EC World Reit BWCU
Financials
ANNUAL REPORT 2025
Explore the statements
20 tablesConsolidated Statement of Total Return
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group; restated | Source |
|---|---|---|---|
| Statement of total return | |||
| Gross revenueS$’000 | 35,316 | 92,056 | PDF p. 77 |
| Property expensesS$’000 | (9,485) | (8,345) | PDF p. 77 |
| Net property incomeS$’000 | 25,831 | 83,711 | PDF p. 77 |
| Finance incomeS$’000 | 17 | – | PDF p. 77 |
| Finance costsS$’000 | (43,532) | (49,842) | PDF p. 77 |
| Manager’s base feesS$’000 | (3,000) | (1,616) | PDF p. 77 |
| Trustee’s feesS$’000 | (156) | (184) | PDF p. 77 |
| Exchange differencesS$’000 | 9,109 | (4,386) | PDF p. 77 |
| Other trust expensesS$’000 | (963) | (2,647) | PDF p. 77 |
| Net incomeS$’000 | (12,694) | 25,036 | PDF p. 77 |
| Impairment loss on trade and other receivablesS$’000 | (73,707) | – | PDF p. 77 |
| Net change in fair value of investment propertiesS$’000 | (201,732) | (94,699) | PDF p. 77 |
| Net change in fair value of financial derivativesS$’000 | – | 1,879 | PDF p. 77 |
| Total loss for the year before income taxS$’000 | (288,133) | (67,784) | PDF p. 77 |
| Income tax creditS$’000 | 38,323 | 1,761 | PDF p. 77 |
| Total loss for the year after income tax before distributionS$’000 | (249,810) | (66,023) | PDF p. 77 |
Definitions & sources
Original report: PDF p. 77 ↗
The comparative 2024 figures are marked “(Restated)” in the statement header.
The accompanying notes form an integral part of these financial statements.
Statements of Financial Position – Group
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; 31 December | 2024Group; 31 December; restated | 2024Group; 1 January; restated | Source |
|---|---|---|---|---|
| Assets; current assets | ||||
| Cash and bank balancesS$’000 | 6,757 | 4,513 | 100,964 | PDF p. 78 |
| Trade and other receivablesS$’000 | 12,830 | 160,068 | 97,939 | PDF p. 78 |
| Loans to subsidiariesS$’000 | – | – | – | PDF p. 78 |
| Investment propertiesS$’000 | 498,635 | – | – | PDF p. 78 |
| Investments in subsidiariesS$’000 | – | – | – | PDF p. 78 |
| Assets; current assets subtotal | ||||
| SubtotalS$’000 | 518,222 | 164,581 | 198,903 | PDF p. 78 |
| Assets; non-current assets | ||||
| Investment propertiesS$’000 | – | 713,726 | 805,629 | PDF p. 78 |
| Investments in subsidiariesS$’000 | – | – | – | PDF p. 78 |
| Assets; non-current assets subtotal | ||||
| SubtotalS$’000 | – | 713,726 | 805,629 | PDF p. 78 |
| Assets | ||||
| Total assetsS$’000 | 518,222 | 878,307 | 1,004,532 | PDF p. 78 |
| Liabilities; current liabilities | ||||
| Trade and other payablesS$’000 | 185,943 | 222,378 | 194,338 | PDF p. 78 |
| Loans from subsidiariesS$’000 | – | – | – | PDF p. 78 |
| BorrowingsS$’000 | 473,679 | 473,260 | 559,136 | PDF p. 78 |
| Derivative financial instrumentsS$’000 | – | – | 1,879 | PDF p. 78 |
| Current income tax liabilitiesS$’000 | 88,718 | 40,475 | 33,474 | PDF p. 78 |
| Liabilities; current liabilities subtotal | ||||
| SubtotalS$’000 | 748,340 | 736,113 | 788,827 | PDF p. 78 |
| Liabilities; non-current liabilities | ||||
| Trade and other payablesS$’000 | – | 3,167 | 910 | PDF p. 78 |
