. 85 |
| Finance costs$’000 | (3,103) | (178) | PDF p. 85 |
| Net finance income$’000 | 945 | 14,500 | PDF p. 85 |
| Income | |||
| Profit before tax$’000 | 156,570 | 137,436 | PDF p. 85 |
| Tax | |||
| Tax expense$’000 | (27,927) | (23,144) | PDF p. 85 |
| Income and comprehensive income | |||
| Profit for the year representing total comprehensive income for the year$’000 | 128,643 | 114,292 | PDF p. 85 |
| Earnings per share | |||
| Basic and diluted earnings per share (cents)cents per share | 49.69 | 44.14 | PDF p. 85 |
Definitions & sources
Original report: PDF p. 85 ↗
Consolidated Statement of Changes in Equity — FY2025
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupShare capital | 2025GroupAccumulated profits | 2025GroupTotal equity | Source |
|---|---|---|---|---|
| Group equity rollforward | ||||
| At April 1, 2024$’000 | 631,801 | 888,115 | 1,519,916 | PDF p. 86 |
| Profit for the year$’000 | – | 114,292 | 114,292 | PDF p. 86 |
| Dividends paid$’000 | – | (41,425) | (41,425) | PDF p. 86 |
| Total contributions by and distributions to equity holders$’000 | – | (41,425) | (41,425) | PDF p. 86 |
| Total transactions with owners$’000 | – | (41,425) | (41,425) | PDF p. 86 |
| At March 31, 2025$’000 | 631,801 | 960,982 | 1,592,783 | PDF p. 86 |
Definitions & sources
Original report: PDF p. 86 ↗
The FY2025 closing balance is reused as the FY2026 opening balance. There is no Company equity statement or non-controlling-interest column in this original statement.
Consolidated Statement of Changes in Equity — FY2026
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026GroupShare capital | 2026GroupAccumulated profits | 2026GroupTotal equity | Source |
|---|---|---|---|---|
| Group equity rollforward | ||||
| At March 31, 2025$’000 | 631,801 | 960,982 | 1,592,783 | PDF p. 86 |
| Profit for the year$’000 | – | 128,643 | 128,643 | PDF p. 86 |
| Dividends paid$’000 | – | (51,782) | (51,782) | PDF p. 86 |
| Total contributions by and distributions to equity holders$’000 | – | (51,782) | (51,782) | PDF p. 86 |
| Total transactions with owners$’000 | – | (51,782) | (51,782) | PDF p. 86 |
| At March 31, 2026$’000 | 631,801 | 1,037,843 | 1,669,644 | PDF p. 86 |
Definitions & sources
Original report: PDF p. 86 ↗
The FY2025 closing balance is reused as the FY2026 opening balance. There is no Company equity statement or non-controlling-interest column in this original statement.
Consolidated Statement of Cash Flows
32 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before tax$’000 | 156,570 | 137,436 | PDF p. 87 |
| Operating activities; adjustments for | |||
| Depreciation of investment property$’000 | 162 | 162 | PDF p. 87 |
| Depreciation of property, plant and equipment$’000 | 4,558 | 4,510 | PDF p. 87 |
| Gain on disposal of property, plant and equipment$’000 | – | (4) | PDF p. 87 |
| Impairment loss on property, plant and equipment written back$’000 | (3,723) | (3,932) | PDF p. 87 |
| Loss on lease termination$’000 | – | 2 | PDF p. 87 |
| Realised foreign exchange losses$’000 | 1 | – | PDF p. 87 |
| Interest income$’000 | (4,048) | (14,678) | PDF p. 87 |
| Finance costs$’000 | 3,103 | 178 | PDF p. 87 |
| Operating activities | |||
| Subtotal$’000 | 156,623 | 123,674 | PDF p. 87 |
| Operating activities; changes in | |||
| Development properties$’000 | (615,992) | 194,107 | PDF p. 87 |
| Contract costs$’000 | (218) | 7,120 | PDF p. 87 |
| Contract assets$’000 | 83,606 | (102,195) | PDF p. 87 |
| Trade and other receivables$’000 | 11,905 | (73,271) | PDF p. 87 |
| Trade and other payables$’000 | 45,564 | 1,278 | PDF p. 87 |
| Contract liabilities$’000 | (2,670) | 7,985 | PDF p. 87 |
| Operating activities | |||
| Cash (used in)/generated from operations$’000 | (321,182) | 158,698 | PDF p. 87 |
| Interest received$’000 | 4,250 | 15,647 | PDF p. 87 |
| Taxes paid$’000 | (2,093) | (561) | PDF p. 87 |
| Net cash (used in)/generated from operating activities$’000 | (319,025) | 173,784 | PDF p. 87 |
| Investing activities | |||
| Proceeds from disposal of property, plant and equipment$’000 | – | 4 | PDF p. 87 |
| Additions to property, plant and equipment$’000 | (175) | (188) | PDF p. 87 |
| Net cash used in investing activities$’000 | (175) | (184) | PDF p. 87 |
| Financing activities | |||
