ANNUAL REPORT 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| RevenueS$’000 | 69,442 | 82,870 | PDF p. 65 |
| Cost of salesS$’000 | (44,591) | (49,689) | PDF p. 65 |
| Gross profit | |||
| SubtotalS$’000 | 24,851 | 33,181 | PDF p. 65 |
| Profit or loss | |||
| Interest incomeS$’000 | 602 | 705 | PDF p. 65 |
| Other incomeS$’000 | 4,699 | 4,225 | PDF p. 65 |
| Expenses | |||
| General and administrative expensesS$’000 | (17,443) | (11,568) | PDF p. 65 |
| Finance costsS$’000 | (2,197) | (2,266) | PDF p. 65 |
| Reversal of /(impairment loss) on trade receivables and contract assets, netS$’000 | 6,784 | (8,278) | PDF p. 65 |
| Profit or loss | |||
| Profit before income taxS$’000 | 17,296 | 15,999 | PDF p. 65 |
| Income tax expenseS$’000 | (4,419) | (2,277) | PDF p. 65 |
| Profit for the financial yearS$’000 | 12,877 | 13,722 | PDF p. 65 |
| Other comprehensive income; items that are or may be reclassified subsequently to profit or loss | |||
| Currency translation differences arising from consolidationS$’000 | 845 | 917 | PDF p. 65 |
| Other comprehensive income; items that will not be reclassified subsequently to profit or loss | |||
| Fair value loss on financial assets at fair value through other comprehensive incomeS$’000 | 2 | – | PDF p. 65 |
| Other comprehensive income | |||
| Other comprehensive income for the financial yearS$’000 | 847 | 917 | PDF p. 65 |
| Comprehensive income | |||
| Total comprehensive income for the financial yearS$’000 | 13,724 | 14,639 | PDF p. 65 |
| Earnings per share | |||
| Basic and dilutedcents per share | 24.73 | 26.38 | PDF p. 65 |
Original report: PDF p. 65 ↗
The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Assets; Non-Current Assets | |||||
| Property, plant and equipmentS$’000 | 94,301 | 32,295 | 587 | 249 | PDF p. 66 |
| Development propertiesS$’000 | 18,226 | 17,507 | – | – | PDF p. 66 |
| Investment propertiesS$’000 | 42,123 | 41,772 | – | – | PDF p. 66 |
| Investment in subsidiary companiesS$’000 | – | – | 61,464 | 61,464 | PDF p. 66 |
| Trade receivablesS$’000 | 6,308 | 3,439 | – | – | PDF p. 66 |
| Insurance assetS$’000 | 726 | 556 | – | – | PDF p. 66 |
| Deferred tax assetsS$’000 | – | 1,844 | – | – | PDF p. 66 |
| Total non-current assetsS$’000 | 161,684 | 97,413 | 62,051 | 61,713 | PDF p. 66 |
| Assets; Current Assets | |||||
| InventoriesS$’000 | 16,006 | 8,125 | – | – | PDF p. 66 |
| Trade receivablesS$’000 | 21,241 | 19,723 | – | – | PDF p. 66 |
| Other receivablesS$’000 | 2,835 | 1,106 | 22,340 | 22,460 | PDF p. 66 |
| Contract assetsS$’000 | 1,297 | 1,186 | 4,712 | 3,039 | PDF p. 66 |
| Tax recoverableS$’000 | 1,919 | 1,060 | – | – | PDF p. 66 |
| Financial assets at fair value through other comprehensive incomeS$’000 | 11 | 9 | 11 | 9 | PDF p. 66 |
| Cash and cash equivalentsS$’000 | 26,022 | 25,563 | 43 | 523 | PDF p. 66 |
| Total current assetsS$’000 | 69,331 | 56,772 | 27,106 | 26,031 | PDF p. 66 |
| Assets | |||||
| Total AssetsS$’000 | 231,015 | 154,185 | 89,157 | 87,744 | PDF p. 66 |
Original report: PDF p. 66 ↗
The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Liabilities and Equity; Non-Current Liabilities | |||||
| BorrowingsS$’000 | 75,755 | 25,995 | 323 | 151 | PDF p. 67 |
| ProvisionsS$’000 | 2,981 | – | – | – | PDF p. 67 |
| Deferred tax liabilitiesS$’000 | 1,617 | 1,710 | – | – | PDF p. 67 |
| Total non-current liabilitiesS$’000 | 80,353 | 27,705 | 323 | 151 | PDF p. 67 |
| Liabilities and Equity; Current Liabilities | |||||
| Trade payablesS$’000 | 20,659 | 15,939 | – | – | PDF p. 67 |