| BorrowingsS$’000 | – | 7,122 | – | PDF p. 78 |
| Deferred income tax liabilitiesS$’000 | – | 100,351 | 119,945 | PDF p. 78 |
| Liabilities; non-current liabilities subtotal | ||||
| SubtotalS$’000 | – | 110,640 | 120,855 | PDF p. 78 |
| Liabilities | ||||
| Total liabilitiesS$’000 | 748,340 | 846,753 | 909,682 | PDF p. 78 |
| Net liabilities/assets attributable to unitholders | ||||
| NET (LIABILITIES)/ASSETS ATTRIBUTABLE TO UNITHOLDERSS$’000 | (230,118) | 31,554 | 94,850 | PDF p. 78 |
| Represented by | ||||
| UNITHOLDERS’ FUNDSS$’000 | (230,118) | 31,554 | 94,850 | PDF p. 78 |
| UNITS IN ISSUE (’000)’000 units | 809,838 | 809,838 | 809,838 | PDF p. 78 |
Definitions & sources
Original report: PDF p. 78 ↗
The 31 December 2024 and 1 January 2024 Group amounts are marked “(Restated)” in the statement header.
The statement’s title is printed “STATEMENTS OF FINANCIAL POSITION – GROUP AND ECW”.
The accompanying notes form an integral part of these financial statements.
Statements of Financial Position – ECW
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025ECW; 31 December | 2024ECW; 31 December; restated | Source |
|---|---|---|---|
| Assets; current assets | |||
| Cash and bank balancesS$’000 | 1,209 | 1,004 | PDF p. 78 |
| Trade and other receivablesS$’000 | 73 | 3,356 | PDF p. 78 |
| Loans to subsidiariesS$’000 | – | 237,057 | PDF p. 78 |
| Investment propertiesS$’000 | – | – | PDF p. 78 |
| Investments in subsidiariesS$’000 | – | – | PDF p. 78 |
| Assets; current assets subtotal | |||
| SubtotalS$’000 | 1,282 | 241,417 | PDF p. 78 |
| Assets; non-current assets | |||
| Investment propertiesS$’000 | – | – | PDF p. 78 |
| Investments in subsidiariesS$’000 | – | 39,588 | PDF p. 78 |
| Assets; non-current assets subtotal | |||
| SubtotalS$’000 | – | 39,588 | PDF p. 78 |
| Assets | |||
| Total assetsS$’000 | 1,282 | 281,005 | PDF p. 78 |
| Liabilities; current liabilities | |||
| Trade and other payablesS$’000 | 26,380 | 22,648 | PDF p. 78 |
| Loans from subsidiariesS$’000 | 90,897 | 331,943 | PDF p. 78 |
| BorrowingsS$’000 | – | – | PDF p. 78 |
| Derivative financial instrumentsS$’000 | – | – | PDF p. 78 |
| Current income tax liabilitiesS$’000 | – | – | PDF p. 78 |
| Liabilities; current liabilities subtotal | |||
| SubtotalS$’000 | 117,277 | 354,591 | PDF p. 78 |
| Liabilities; non-current liabilities | |||
| Trade and other payablesS$’000 | – | – | PDF p. 78 |
| BorrowingsS$’000 | – | – | PDF p. 78 |
| Deferred income tax liabilitiesS$’000 | – | – | PDF p. 78 |
| Liabilities; non-current liabilities subtotal | |||
| SubtotalS$’000 | – | – | PDF p. 78 |
| Liabilities | |||
| Total liabilitiesS$’000 | 117,277 | 354,591 | PDF p. 78 |
| Net liabilities/assets attributable to unitholders | |||
| NET (LIABILITIES)/ASSETS ATTRIBUTABLE TO UNITHOLDERSS$’000 | (115,995) | (73,586) | PDF p. 78 |
| Represented by | |||
| UNITHOLDERS’ FUNDSS$’000 | (115,995) | (73,586) | PDF p. 78 |
| UNITS IN ISSUE (’000)’000 units | 809,838 | 809,838 | PDF p. 78 |
Definitions & sources
Original report: PDF p. 78 ↗
The ECW 31 December 2024 column is marked “(Restated)” in the statement header.