| Proceeds from borrowings$’000 | 259,000 | – | PDF p. 87 |
| Repayment of borrowing$’000 | (28,000) | – | PDF p. 87 |
| Dividends paid to owners of the Company$’000 | (51,782) | (41,425) | PDF p. 87 |
| Upfront bank facilities fees and interest paid$’000 | (2,586) | (1,352) | PDF p. 87 |
| Payments for lease liabilities$’000 | (573) | (645) | PDF p. 87 |
| Net cash generated from/(used in) financing activities$’000 | 176,059 | (43,422) | PDF p. 87 |
| Cash and cash equivalents | |||
| Net (decrease)/increase in cash and cash equivalents$’000 | (143,141) | 130,178 | PDF p. 87 |
| Cash and cash equivalents at beginning of the year$’000 | 582,421 | 452,243 | PDF p. 87 |
| Cash and cash equivalents at end of the year$’000 | 439,280 | 582,421 | PDF p. 87 |
Definitions & sources
Original report: PDF p. 87 ↗
Five-year consolidated financial position
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2024Group | 2023Group | 2022Group | Source |
|---|---|---|---|---|---|---|
| Financial summary | ||||||
| Investment Property$'000 | 2,512 | 2,674 | 2,836 | 2,998 | 3,160 | PDF p. 6 |
| Property, Plant and Equipment$'000 | 213,036 | 213,161 | 212,521 | 212,411 | 212,355 | PDF p. 6 |
| Deferred Tax Assets$'000 | - | 904 | 8,553 | 13,019 | 12,404 | PDF p. 6 |
| Current Assets$'000 | 1,855,786 | 1,479,354 | 1,374,732 | 1,350,154 | 1,445,444 | PDF p. 6 |
| Current Liabilities$'000 | (138,028) | (82,859) | (72,248) | (102,925) | (59,566) | PDF p. 6 |
| Non-Current Liabilities$'000 | (263,662) | (20,451) | (6,478) | (697) | (131,812) | PDF p. 6 |
| Subtotal$'000 | 1,669,644 | 1,592,783 | 1,519,916 | 1,474,960 | 1,481,985 | PDF p. 6 |
| Share Capital$'000 | 631,801 | 631,801 | 631,801 | 631,801 | 631,801 | PDF p. 6 |
| Reserves$'000 | 1,037,843 | 960,982 | 888,115 | 843,159 | 850,184 | PDF p. 6 |
| Total Equity$'000 | 1,669,644 | 1,592,783 | 1,519,916 | 1,474,960 | 1,481,985 | PDF p. 6 |
Definitions & sources
Original report: PDF p. 6 ↗
Original source literals and row units are preserved in extraction evidence.
Five-year consolidated comprehensive income
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2024Group | 2023Group | 2022Group | Source |
|---|---|---|---|---|---|---|
| Financial summary | ||||||
| Revenue$'000 | 345,553 | 549,961 | 561,956 | 197,126 | 288,229 | PDF p. 6 |
| Profit Before Tax$'000 | 156,570 | 137,436 | 82,569 | 37,478 | 95,335 | PDF p. 6 |
| Tax Expense$'000 | (27,927) | (23,144) | (11,722) | (3,078) | (12,417) | PDF p. 6 |
| Profit After Tax$'000 | 128,643 | 114,292 | 70,847 | 34,400 | 82,918 | PDF p. 6 |
Definitions & sources
Original report: PDF p. 6 ↗
Original source literals and row units are preserved in extraction evidence.
Group financial highlights
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Financial highlights | |||
| Revenue$'000 | 345,553 | 549,961 | PDF p. 7 |
| Profit Before Tax$'000 | 156,570 | 137,436 | PDF p. 7 |
| Profit After Tax$'000 | 128,643 | 114,292 | PDF p. 7 |
| Net Dividends paid$'000 | - | 51,782 | PDF p. 7 |
| Net Dividends (proposed)$'000 | 56,960 | - | PDF p. 7 |
| Share Capital$'000 | 631,801 | 631,801 | PDF p. 7 |
| Total Equity$'000 | 1,669,644 | 1,592,783 | PDF p. 7 |
| Net Return on Total Equity% | 7.70 | 7.18 | PDF p. 7 |
| Earnings per ordinary share | |||
| Basic earnings per shareSGD per ordinary share | 0.50 | 0.44 | PDF p. 7 |
| Diluted earnings per shareSGD per ordinary share | 0.50 | 0.44 | PDF p. 7 |
| Dividends per ordinary share | |||
| GrossSGD per ordinary share | 0.22 | 0.20 | PDF p. 7 |
| NetSGD per ordinary share | 0.22 | 0.20 | PDF p. 7 |
| Covertimes | 2.26 | 2.21 | PDF p. 7 |
| Financial highlights | |||
| Net Tangible Assets Per Ordinary ShareSGD per ordinary share | 6.45 | 6.15 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Original source literals and row units are preserved in extraction evidence.
Investment property accumulated depreciation — FY2025
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | Source |
|---|---|---|
| Accumulated depreciation | ||
| At April 1, 2024$’000 | 5,353 | PDF p. 104 |
| Depreciation charge for the year$’000 | 162 | PDF p. 104 |
| At March 31, 2025$’000 | 5,515 | PDF p. 104 |
Definitions & sources
Original report: PDF p. 104 ↗
Shared FY2025 closing balance is reused as FY2026 opening balance.