| Other payablesS$’000 | 13,720 | 9,299 | 39,820 | 36,126 | PDF p. 67 |
| ProvisionsS$’000 | 1,680 | – | – | – | PDF p. 67 |
| Contract liabilitiesS$’000 | 380 | 542 | – | – | PDF p. 67 |
| BorrowingsS$’000 | 11,046 | 11,993 | 222 | 34 | PDF p. 67 |
| Tax payablesS$’000 | 4,707 | 2,399 | 457 | 68 | PDF p. 67 |
| Total current liabilitiesS$’000 | 52,192 | 40,172 | 40,499 | 36,228 | PDF p. 67 |
| Liabilities and Equity | |||||
| Total liabilitiesS$’000 | 132,545 | 67,877 | 40,822 | 36,379 | PDF p. 67 |
| Equity | |||||
| Share capitalS$’000 | 68,323 | 68,323 | 68,323 | 68,323 | PDF p. 67 |
| Other reservesS$’000 | (6,513) | (7,360) | (2) | (4) | PDF p. 67 |
| Retained earnings/(Accumulated losses)S$’000 | 36,660 | 25,345 | (19,986) | (16,954) | PDF p. 67 |
| Total equityS$’000 | 98,470 | 86,308 | 48,335 | 51,365 | PDF p. 67 |
| Liabilities and Equity | |||||
| Total Liabilities and EquityS$’000 | 231,015 | 154,185 | 89,157 | 87,744 | PDF p. 67 |
Original report: PDF p. 67 ↗
The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| RevenueS$’000 | 69,442 | 82,870 | PDF p. 65 |
| Cost of salesS$’000 | (44,591) | (49,689) | PDF p. 65 |
| Gross profitS$’000 | 24,851 | 33,181 | PDF p. 65 |
| Interest incomeS$’000 | 602 | 705 | PDF p. 65 |
| Other incomeS$’000 | 4,699 | 4,225 | PDF p. 65 |
| Profit or loss — Expenses | |||
| General and administrative expensesS$’000 | (17,443) | (11,568) | PDF p. 65 |
| Finance costsS$’000 | (2,197) | (2,266) | PDF p. 65 |
| Reversal of /(impairment loss) on trade receivables and contract assets, netS$’000 | 6,784 | (8,278) | PDF p. 65 |
| Profit or loss | |||
| Profit before income taxS$’000 | 17,296 | 15,999 | PDF p. 65 |
| Income tax expenseS$’000 | (4,419) | (2,277) | PDF p. 65 |
| Profit for the financial yearS$’000 | 12,877 | 13,722 | PDF p. 65 |
| Other comprehensive income — Items that are or may be reclassified subsequently to profit or loss | |||
| Currency translation differences arising from consolidationS$’000 | 845 | 917 | PDF p. 65 |
| Other comprehensive income — Items that will not be reclassified subsequently to profit or loss | |||
| Fair value loss on financial assets at fair value through other comprehensive incomeS$’000 | 2 | – | PDF p. 65 |
| Other comprehensive income | |||
| Other comprehensive income for the financial yearS$’000 | 847 | 917 | PDF p. 65 |
| Comprehensive income | |||
| Total comprehensive income for the financial yearS$’000 | 13,724 | 14,639 | PDF p. 65 |
| Earnings per share (cents) | |||
| Basic and dilutedcents per share | 24.73 | 26.38 | PDF p. 65 |
Original report: PDF p. 65 ↗
The statement states: “The accompanying notes form an integral part of these financial statements.” No separate table footnotes are printed on this page.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash Flows from Operating Activities | |||
| Profit before taxS$’000 | 17,296 | 15,999 | PDF p. 69 |
| Cash Flows from Operating Activities — Adjustments for | |||
| Amortisation of prepaid insurance premiumsS$’000 | 3 | – | PDF p. 69 |
| Depreciation of property, plant and equipmentS$’000 | 7,555 | 4,009 | PDF p. 69 |
| Fair value gain on investment propertiesS$’000 | (351) | (315) | PDF p. 69 |
| Fair value gain on financial assets at FVOCIS$’000 | (2) | – | PDF p. 69 |
| Gain on disposal of property, plant and equipmentS$’000 | (84) | (519) | PDF p. 69 |
| (Reversal of)/impairment loss on trade receivables and contract assetsS$’000 | (6,784) | 8,278 | PDF p. 69 |