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Cash Flows
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group; restated | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Total return for the yearS$’000 | (249,810) | (66,023) | PDF p. 80 |
| Cash flows from operating activities — Adjustments for | |||
| Income tax creditS$’000 | (38,323) | (1,761) | PDF p. 80 |
| Finance incomeS$’000 | (17) | – | PDF p. 80 |
| Finance costsS$’000 | 43,532 | 49,842 | PDF p. 80 |
| Effect of straight lining of step-up rentalS$’000 | (276) | 313 | PDF p. 80 |
| Effect of security deposits accretionS$’000 | – | (2,526) | PDF p. 80 |
| Fair value gain on derivative financial instrumentsS$’000 | – | (1,879) | PDF p. 80 |
| Net fair value loss on investment propertiesS$’000 | 201,732 | 94,699 | PDF p. 80 |
| Provision for doubtful receivablesS$’000 | 73,707 | – | PDF p. 80 |
| Unrealised foreign exchange (gain)/loss, netS$’000 | (9,117) | 4,609 | PDF p. 80 |
| Cash flows from operating activities | |||
| Operating cash flow before working capital changeS$’000 | 21,428 | 77,274 | PDF p. 80 |
| Cash flows from operating activities — Change in working capital | |||
| Trade and other receivablesS$’000 | 82,614 | (61,303) | PDF p. 80 |
| Trade and other payablesS$’000 | (89,343) | (5,891) | PDF p. 80 |
| Cash flows from operating activities | |||
| Cash generated from operating activitiesS$’000 | 14,699 | 10,080 | PDF p. 80 |
| Interest receivedS$’000 | 17 | 488 | PDF p. 80 |
| Income tax paidS$’000 | (7,645) | (6,793) | PDF p. 80 |
| Net cash generated from operating activitiesS$’000 | 7,071 | 3,775 | PDF p. 80 |
| Cash flows from investing activities | |||
| Additions to investment propertiesS$’000 | (73) | (642) | PDF p. 80 |
| Net cash used in investing activitiesS$’000 | (73) | (642) | PDF p. 80 |
| Cash flows from financing activities | |||
| Repayment of borrowingsS$’000 | (181) | (84,791) | PDF p. 80 |
| Interest paidS$’000 | (4,584) | (15,525) | PDF p. 80 |
| SBLC commission paidS$’000 | – | (14) | PDF p. 80 |
| Release of deposits for SBLC facilities, netS$’000 | – | 88,942 | PDF p. 80 |
| Utilisation of interest reserveS$’000 | (914) | 5,331 | PDF p. 80 |
| Placement into restricted cashS$’000 | (987) | – | PDF p. 80 |
| Net cash used in financing activitiesS$’000 | (6,666) | (6,057) | PDF p. 80 |
| Cash and cash equivalents | |||
| Net increase/(decrease) in cash and cash equivalentsS$’000 | 332 | (2,924) | PDF p. 80 |
| Cash and cash equivalents at beginning of the yearS$’000 | 4,269 | 7,180 | PDF p. 80 |
| Effects of exchange rate changes on cash and cash equivalentsS$’000 | (5) | 13 | PDF p. 80 |
| Cash and cash equivalents at the end of the year*S$’000 | 4,596 | 4,269 | PDF p. 80 |
Definitions & sources
Original report: PDF p. 80 ↗
2024 comparative figures are marked “(Restated)” in the printed column heading.
The statement footnote reads: “The accompanying notes form an integral part of these financial statements.” The asterisk on “Cash and cash equivalents at the end of the year*” has no corresponding footnote text on this page; no footnote text was supplied here.