Investment property accumulated depreciation — FY2026
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | Source |
|---|---|---|
| Accumulated depreciation | ||
| At March 31, 2025$’000 | 5,515 | PDF p. 104 |
| Depreciation charge for the year$’000 | 162 | PDF p. 104 |
| At March 31, 2026$’000 | 5,677 | PDF p. 104 |
Definitions & sources
Original report: PDF p. 104 ↗
Shared FY2025 closing balance is reused as FY2026 opening balance.
Investment property cost
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Cost | |||
| Cost$’000 | 8,189 | 8,189 | PDF p. 104 |
Definitions & sources
Original report: PDF p. 104 ↗
Cost is one shared source balance explicitly stated at April 1, 2024 and March 31, 2025 and 2026.
Investment property carrying amount
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Carrying amount | |||
| Carrying amount$’000 | 2,512 | 2,674 | PDF p. 104 |
Definitions & sources
Original report: PDF p. 104 ↗
Investment property fair value
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Fair value | |||
| Fair value$’000 | 28,500 | 28,500 | PDF p. 104 |
Definitions & sources
Original report: PDF p. 104 ↗
Investment property rental income
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group; leased office premises | 2025Group; leased office premises | Source |
|---|---|---|---|
| Investment property income | |||
| Rental income from investment propertySGD | 618,000 | 606,000 | PDF p. 104 |
Definitions & sources
Original report: PDF p. 104 ↗
Company investments in subsidiaries
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Company | 2025Company | Source |
|---|---|---|---|
| Company subsidiary investments | |||
| Unquoted equity shares, at cost$’000 | 317,200 | 317,200 | PDF p. 107 |
| Accumulated impairment losses$’000 | (200) | (200) | PDF p. 107 |
| Subtotal$’000 | 317,000 | 317,000 | PDF p. 107 |
Definitions & sources
Original report: PDF p. 107 ↗
Company subsidiary impairment movements
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Company | 2025Company | Source |
|---|---|---|---|
| Company subsidiary investments | |||
| At the beginning and end of the financial year$’000 | 200 | 200 | PDF p. 107 |
Definitions & sources
Original report: PDF p. 107 ↗
Property, plant and equipment — Cost — FY2025
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupFreehold properties | 2025GroupFurniture, fittings and equipment | 2025GroupPlant and machinery | 2025GroupMotor vehicles | 2025GroupComputers | 2025GroupRight-of-use assets | 2025GroupTotal | Source |
|---|---|---|---|---|---|---|---|---|
| Cost | ||||||||
| At April 1, 2024$’000 | 239,886 | 9,912 | 18,852 | 59 | 860 | 3,166 | 272,735 | PDF p. 105 |
| Additions$’000 | – | 71 | – | – | 117 | 1,039 | 1,227 | PDF p. 105 |
| Derecognition$’000 | – | – | – | – | – | (113) | (113) | PDF p. 105 |
| Disposal$’000 | – | (1) | – | (59) | – | – | (60) | PDF p. 105 |
| Written off$’000 | – | (2) | – | – | (32) | – | (34) | PDF p. 105 |
| At March 31, 2025$’000 | 239,886 | 9,980 | 18,852 | – | 945 | 4,092 | 273,755 | PDF p. 105 |
Definitions & sources
Original report: PDF p. 105 ↗
FY2025 closing cost and depreciation balances are reused as FY2026 opening balances. Dashes are retained as printed.
Property, plant and equipment — Cost — FY2026
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026GroupFreehold properties | 2026GroupFurniture, fittings and equipment | 2026GroupPlant and machinery | 2026GroupMotor vehicles | 2026GroupComputers | 2026GroupRight-of-use assets | 2026GroupTotal | Source |
|---|---|---|---|---|---|---|---|---|
| Cost | ||||||||
| At March 31, 2025$’000 | 239,886 | 9,980 | 18,852 | – | 945 | 4,092 | 273,755 | PDF p. 105 |
| Additions$’000 | – | 86 | – | – | 89 | 539 | 714 | PDF p. 105 |
| Derecognition$’000 | – | – | – | – | – | (51) | (51) | PDF p. 105 |
| Written off$’000 | – | (1) | – | – | (45) | – | (46) | PDF p. 105 |
| At March 31, 2026$’000 | 239,886 | 10,065 | 18,852 | – | 989 | 4,580 | 274,372 | PDF p. 105 |
Definitions & sources
Original report: PDF p. 105 ↗
FY2025 closing cost and depreciation balances are reused as FY2026 opening balances. Dashes are retained as printed.
Property, plant and equipment — Accumulated depreciation and impairment loss — FY2025
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupFreehold properties | 2025GroupFurniture, fittings and equipment | 2025GroupPlant and machinery | 2025GroupMotor vehicles | 2025GroupComputers | 2025GroupRight-of-use assets | 2025GroupTotal | Source |
|---|---|---|---|---|---|---|---|---|
| Accumulated depreciation and impairment loss | ||||||||
| At April 1, 2024$’000 | 36,726 | 5,342 | 14,735 | 59 | 791 | 2,561 | 60,214 | PDF p. 105 |
| Depreciation charge for the year$’000 | 2,047 | 923 | 818 | – | 56 | 666 | 4,510 | PDF p. 105 |
| Derecognition$’000 | – | – | – | – | – | (104) | (104) | PDF p. 105 |
| Disposal$’000 | – | (1) | – | (59) | – | – | (60) | PDF p. 105 |
| Written off$’000 | – | (2) | – | – | (32) | – | (34) | PDF p. 105 |
| Reversal of impairment loss$’000 | (3,932) | – | – | – | – | – | (3,932) | PDF p. 105 |
| At March 31, 2025$’000 | 34,841 | 6,262 | 15,553 | – | 815 | 3,123 | 60,594 | PDF p. 105 |
Definitions & sources
Original report: PDF p. 105 ↗
FY2025 closing cost and depreciation balances are reused as FY2026 opening balances. Dashes are retained as printed.