| Reversal of provision for inventory obsolescenceS$’000 | (315) | – | PDF p. 69 |
| Inventories written downS$’000 | 160 | 481 | PDF p. 69 |
| Interest expenseS$’000 | 2,197 | 2,266 | PDF p. 69 |
| Interest incomeS$’000 | (602) | (705) | PDF p. 69 |
| Unrealised loss on foreign exchangeS$’000 | 129 | (128) | PDF p. 69 |
| Cash Flows from Operating Activities | |||
| Operating cash flows before working capital changesS$’000 | 19,202 | 29,366 | PDF p. 69 |
| Cash Flows from Operating Activities — Changes in operating assets and liabilities | |||
| InventoriesS$’000 | (7,726) | 194 | PDF p. 69 |
| Trade and other receivablesS$’000 | 2,397 | (3,066) | PDF p. 69 |
| Contract assetsS$’000 | (111) | (69) | PDF p. 69 |
| Contract liabilitiesS$’000 | (162) | (421) | PDF p. 69 |
| Trade and other payablesS$’000 | 9,092 | (2,139) | PDF p. 69 |
| Cash Flows from Operating Activities | |||
| Cash generated from operationsS$’000 | 22,692 | 23,865 | PDF p. 69 |
| Income tax paidS$’000 | (1,219) | (2,534) | PDF p. 69 |
| Net cash generated from operating activitiesS$’000 | 21,473 | 21,331 | PDF p. 69 |
| Cash Flows from Investing Activities | |||
| Proceeds from disposal of property, plant and equipmentS$’000 | 189 | 721 | PDF p. 69 |
| Purchases of property, plant and equipment (Note A)S$’000 | (2,861) | (2,132) | PDF p. 69 |
| Payments for insurance assetsS$’000 | (173) | – | PDF p. 69 |
| Net cash used in investing activitiesS$’000 | (2,845) | (1,411) | PDF p. 69 |
Original report: PDF p. 69 ↗
The statement says: “The accompanying notes form an integral part of these financial statements.”
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash Flows from Financing Activities | |||
| Interest paidS$’000 | (2,139) | (2,266) | PDF p. 70 |
| Repayment of borrowingsS$’000 | (14,207) | (17,941) | PDF p. 70 |
| (Increase)/decrease in fixed deposits pledgedS$’000 | (678) | 1,022 | PDF p. 70 |
| Dividend paidS$’000 | (1,562) | – | PDF p. 70 |
| Net cash used in financing activitiesS$’000 | (18,586) | (19,185) | PDF p. 70 |
| Cash and cash equivalents reconciliation | |||
| Net increase in cash and cash equivalentsS$’000 | 42 | 735 | PDF p. 70 |
| Cash and cash equivalents at the beginning of the financial yearS$’000 | 8,535 | 7,672 | PDF p. 70 |
| Effects of exchange rate changes on cash and cash equivalentsS$’000 | (261) | 128 | PDF p. 70 |
| Cash and cash equivalents at the end of the financial yearS$’000 | 8,316 | 8,535 | PDF p. 70 |
| Cash and cash equivalents are represented by | |||
| Cash and cash equivalents on the consolidated statement of financial position (Note 23)S$’000 | 26,022 | 25,563 | PDF p. 70 |
| Fixed deposits pledged (Note 23)S$’000 | (17,706) | (17,028) | PDF p. 70 |
| Cash and cash equivalents per consolidated statement of cash flowsS$’000 | 8,316 | 8,535 | PDF p. 70 |
| Note A - Purchases of property, plant and equipment (“PPE”) | |||
| Aggregate cost of PPE acquired (Note 12)S$’000 | 68,872 | 3,112 | PDF p. 70 |
| Less: Additions to right-of-use assets (Note 31)S$’000 | (4,203) | (980) | PDF p. 70 |
| Less: Finance through bank borrowings (Note 24)S$’000 | (58,885) | – | PDF p. 70 |
| Less: Provision for restoration costs (Note 27)S$’000 | (2,923) | – | PDF p. 70 |
| Net cash outflow for purchases of PPES$’000 | 2,861 | 2,132 | PDF p. 70 |
Original report: PDF p. 70 ↗
Note A is included in full as printed: “Note A - Purchases of property, plant and equipment (“PPE”)”. Its rows are reproduced above. The statement says: “The accompanying notes form an integral part of these financial statements.”