Statements of Movements in Unitholders’ Funds — Operations
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group; restated | 2025ECW | 2024ECW; restated | Source |
|---|---|---|---|---|---|
| Operations | |||||
| Beginning of the yearS$’000 | 231,855 | 301,518 | 4,041 | (9,121) | PDF p. 82 |
| Total return for the yearS$’000 | (249,810) | (66,023) | (42,409) | 13,162 | PDF p. 82 |
| Transfer to general reservesS$’000 | – | (3,640) | – | – | PDF p. 82 |
| End of the yearS$’000 | (17,955) | 231,855 | (38,368) | 4,041 | PDF p. 82 |
Definitions & sources
Original report: PDF p. 82 ↗
Statements of Movements in Unitholders’ Funds — General Reserves
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group; restated | 2025ECW | 2024ECW; restated | Source |
|---|---|---|---|---|---|
| General reserves | |||||
| Beginning of the yearS$’000 | 41,575 | 37,935 | – | – | PDF p. 82 |
| Transfer from operationsS$’000 | – | 3,640 | – | – | PDF p. 82 |
| End of the yearS$’000 | 41,575 | 41,575 | – | – | PDF p. 82 |
Definitions & sources
Original report: PDF p. 82 ↗
Full statement footnote: “ECW’s subsidiaries incorporated in the People Republic of China are required to transfer 10% of its profits after taxation, as determined under the accounting principles and relevant financial regulations of China, to the general reserve until the reserve balance reaches 50% of registered capital. The transfer to this reserve must be made before distribution of dividends to the shareholders. This general reserve can be used to make good previous years’ losses, if any, and may be converted to registered capital in proportion to the existing interests of the shareholders, provided that the balance after such conversion is not less than 25% of the registered capital.”
The accompanying-notes footnote reads: “The accompanying notes form an integral part of these financial statements.”
Statements of Movements in Unitholders’ Funds — Unitholders’ Contribution
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group; restated | 2025ECW | 2024ECW; restated | Source |
|---|---|---|---|---|---|
| Unitholders’ contribution | |||||
| Beginning and end of the yearS$’000 | (77,627) | (77,627) | (77,627) | (77,627) | PDF p. 82 |
Definitions & sources
Original report: PDF p. 82 ↗
Statements of Movements in Unitholders’ Funds — Foreign Currency Translation Reserve
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group; restated | 2025ECW | 2024ECW; restated | Source |
|---|---|---|---|---|---|
| Foreign currency translation reserve | |||||
| Beginning of the yearS$’000 | (164,249) | (166,976) | – | – | PDF p. 82 |
| Translation differences relating to financial statements of foreign subsidiariesS$’000 | (11,862) | 2,727 | – | – | PDF p. 82 |
| End of the yearS$’000 | (176,111) | (164,249) | – | – | PDF p. 82 |
Definitions & sources
Original report: PDF p. 82 ↗
Statements of Movements in Unitholders’ Funds — Total
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group; restated | 2025ECW | 2024ECW; restated | Source |
|---|---|---|---|---|---|
| Total | |||||
| Total Unitholders’ funds at end of the yearS$’000 | (230,118) | 31,554 | (115,995) | (73,586) | PDF p. 82 |
Definitions & sources
Original report: PDF p. 82 ↗
Five-year financial highlights
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 December 2025 | 2024As at 31 December 2024 (Restated) | 2023As at 31 December 2023 (Restated) | 2022As at 31 December 2022 | 2021As at 31 December 2021 | Source |
|---|---|---|---|---|---|---|
| Balance Sheet | ||||||