Property, plant and equipment — Accumulated depreciation and impairment loss — FY2026
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026GroupFreehold properties | 2026GroupFurniture, fittings and equipment | 2026GroupPlant and machinery | 2026GroupMotor vehicles | 2026GroupComputers | 2026GroupRight-of-use assets | 2026GroupTotal | Source |
|---|---|---|---|---|---|---|---|---|
| Accumulated depreciation and impairment loss | ||||||||
| At March 31, 2025$’000 | 34,841 | 6,262 | 15,553 | – | 815 | 3,123 | 60,594 | PDF p. 105 |
| Depreciation charge for the year$’000 | 2,137 | 942 | 818 | – | 93 | 568 | 4,558 | PDF p. 105 |
| Derecognition$’000 | – | – | – | – | – | (47) | (47) | PDF p. 105 |
| Written off$’000 | – | (1) | – | – | (45) | – | (46) | PDF p. 105 |
| Reversal of impairment loss$’000 | (3,723) | – | – | – | – | – | (3,723) | PDF p. 105 |
| At March 31, 2026$’000 | 33,255 | 7,203 | 16,371 | – | 863 | 3,644 | 61,336 | PDF p. 105 |
Definitions & sources
Original report: PDF p. 105 ↗
FY2025 closing cost and depreciation balances are reused as FY2026 opening balances. Dashes are retained as printed.
Property, plant and equipment — Carrying amount — FY2025
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupFreehold properties | 2025GroupFurniture, fittings and equipment | 2025GroupPlant and machinery | 2025GroupMotor vehicles | 2025GroupComputers | 2025GroupRight-of-use assets | 2025GroupTotal | Source |
|---|---|---|---|---|---|---|---|---|
| Carrying amount | ||||||||
| At March 31, 2025$’000 | 205,045 | 3,718 | 3,299 | – | 130 | 969 | 213,161 | PDF p. 105 |
Definitions & sources
Original report: PDF p. 105 ↗
FY2025 closing cost and depreciation balances are reused as FY2026 opening balances. Dashes are retained as printed.
Property, plant and equipment — Carrying amount — FY2026
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026GroupFreehold properties | 2026GroupFurniture, fittings and equipment | 2026GroupPlant and machinery | 2026GroupMotor vehicles | 2026GroupComputers | 2026GroupRight-of-use assets | 2026GroupTotal | Source |
|---|---|---|---|---|---|---|---|---|
| Carrying amount | ||||||||
| At March 31, 2026$’000 | 206,631 | 2,862 | 2,481 | – | 126 | 936 | 213,036 | PDF p. 105 |
Definitions & sources
Original report: PDF p. 105 ↗
FY2025 closing cost and depreciation balances are reused as FY2026 opening balances. Dashes are retained as printed.
Development properties — site and gross floor area
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group property schedule as at 31 March 2026Site area (square metres) | 2026Group property schedule as at 31 March 2026Gross floor area (square metres) | Source |
|---|---|---|---|
| Site and gross floor area | |||
| Luxus Hills Phase 10square metres | 38,941 | 40,856 | PDF p. 129 |
| Luxus Hills Phase 11square metres | 41,515 | 40,919 | PDF p. 129 |
| Luxus Hills Phase 12square metres | 41,687 | 40,146 | PDF p. 129 |
| Nim Collection Phase 3square metres | 38,779 | 35,479 | PDF p. 129 |
| Nim Collection Phase 4square metres | 48,857 | 48,421 | PDF p. 129 |
| Nim Collection Phase 5square metres | 19,094 | 22,294 | PDF p. 129 |
| The Atelier at Makeway Avenuesquare metres | 3,864 | 11,914 | PDF p. 130 |
| LIV@MB at Arthur Roadsquare metres | 13,077 | 30,208 | PDF p. 130 |
| 8@BT at Bukit Timah Linksquare metres | 4,611 | 14,941 | PDF p. 130 |
Definitions & sources
Original report: PDF p. 129 ↗ PDF p. 130 ↗
Original expected completion dates, tenure and construction descriptions are retained in the property schedule details below. Expected dates are projections printed in the source, not actual completion confirmations.
The Atelier source states 100% completion and an expected date of 2Q2024, with Certificate of Statutory Completion obtained 23 April 2026 after financial year end; both source dates are retained.