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Financial Performance | ||||||
| RevenueS$’000 | 56,813 | 76,457 | 104,786 | 82,870 | 69,442 | PDF p. 16 |
| Profit before TaxS$’000 | 3,961 | 2,814 | 7,581 | 15,999 | 17,296 | PDF p. 16 |
| Profit Attributable to ShareholdersS$’000 | 4,022 | 1,721 | 7,412 | 13,722 | 12,877 | PDF p. 16 |
| Assets and Liabilities | ||||||
| Non-Current AssetsS$’000 | 88,013 | 82,449 | 83,769 | 97,413 | 161,684 | PDF p. 16 |
| Net Current Assets/(Liabilities)S$’000 | 11,991 | (9,233) | 17,975 | 16,600 | 17,139 | PDF p. 16 |
| Non-Current LiabilitiesS$’000 | (35,730) | (8,025) | (30,075) | (27,705) | (80,353) | PDF p. 16 |
| Equity and Non-Controlling InterestsS$’000 | 64,274 | 65,191 | 71,669 | 86,308 | 98,470 | PDF p. 16 |
| Per Share Basis | ||||||
| Basic Earnings Per Share (cents)cents per share | 7.72 | 3.31 | 14.24 | 26.38 | 24.73 | PDF p. 16 |
| Net Assets Per Share (S$)S$ per share | 1.23 | 1.25 | 1.38 | 1.66 | 1.89 | PDF p. 16 |
Original report: PDF p. 16 ↗
The report presents this as “SUMMARISED FINANCIAL HIGHLIGHTS”; it does not print a Group label alongside the five-year table. Values and units are transcribed as printed.
The five-year summary shows 2024 basic EPS as 26.38 cents. The detailed EPS note on physical page 97 reports basic and diluted EPS of 26.35 cents for 2024; both presentations are retained in their respective contexts. The 2025 figure is 24.73 cents.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Capital Management | |||||
| BorrowingsS$’000 | 86,801 | 37,988 | 545 | 185 | PDF p. 152 |
| Trade payablesS$’000 | 20,659 | 15,939 | – | – | PDF p. 152 |
| Other payablesS$’000 | 13,720 | 9,299 | 39,820 | 36,126 | PDF p. 152 |
| Cash and cash equivalentsS$’000 | (26,022) | (25,563) | (43) | (523) | PDF p. 152 |
| Net debtsS$’000 | 95,158 | 37,663 | 40,322 | 35,788 | PDF p. 152 |
| Total equityS$’000 | 98,470 | 86,308 | 48,599 | 51,365 | PDF p. 152 |
| Capital and net debtsS$’000 | 193,628 | 123,971 | 88,921 | 87,153 | PDF p. 152 |
Original report: PDF p. 152 ↗
The Group and Company monitor capital using a gearing ratio, defined as net debts divided by total capital plus net debts. Net debts include borrowings, trade payables and other payables, less cash and cash equivalents; capital is equity attributable to Company equity holders. The stated policy is to keep the gearing ratio below 100%.
The detailed note does not define “Total equity” separately in the quoted ratio table.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; paid in 2025, in respect of FY2024 | Source |
|---|---|---|
| Statements of Changes in Equity | ||
| Dividend paid (Final dividend of 3 cents per share in respect of FY2024)S$’000 | (1,562) | PDF p. 68 |
Original report: PDF p. 68 ↗
The report describes the payment as a final dividend of 3 cents per share in respect of FY2024; the Group retained earnings and total equity columns each show (1,562).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per Share | |||
| Profit for the financial year attributable to equity holders of the CompanyS$’000 | 12,877 | 13,722 | PDF p. 97 |
| Weighted average number of ordinary shares’000 shares | 52,067 | 52,067 | PDF p. 97 |
| Basic and diluted earnings per share (cents)cents per share | 24.73 | 26.35 | PDF p. 97 |
Original report: PDF p. 97 ↗
The report says basic EPS is calculated using Group profit for the financial year attributable to Company equity holders divided by the weighted average number of ordinary shares in issue during the financial year. It says diluted EPS is the same as basic EPS because there were no dilutive shares outstanding during the relevant period.