| Total AssetsS$ million | 518.2 | 878.3 | 1,004.5 | 1,666.8 | 1,895.3 | PDF p. 5 |
| Investment PropertiesS$ million | 498.6 | 713.7 | 805.6 | 1,469.8 | 1,673.9 | PDF p. 5 |
| Total LiabilitiesS$ million | 748.3 | 846.8 | 909.7 | 1,059.8 | 1,143.5 | PDF p. 5 |
| Net AssetsS$ million | (230.1) | 31.5 | 94.8 | 607.0 | 751.8 | PDF p. 5 |
Definitions & sources
Original report: PDF p. 5 ↗
Five-year key financial indicators
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 December 2025 | 2024As at 31 December 2024 | 2023As at 31 December 2023 | 2022As at 31 December 2022 | 2021As at 31 December 2021 | Source |
|---|---|---|---|---|---|---|
| Key Financial Indicator | ||||||
| Gross borrowings / Total assetspercentage | 95.1 | 57.0 | 57.9 | 38.8 | 38.2 | PDF p. 5 |
| Interest cover ratio (times) 1times | 0.5 | 1.7 | 2.1 | 2.7 | 2.9 | PDF p. 5 |
| Weighted average debt maturity (years)2years | 0.1 | 0.7 | 1.0 | 0.4 | 0.6 | PDF p. 5 |
| Annualised all-in interest ratepercentage | 9.1 | 8.8 | 7.2 | 5.8 | 4.9 | PDF p. 5 |
| Annualised all-in blended running interest rate3percentage | 8.8 | 8.2 | 6.3 | 4.9 | 4.1 | PDF p. 5 |
| Total operating expenses as percentage of net assets4percentage | N/M | 26.4 | 9.0 | 1.7 | 1.7 | PDF p. 5 |
Definitions & sources
Original report: PDF p. 5 ↗
1 Calculated by dividing the trailing 12 months earnings before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), by the trailing 12 months interest expense and borrowing-related fees.
2 Calculated based on original loan maturity date.
3 Exclude upfront financing fee.
4 Defined as property expenses divided by net assets.
Five-year financial performance and calculated distributions
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025For the Financial Year Ended 31 December 2025 | 2024For the Financial Year Ended 31 December 2024; restated | 2023For the Financial Year Ended 31 December 2023 | 2022For the Financial Year Ended 31 December 2022 | 2021For the Financial Year Ended 31 December 2021 | Source |
|---|---|---|---|---|---|---|
| Financial Performance | ||||||
| Gross Revenue (S$’000)S$’000 | 35,316 | 92,056 | 107,770 | 121,568 | 125,488 | PDF p. 5 |
| Net Property Income (S$’000)S$’000 | 25,831 | 83,711 | 99,201 | 110,956 | 113,025 | PDF p. 5 |
| Calculated Distribution to Unitholders (S$’000)S$’000 | - | 13,087 | 29,631 | 38,564 | 50,615 | PDF p. 5 |
| Calculated Distribution Per Unit (Singapore cents)Singapore cents | - | 1.616 | 3.659 | 4.762 | 6.263 | PDF p. 5 |
| Calculated Distribution yield (%) (Based on IPO price of S$0.81 per Unit)percentage | - | 2.0 | 4.5 | 5.9 | 7.7 | PDF p. 5 |
| Calculated Distribution yield (%) (Based on Unit Price of S$0.28 per Unit on 28 Aug 2023)percentage | - | 5.8 | 13.1 | 10.7 | 14.1 | PDF p. 5 |
Definitions & sources
Original report: PDF p. 5 ↗
5 FY21 distribution includes payout of distribution previously retained in 4Q2019, 1Q2020 and 2Q2020 (partial) in 2Q2021 amounting to approximately S$2.0 million.
6 FY22 distribution includes payout of distribution previously retained in 2Q2020 (balance) and 3Q2020 (partial) in 2Q2022 amounting to approximately S$1.3 million.
7 ECW was not able to pay the distribution to unitholders with effect from 1 January 2023. The payment of the distribution will be deferred to a future date when ECW has sufficient free cash for the said distribution.
Page 62 states: “For FY2025, the Manager had announced a calculated distribution of Nil Singapore cents per unit (2024 related : 1.616 Singapore cent per unit).” Page 39 states no distribution was declared for FY2025 due to insufficient funds.