Luxus Hills Phase 10: Phase 10 999-year lease 38,941 40,856 38% 3Q 2028 100% Main building works in 1 1 commencing progress. January 1879
Luxus Hills Phase 11: Phase 11 999-year lease 41,515 40,919 7% 4Q 2029 100% Main building works in 2 2 commencing progress. January 1879
Luxus Hills Phase 12: Phase 12 999-year lease 41,687 40,146 6% 2Q 2029 100% Main building works in 3 3 commencing progress. January 1879 Lots 18633M & 18634W (formerly known as 18415A-PT) 18416K-PT, 16449W-PT, MK 18 at Nim Road/Ang Mo Kio Avenue 5
Nim Collection Phase 3: Phase 3 99-year lease 38,779 35,479 95% 2Q 2026 100% Main building works in 5 commencing progress. December 2019 4
Nim Collection Phase 4: Phase 4 99-year lease 48,857 48,421 21% 4Q 2028 100% Main building works in 7 commencing progress. April 2025 6
Nim Collection Phase 5: Lot 9934W MK 18 Statutory 19,094 22,294 9% 4Q 2028 100% Main building works in 8 at Ang Mo Kio grant progress. Avenue 5/Nim Road/CTE
The Atelier at Makeway Avenue: Lot 00792X, TS 28 Freehold 3,864 11,914 100% 2Q 2024 100% Certificate of Statutory 9 at 2 Makeway Completion obtained on Avenue 23 April 2026.
LIV@MB at Arthur Road: Lot 4343V, MK 25 99 Years from 13,077 30,208 100% 1Q 2025 100% Certificate of Statutory 10 at 114A, 114B, 23 November Completion obtained on 114C & 114D 2021 12 November 2025. Arthur Road
8@BT at Bukit Timah Link: Lot 02904P, MK 16 99 Years from 4,611 14,941 26% 4Q 2027 100% Main building works in 11 at Bukit Timah Link 13 February progress. 2023
Development properties — completion and effective interest
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group property schedule as at 31 March 2026Completion (%) | 2026Group property schedule as at 31 March 2026Group effective interest in property (%) | Source |
|---|---|---|---|
| Completion and effective property interest | |||
| Luxus Hills Phase 10% | 38 | 100 | PDF p. 129 |
| Luxus Hills Phase 11% | 7 | 100 | PDF p. 129 |
| Luxus Hills Phase 12% | 6 | 100 | PDF p. 129 |
| Nim Collection Phase 3% | 95 | 100 | PDF p. 129 |
| Nim Collection Phase 4% | 21 | 100 | PDF p. 129 |
| Nim Collection Phase 5% | 9 | 100 | PDF p. 129 |
| The Atelier at Makeway Avenue% | 100 | 100 | PDF p. 130 |
| LIV@MB at Arthur Road% | 100 | 100 | PDF p. 130 |
| 8@BT at Bukit Timah Link% | 26 | 100 | PDF p. 130 |
Definitions & sources
Original report: PDF p. 129 ↗ PDF p. 130 ↗
Original expected completion dates, tenure and construction descriptions are retained in the property schedule details below. Expected dates are projections printed in the source, not actual completion confirmations.
The Atelier source states 100% completion and an expected date of 2Q2024, with Certificate of Statutory Completion obtained 23 April 2026 after financial year end; both source dates are retained.
Luxus Hills Phase 10: Phase 10 999-year lease 38,941 40,856 38% 3Q 2028 100% Main building works in 1 1 commencing progress. January 1879
Luxus Hills Phase 11: Phase 11 999-year lease 41,515 40,919 7% 4Q 2029 100% Main building works in 2 2 commencing progress. January 1879
Luxus Hills Phase 12: Phase 12 999-year lease 41,687 40,146 6% 2Q 2029 100% Main building works in 3 3 commencing progress. January 1879 Lots 18633M & 18634W (formerly known as 18415A-PT) 18416K-PT, 16449W-PT, MK 18 at Nim Road/Ang Mo Kio Avenue 5
Nim Collection Phase 3: Phase 3 99-year lease 38,779 35,479 95% 2Q 2026 100% Main building works in 5 commencing progress. December 2019 4
Nim Collection Phase 4: Phase 4 99-year lease 48,857 48,421 21% 4Q 2028 100% Main building works in 7 commencing progress. April 2025 6
Nim Collection Phase 5: Lot 9934W MK 18 Statutory 19,094 22,294 9% 4Q 2028 100% Main building works in 8 at Ang Mo Kio grant progress. Avenue 5/Nim Road/CTE
The Atelier at Makeway Avenue: Lot 00792X, TS 28 Freehold 3,864 11,914 100% 2Q 2024 100% Certificate of Statutory 9 at 2 Makeway Completion obtained on Avenue 23 April 2026.
LIV@MB at Arthur Road: Lot 4343V, MK 25 99 Years from 13,077 30,208 100% 1Q 2025 100% Certificate of Statutory 10 at 114A, 114B, 23 November Completion obtained on 114C & 114D 2021 12 November 2025. Arthur Road
8@BT at Bukit Timah Link: Lot 02904P, MK 16 99 Years from 4,611 14,941 26% 4Q 2027 100% Main building works in 11 at Bukit Timah Link 13 February progress. 2023
Investment and serviced-apartment property floor areas
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group property schedule; floor area | Source |
|---|---|---|
| Investment property | ||
| 7th Storey Tong Buildingsquare metres | 638 | PDF p. 130 |
| Serviced-apartment property | ||
| Lot 01549N TS21 at Paterson Road/Lengkok Angsasquare metres | 10,981 | PDF p. 130 |
Definitions & sources
Original report: PDF p. 130 ↗
Tong Building: freehold office premises for lease. Paterson Road/Lengkok Angsa: freehold, operated as serviced apartments since 1 April 2019. These are floor areas, not carrying amounts.