Where the money comes from
| Item / unit | 2025Property investment and development | 2025Prefabrication | 2025Others | 2025Eliminations | 2025Consolidated | 2024Property investment and development | 2024Prefabrication | 2024Others | 2024Eliminations | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| Sales to external customersS$'000 | – | 69,140 | 302 | – | 69,442 | – | 82,870 | – | – | 82,870 | PDF p. 123PDF p. 124 |
| Intersegment salesS$'000 | – | – | 4,712 | (4,712) | – | – | – | 3,039 | (3,039) | – | PDF p. 123PDF p. 124 |
| Total revenueS$'000 | – | 69,140 | 5,014 | (4,712) | 69,442 | – | 82,870 | 3,039 | (3,039) | 82,870 | PDF p. 123PDF p. 124 |
| Results | |||||||||||
| Segment profitS$'000 | 789 | 15,759 | 748 | – | 17,296 | PDF p. 123 | |||||
| Other significant expense | |||||||||||
| Cost of salesS$'000 | – | 44,591 | – | – | 44,591 | – | 49,689 | – | – | 49,689 | PDF p. 123PDF p. 124 |
| Staff costsS$'000 | 275 | 11,614 | 3,268 | – | 15,157 | 113 | 10,827 | 1,855 | – | 12,795 | PDF p. 123PDF p. 124 |
| Assets | |||||||||||
| Segment assetsS$'000 | 77,664 | 135,832 | 15,600 | – | 229,096 | 81,588 | 58,150 | 11,542 | – | 151,280 | PDF p. 123PDF p. 124 |
| Segment assets includes | |||||||||||
| Additions to non-current assetsS$'000 | – | 67,036 | 585 | – | 67,621 | 12 | 3,162 | 8 | – | 3,182 | PDF p. 123PDF p. 124 |
| Liabilities | |||||||||||
| Segment liabilitiesS$'000 | 25,215 | 90,975 | 9,826 | – | 126,016 | PDF p. 123 | |||||
| Results | |||||||||||
| Segment (loss)/profitS$'000 | (981) | 16,466 | 514 | – | 15,999 | PDF p. 124 | |||||
Tax expense, profit, unallocated assets/liabilities and totals are printed only in the Consolidated column.
Rows 'Reversal of)/Allowance for impairment loss' and 'Depreciation of property, plant and equipment' omitted from rows due to wrapped labels; values printed: impairment (reversal) – / (6,784) / – / – / (6,784); depreciation 3 / 7,235 / 246 / 71 / 7,555.
Eliminations cell for Segment liabilities is blank as printed.
Printed 2024 segment assets (151,280) plus unallocated (2,905) does not equal printed total assets (151,185); figures preserved as printed.
Impairment allowance row (wrapped label) printed: – / 8,278 / – / – / 8,278; depreciation: 3 / 3,503 / 503 / – / 4,009.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Prefabrication segment – 2 (2024: 3) external customers | |||
| Customer 1S$'000 | 10,408 | – | PDF p. 126 |
| Customer 2S$'000 | 7,615 | 11,324 | PDF p. 126 |
| Customer 3S$'000 | – | 11,348 | PDF p. 126 |
| Customer 4S$'000 | – | 10,786 | PDF p. 126 |
Subtotal printed: 18,023 (2025) and 33,458 (2024).
| Item / unit | 2025Sales to external customers | 2024Sales to external customers | 2025Non-current assets | 2024Non-current assets | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| SingaporeS$'000 | 69,442 | 82,870 | 121,897 | 60,482 | PDF p. 125 |
| The People’s Republic of ChinaS$'000 | – | – | 960 | 1,009 | PDF p. 125 |
| MalaysiaS$'000 | – | – | 31,793 | 30,083 | PDF p. 125 |
| Total (unlabelled)S$'000 | 69,442 | 82,870 | 154,650 | 91,574 | PDF p. 125 |
Revenue and non-current assets based on geographical location of customers and assets respectively. Non-current assets exclude financial instruments and deferred tax assets.
Total row has no printed label.
Debt
| Item / unit | 20251 year or less, S$'000 | 20251 to 5 years, S$'000 | 2025More than 5 years, S$'000 | 2025Total, S$'000 | Source |
|---|---|---|---|---|---|
| Group 2025 | |||||
| BorrowingsS$'000 | 11,037 | 51,694 | 29,632 | 92,363 | PDF p. 146 |
| Lease liabilitiesS$'000 | 1,662 | 2,835 | – | 4,497 | PDF p. 146 |
Based on contractual undiscounted repayment obligations.