Loss per unit
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Financial Year ended 31 December 2025 | 2024Group, Financial Year ended 31 December 2024 (Restated) | Source |
|---|---|---|---|
| Consolidated Statement of Total Return | |||
| Loss per unit (cents) – Basic and dilutedcents per unit | (30.85) | (8.15) | PDF p. 77 |
Definitions & sources
Original report: PDF p. 77 ↗
Net asset value per unit
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as at 31 December 2025 | 2024Group, as at 31 December 2024 (Restated) | 2024Group, as at 1 January 2024 (Restated) | 2025ECW, as at 31 December 2025 | 2024ECW, as at 31 December 2024 (Restated) | Source |
|---|---|---|---|---|---|---|
| Statements of Financial Position – Group and ECW | ||||||
| NET (LIABILITY)/ASSET VALUE PER UNIT (S$)S$ per unit | (0.28) | 0.04 | 0.12 | (0.14) | (0.09) | PDF p. 78 |
Definitions & sources
Original report: PDF p. 78 ↗
Consolidated Distribution Statement
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; 31 December | 2024Group; 31 December; restated | Source |
|---|---|---|---|
| Distribution reconciliation | |||
| Amount available for distribution to Unitholders at beginning of the yearS$’000 | 39,994 | 25,453 | PDF p. 79 |
| Total loss for the yearS$’000 | (249,810) | (66,023) | PDF p. 79 |
| Straight lining of step-up rentalS$’000 | (276) | 313 | PDF p. 79 |
| Security deposits accretionS$’000 | – | (157) | PDF p. 79 |
| Trustee’s feesS$’000 | 156 | 184 | PDF p. 79 |
| Net fair value loss on investment propertiesS$’000 | 201,732 | 94,699 | PDF p. 79 |
| Deferred tax credit, netS$’000 | (41,541) | (20,206) | PDF p. 79 |
| Net change in fair value of financial derivativesS$’000 | – | (1,879) | PDF p. 79 |
| Amortisation of upfront debt issuance costsS$’000 | 1,494 | 2,887 | PDF p. 79 |
| Foreign exchange loss/(gain), netS$’000 | (9,117) | 4,365 | PDF p. 79 |
| Provision of withholding taxS$’000 | (2,536) | 260 | PDF p. 79 |
| Provision of doubtful debtsS$’000 | 73,707 | – | PDF p. 79 |
| OthersS$’000 | – | 98 | PDF p. 79 |
| Adjustment subtotal | |||
| SubtotalS$’000 | 223,619 | 80,564 | PDF p. 79 |
| Distribution reconciliation | |||
| Amount available for distribution to Unitholders at end of the yearS$’000 | 13,803 | 39,994 | PDF p. 79 |
Definitions & sources
Original report: PDF p. 79 ↗
Adjustment section heading: “Adjustment for net effect of non-tax (chargeable)/deductible items and other adjustments”.
No distribution or deferred distribution is made by ECW during the current and prior financial years.
The accompanying notes form an integral part of these financial statements.
Reconciliation of liabilities arising from financing activities (2025)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; 1 January 2025 | 2025Group; Principal and interest payments 2025 | 2025Group; Interest expense 2025 | 2025Group; Interest exchange 2025 | 2025Group; 31 December 2025 | Source |
|---|---|---|---|---|---|---|
| Financing liabilities reconciliation | ||||||
| Borrowing and interest payablesS$’000 | 512,012 | (4,765) | 43,233 | (8,588) | 541,892 | PDF p. 81 |
Definitions & sources
Original report: PDF p. 81 ↗
The page labels this as “Non-cash changes”; foreign interest exchange is presented in its own column.
Reconciliation of liabilities arising from financing activities (2024)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; 1 January 2024 | 2024Group; Principal and interest payments 2024 | 2024Group; Interest expense 2024 | 2024Group; Interest exchange 2024 | 2024Group; 31 December 2024 | Source |
|---|---|---|---|---|---|---|
| Financing liabilities reconciliation | ||||||
| Borrowing and interest payablesS$’000 | 564,427 | (100,316) | 44,673 | 3,228 | 512,012 | PDF p. 81 |
Definitions & sources
Original report: PDF p. 81 ↗
The page labels this as “Non-cash changes”; foreign interest exchange is presented in its own column.