Development properties carrying amount
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group; current development properties | 2025Group; current development properties | Source |
|---|---|---|---|
| Development properties carrying amount | |||
| Properties under development$’000 | 1,133,827 | 517,835 | PDF p. 109 |
Definitions & sources
Original report: PDF p. 109 ↗
Development properties recognised as cost of sales
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group development properties; narrower than total consolidated cost of sales | 2025Group development properties; narrower than total consolidated cost of sales | Source |
|---|---|---|---|
| Development properties cost of sales | |||
| Development properties recognised as cost of salesSGD | 164,535,000 | 392,921,000 | PDF p. 109 |
Definitions & sources
Original report: PDF p. 109 ↗
EPS numerator
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group; basic and diluted EPS profit | 2025Group; basic and diluted EPS profit | Source |
|---|---|---|---|
| EPS numerator | |||
| Profit for the year$’000 | 128,643 | 114,292 | PDF p. 117 |
Definitions & sources
Original report: PDF p. 117 ↗
EPS denominator
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group; basic and diluted EPS weighted shares | 2025Group; basic and diluted EPS weighted shares | Source |
|---|---|---|---|
| EPS denominator | |||
| Weighted average number of ordinary sharesthousand shares | 258,911 | 258,911 | PDF p. 117 |
Definitions & sources
Original report: PDF p. 117 ↗
Dividends declared and paid
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Company; dividends paid in the column financial year | 2025Company; dividends paid in the column financial year | Source |
|---|---|---|---|
| Dividends declared and paid | |||
| Final dividend paid of $0.04 per share in respect of 2025$’000 | 10,356 | – | PDF p. 117 |
| Special dividend paid of $0.16 per share in respect of 2025$’000 | 41,426 | – | PDF p. 117 |
| Final dividend paid of $0.04 per share in respect of 2024$’000 | – | 10,356 | PDF p. 117 |
| Special dividend paid of $0.12 per share in respect of 2024$’000 | – | 31,069 | PDF p. 117 |
| Subtotal$’000 | 51,782 | 41,425 | PDF p. 117 |
Definitions & sources
Original report: PDF p. 117 ↗
Dividends proposed after respective reporting dates
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Company; proposed after respective year end, not provided for | 2025Company; proposed after respective year end, not provided for | Source |
|---|---|---|---|
| Dividends proposed after respective reporting dates | |||
| Final dividend proposed of $0.04 per share in respect of 2026$’000 | 10,356 | – | PDF p. 117 |
| Special dividend proposed of $0.18 per share in respect of 2026$’000 | 46,604 | – | PDF p. 117 |
| Final dividend paid of $0.04 per share in respect of 2025$’000 | – | 10,356 | PDF p. 117 |
| Special dividend paid of $0.16 per share in respect of 2025$’000 | – | 41,426 | PDF p. 117 |
| Subtotal$’000 | 56,960 | 51,782 | PDF p. 117 |
Definitions & sources
Original report: PDF p. 117 ↗
Lease amounts recognised in profit or loss
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group; lease profit or loss amounts | 2025Group; lease profit or loss amounts | Source |
|---|---|---|---|
| Lease amounts recognised in profit or loss | |||
| Interest on lease liabilities$’000 | 23 | 23 | PDF p. 119 |
| Loss on lease termination$’000 | – | 2 | PDF p. 119 |
Definitions & sources
Original report: PDF p. 119 ↗
Lease amounts recognised in consolidated cash flows
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group; lease interest and principal cash flows | 2025Group; lease interest and principal cash flows | Source |
|---|---|---|---|
| Lease amounts recognised in consolidated cash flows | |||
| Interest paid$’000 | 23 | 23 | PDF p. 119 |
| Repayment of lease liabilities$’000 | 573 | 645 | PDF p. 119 |
| Subtotal$’000 | 596 | 668 | PDF p. 119 |
Definitions & sources
Original report: PDF p. 119 ↗
Operating lease rental receivables maturity
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group; undiscounted lease payments receivable after reporting date | 2025Group; undiscounted lease payments receivable after reporting date | Source |
|---|---|---|---|
| Operating lease rental receivables maturity | |||
| Less than one year$’000 | 406 | 618 | PDF p. 120 |
| One to two years$’000 | 13 | 406 | PDF p. 120 |
| Two to three years$’000 | – | 13 | PDF p. 120 |
| Total$’000 | 419 | 1,037 | PDF p. 120 |
Definitions & sources
Original report: PDF p. 120 ↗
Right-of-use asset carrying amounts — FY2025
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupLeased properties | 2025GroupFurniture, fittings and equipment | 2025GroupTotal | Source |
|---|---|---|---|---|
| Right-of-use assets carrying amounts | ||||
| Balance at April 1, 2024$’000 | 570 | 35 | 605 | PDF p. 118 |
| Additions$’000 | 1,017 | 22 | 1,039 | PDF p. 118 |
| Depreciation charge for the year$’000 | (651) | (15) | (666) | PDF p. 118 |
| Derecognition$’000 | (9) | – | (9) | PDF p. 118 |
| Balance at March 31, 2025$’000 | 927 | 42 | 969 | PDF p. 118 |
Definitions & sources
Original report: PDF p. 118 ↗
FY2025 closing balance is reused as FY2026 opening balance. The source presents right-of-use assets as PPE; this note details carrying-value movements, not a second set of assets to add to PPE.