| Item / unit | 20241 year or less, S$'000 | 20241 to 5 years, S$'000 | 2024More than 5 years, S$'000 | 2024Total, S$'000 | Source |
|---|---|---|---|---|---|
| Group 2024 | |||||
| BorrowingsS$'000 | 10,891 | 26,419 | – | 37,310 | PDF p. 146 |
| Lease liabilitiesS$'000 | 273 | 1,789 | – | 2,062 | PDF p. 146 |
Based on contractual undiscounted repayment obligations.
| Item / unit | 2025Group, S$'000 | 2024Group, S$'000 | 2025Company, S$'000 | 2024Company, S$'000 | Source |
|---|---|---|---|---|---|
| Non-current | |||||
| Term Loan AS$'000 | 25,000 | 25,000 | – | – | PDF p. 116 |
| Term Loan BS$'000 | 240 | 550 | – | – | PDF p. 116 |
| Term Loan CS$'000 | 236 | – | – | – | PDF p. 116 |
| Term Loan DS$'000 | 51,924 | – | – | – | PDF p. 116 |
| Lease liabilitiesS$'000 | 2,720 | 651 | 323 | 151 | PDF p. 116 |
| Current portion of term loansS$'000 | (4,365) | (206) | – | – | PDF p. 116 |
| Non-current borrowings totalS$'000 | 75,755 | 25,995 | 323 | 151 | PDF p. 116 |
| Current | |||||
| Short-term loansS$'000 | 5,160 | 10,625 | – | – | PDF p. 116 |
| Lease liabilitiesS$'000 | 1,521 | 1,162 | 222 | 34 | PDF p. 116 |
| Current portion of term loansS$'000 | 4,365 | 206 | – | – | PDF p. 116 |
| Current borrowings totalS$'000 | 11,046 | 11,993 | 222 | 34 | PDF p. 116 |
| Total | |||||
| Total borrowingsS$'000 | 86,801 | 37,988 | 545 | 185 | PDF p. 116 |
The Group's borrowings are secured by legal mortgages over certain freehold properties (Note 12), leasehold land and buildings (Note 12), certain investment properties (Note 13), fixed deposits (Note 23), a corporate guarantee from the Company and the keyman insurance policy (Note 16).
Term Loan A is also secured by an assignment of all rights, title, benefits and interests in connection with any insurance policies, leases, tenancy agreements and/or sale and purchase agreements with respect to the investment property.
Term Loan A is repayable on 31 October 2027 and bears interests at 1.20% (2024: 1.20%) per annum above the bank's cost of funds. The effective interest rate is 3.41% (2024: 5.03%) per annum.
Term Loan B is repayable in 120 monthly instalments up to 2026 and bears a fixed interest rate at 3.88% (2024: 3.88%) per annum.
Term Loan C is repayable in 48 monthly instalments and bears a fixed interest rate at 2.50% (2024: 2.50%) per annum.
Term Loan D is repayable in 156 monthly installments commencing from June 2025. Term Loan D bears interest at a fixed rate of 3% per annum for the first two years. Thereafter, the interest rate is based on a floating rate of 3% per annum above the compounded SORA.
The short-term loans represent revolving credit loans which are due for rollover on a monthly basis. The short-term loans bear effective interest rates ranging from 1.72% to 3.64% (2024: 3.61% to 4.41%) per annum.
Floating-rate borrowings are denominated mainly in SGD (page 145).
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 of the Code: Dividend policy | The Company is committed to rewarding shareholders fairly and sustainably. Its dividend policy is to assess at each of the Company’s results announcement if it is able to provide a return to shareholders through the payment of dividends, and to pay shareholders sustainable dividends over time in line with the Group’s long-term growth prospects. The form, frequency and amount of dividends will need to take into consideration the Group’s earnings, financial conditions, capital requirements, cash flow projections, development plans, general business and economic conditions, and other factors as the Directors may deem appropriate, so as to ensure that the best interests of the Company are served. | Company | PDF p. 52 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| first and final tax exempt (one-tier) dividend | 1.5 Singapore cents per ordinary share | Proposed for FY2025, subject to shareholder approval at AGM (Resolution 2); first and final, one-tier tax exempt | PDF p. 155 |
| Dividend paid (Final dividend of 3 cents per share in respect of FY2024) | 3 cents per share | Group, final dividend in respect of FY2024, paid during FY2025 | PDF p. 68 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Moore Stephens LLP | Group and Company, FY2025 | PDF p. 64 |
| Engagement partner | Christopher Bruce Johnson | Group and Company, FY2025 | PDF p. 64 |
| Opinion | Unmodified | Group and Company, FY2025 | PDF p. 60 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.