Right-of-use asset carrying amounts — FY2026
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026GroupLeased properties | 2026GroupFurniture, fittings and equipment | 2026GroupTotal | Source |
|---|---|---|---|---|
| Right-of-use assets carrying amounts | ||||
| Balance at March 31, 2025$’000 | 927 | 42 | 969 | PDF p. 118 |
| Additions$’000 | 492 | 47 | 539 | PDF p. 118 |
| Depreciation charge for the year$’000 | (553) | (15) | (568) | PDF p. 118 |
| Derecognition$’000 | – | (4) | (4) | PDF p. 118 |
| Balance at March 31, 2026$’000 | 866 | 70 | 936 | PDF p. 118 |
Definitions & sources
Original report: PDF p. 118 ↗
FY2025 closing balance is reused as FY2026 opening balance. The source presents right-of-use assets as PPE; this note details carrying-value movements, not a second set of assets to add to PPE.
Where the money comes from
Segment information
By business
Information about reportable segments – income and results (Note 28) 10 lines
| Item / unit | 2026Property development | 2025Property development | 2026Investment holding | 2025Investment holding | 2026Hospitality | 2025Hospitality | 2026Total | 2025Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Information about reportable segments | |||||||||
| Total revenue$'000 | 334,801 | 539,538 | 934 | 1,048 | 13,785 | 14,142 | 349,520 | 554,728 | PDF p. 127 |
| Inter-segment revenue$'000 | (3,670) | (4,343) | (297) | (424) | – | – | (3,967) | (4,767) | PDF p. 127 |
| External revenue$'000 | 331,131 | 535,195 | 637 | 624 | 13,785 | 14,142 | 345,553 | 549,961 | PDF p. 127 |
| Segment results$'000 | 151,221 | 118,075 | (725) | (739) | 9,849 | 10,272 | 160,345 | 127,608 | PDF p. 127 |
| Finance income$'000 | 1,931 | 2,749 | 1,998 | 11,792 | 119 | 137 | 4,048 | 14,678 | PDF p. 127 |
| Finance costs$'000 | (3,097) | (170) | – | – | (6) | (8) | (3,103) | (178) | PDF p. 127 |
| Depreciation$'000 | (587) | (652) | (162) | (162) | (3,971) | (3,858) | (4,720) | (4,672) | PDF p. 127 |
| Reportable segment profit before tax$'000 | 149,468 | 120,002 | 1,111 | 10,891 | 5,991 | 6,543 | 156,570 | 137,436 | PDF p. 127 |
| Material non-cash item | |||||||||
| - Impairment loss on property, plant and equipment written back$'000 | – | – | – | – | 3,723 | 3,932 | 3,723 | 3,932 | PDF p. 127 |
| Other segment information | |||||||||
| - Capital expenditure$'000 | (75) | (97) | – | – | (100) | (91) | (175) | (188) | PDF p. 127 |
Notes
Tax expense and Profit for the year are printed only in the Total columns (2026, 2025).
Geographical segment information is not presented as the Group's operations are in Singapore.
Performance measured on segment profit before tax.
Information about reportable segments – assets and liabilities (Note 28, cont'd) 7 lines
| Item / unit | 2026Property development | 2025Property development | 2026Investment holding | 2025Investment holding | 2026Hospitality | 2025Hospitality | 2026Total | 2025Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Information about reportable segments | |||||||||
| Segment assets$'000 | 1,606,760 | 1,076,692 | 234,485 | 393,508 | 230,089 | 224,989 | 2,071,334 | 1,695,189 | PDF p. 128 |
| Deferred tax assets$'000 | – | – | – | – | – | – | – | 904 | PDF p. 128 |
| Total assets as at March 31$'000 | 1,606,760 | 1,076,692 | 234,485 | 393,508 | 230,089 | 224,989 | 2,071,334 | 1,696,093 | PDF p. 128 |
| Segment liabilities$'000 | 349,070 | 75,458 | 1,368 | 1,482 | 3,959 | 4,007 | 354,397 | 80,947 | PDF p. 128 |
| Current tax payable$'000 | – | – | – | – | – | – | 14,546 | 2,477 | PDF p. 128 |
| Deferred tax liabilities$'000 | – | – | – | – | – | – | 32,747 | 19,886 | PDF p. 128 |
| Total liabilities as at March 31$'000 | 349,070 | 75,458 | 1,368 | 1,482 | 3,959 | 4,007 | 401,690 | 103,310 | PDF p. 128 |
Notes
Geographical segment information is not presented as the Group's operations are in Singapore.
Current tax payable and Deferred tax liabilities labels wrap across two lines; quotes are the value-bearing line.
Debt
Borrowings
Liquidity risk - contractual maturities (Group, March 31
| Item / unit | 2026Carrying amount, $'000 | 2026Contractual cash flows, $'000 | 2026Within 1 year, $'000 | 2026Between 1 to 5 years, $'000 | 2026After 5 years, $'000 | 2025Carrying amount, $'000 | 2025Contractual cash flows, $'000 | 2025Within 1 year, $'000 | 2025Between 1 to 5 years, $'000 | 2025After 5 years, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| March 31, Non-derivative financial liabilities | |||||||||||
| Borrowings$'000 | 230,433 | (244,461) | (5,384) | (239,077) | – | PDF p. 123 | |||||
| Lease liabilities$'000 | 972 | (993) | (596) | (397) | – | 1,010 | (1,064) | (556) | (508) | – | PDF p. 123 |
Notes
Contractual maturities include estimated interest payments and exclude the impact of netting agreements.
No borrowings at March 31, 2025.
Borrowing notes 2 tables
Borrowings
| Item / unit | 2026$'000 | 2025$'000 | Source |
|---|---|---|---|
| Non-current liabilities | |||
| - Unsecured bank loans$'000 | 230,433 | – | PDF p. 112 |
Notes
The bank loans bore interest at rates ranging from 1.76% to 2.29% (2025: Nil%) per annum during the year. During the year, the Group has made a partial repayment of its bank loans.
Interest rate risk (p.124): all Group bank loans in Singapore are exposed to SORA; variable rate borrowings nominal amount $231,000 thousand (2025: –). Operations mainly in Singapore dollars.
Lease liabilities
| Item / unit | 2026$'000 | 2025$'000 | Source |
|---|---|---|---|
| Lease liabilities | |||
| - Current$'000 | 580 | 535 | PDF p. 114 |
| - Non-current$'000 | 392 | 475 | PDF p. 114 |
Notes
The incremental borrowing rate of the Group’s lease liabilities is 2.17% to 4.35% (2025: 2.83% to 4.35%) per annum at the reporting date.
Total lease liabilities 972 (2025: 1,010).
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company’s dividend policy endeavours to balance dividend return to shareholders with the need for long-term sustainable growth whilst aiming for an efficient capital structure. The Company strives to provide shareholders with sustainable ordinary dividend on an annual basis. | Company | PDF p. 38 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final dividend proposed of $0.04 per share in respect of 2026 | 0.04 $ per share | Company, proposed after reporting date, FY2026 (year ended 31 March 2026) | PDF p. 117 |
| Special dividend proposed of $0.18 per share in respect of 2026 | 0.18 $ per share | Company, proposed after reporting date, FY2026 (year ended 31 March 2026) | PDF p. 117 |
| Final dividend paid of $0.04 per share in respect of 2025 | 0.04 $ per share | Company, comparative FY2025, paid in FY2026 | PDF p. 117 |
| Special dividend paid of $0.16 per share in respect of 2025 | 0.16 $ per share | Company, comparative FY2025, paid in FY2026 | PDF p. 117 |
| Gross | $0.22 | Group, FY2026 (2026 column) | PDF p. 7 |
| Gross | $0.20 | Group, comparative FY2025 (2025 column) | PDF p. 7 |
| Net Dividends (proposed) | 56,960 $'000 | Group highlights, FY2026 | PDF p. 7 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Cover | 2.26 times | Group, FY2026 (2026 column) | PDF p. 7 |
Extracted from Annual Report 2026 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Deloitte & Touche LLP | Group and Company, year ended March 31, 2026 | PDF p. 83 |
| Engagement partner | Lee Kang Lin | Group and Company, year ended March 31, 2026 | PDF p. 83 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment assessment of property, plant and equipment | Included in the carrying amount of the Group’s property, plant and equipment of $213 million as at March 31, 2026 are serviced apartment units amounting to $209 million. | Group, as at March 31, 2026 · As at 2026-03-31 | PDF p. 80 |
Extracted from Annual Report 2026 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 2026, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
The original comprehensive-income statement is presented once, including basic/diluted earnings per share in cents. The previous overlapping duplicate income and EPS tables are removed.
Group consolidated statements and Company balance sheet are distinct scopes. Shared FY2025 closing/FY2026 opening equity is repeated only to show both annual rollforwards.
Five-year data are comparisons disclosed in this FY2026 annual report, not proof that five original historical annual reports have been collected.
The Group financial highlights label Net Dividends paid as a dash under FY2026 and 51,782 under FY2025. The FY2026 cash-flow statement separately records 51,782 dividends paid during the year. Both original disclosures are retained with their own report labels; source dashes are not converted to zero.
EPS in the comprehensive-income statement is in cents (49.69/44.14), while the highlights round EPS to SGD 0.50/0.44 per ordinary share.
Investment property is leased office premises measured at depreciated cost, with fair value disclosed separately. Rental-income amounts are SGD, while carrying value/fair value and Company investment-cost schedules are SGD thousands.
Proposed dividends are disclosed after the respective reporting dates and have not been provided for. Previous-year comparative source rows within the proposed-dividend section are literally labelled paid in the original and are retained.
Development properties carrying amounts are SGD thousands; development-property cost of sales is given in full SGD, and is narrower than total consolidated cost of sales. Lease rental receivables are future undiscounted receipts, not recognised revenue or fair value.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.