Portfolio statement — Occupancy rates
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; as at 31 December 2025 | 2024Group; as at 31 December 2024; restated | Source |
|---|---|---|---|
| Investment properties | |||
| Chongxian Port Investment% | 87.2 | 92.2 | PDF p. 83 |
| Chongxian Port Logistics% | 95.9 | 95.9 | PDF p. 83 |
| Fu Heng Warehouse – Building 1 and 2% | 77.3 | 74.5 | PDF p. 83 |
| Hengde Logistics – Phase 1 - Phase 2% | 88.4 | 91.1 | PDF p. 83 Label p. 83 |
| Wuhan Meiluote% | 97.3 | 77.4 | PDF p. 83 |
| Fuzhou E- Commerce% | 58.9 | 72.3 | PDF p. 84 |
| Stage 1 Properties of Bei Gang Logistics - Building 1 to 8% | 100 | 100 | PDF p. 84 |
Definitions & sources
Original report: PDF p. 83 ↗ PDF p. 84 ↗
The source portfolio schedule also prints acquisition date, remaining lease term, location, latest valuation date, and its own marked restated comparative header.
Phase 2 is printed without separate numeric entries and is not assigned values.
* Refers to the remaining tenure of underlying land.
The percentage of total net assets attributable to unitholders as at 1 January 2024 remains unchanged as the impact of restatement to the Group’s net assets as at 1 January 2024 was not significant.
The original portfolio table combines the value cells for Hengde Logistics Phase 1 and Phase 2; the two phases are not assigned separate valuations or occupancy rates.
Portfolio statement — Investment property valuation
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; as at 31 December 2025 | 2024Group; as at 31 December 2024; restated | Source |
|---|---|---|---|
| Investment properties | |||
| Chongxian Port InvestmentS$’000 | 72,745 | 177,266 | PDF p. 83 |
| Chongxian Port LogisticsS$’000 | 69,108 | 87,235 | PDF p. 83 |
| Fu Heng Warehouse – Building 1 and 2S$’000 | 42,159 | 53,124 | PDF p. 83 |
| Hengde Logistics – Phase 1 - Phase 2S$’000 | 109,118 | 137,377 | PDF p. 83 Label p. 83 |
| Wuhan MeiluoteS$’000 | 16,037 | 19,572 | PDF p. 83 |
| Fuzhou E- CommerceS$’000 | 101,017 | 128,430 | PDF p. 84 |
| Stage 1 Properties of Bei Gang Logistics - Building 1 to 8S$’000 | 88,451 | 110,722 | PDF p. 84 |
| Portfolio reconciliation | |||
| Total investment propertiesS$’000 | 498,635 | 713,726 | PDF p. 84 |
| Other (liabilities)/ assetsS$’000 | (728,753) | (682,172) | PDF p. 84 |
| Net (liabilities)/ assets of the GroupS$’000 | (230,118) | 31,554 | PDF p. 84 |
Definitions & sources
Original report: PDF p. 83 ↗ PDF p. 84 ↗
The source portfolio schedule also prints acquisition date, remaining lease term, location, latest valuation date, and its own marked restated comparative header.
Phase 2 is printed without separate numeric entries and is not assigned values.
* Refers to the remaining tenure of underlying land.
The percentage of total net assets attributable to unitholders as at 1 January 2024 remains unchanged as the impact of restatement to the Group’s net assets as at 1 January 2024 was not significant.
The original portfolio table combines the value cells for Hengde Logistics Phase 1 and Phase 2; the two phases are not assigned separate valuations or occupancy rates.
Portfolio statement — Percentage of net assets attributable
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; as at 31 December 2025 | 2024Group; as at 31 December 2024; restated | Source |
|---|---|---|---|
| Investment properties | |||
| Chongxian Port Investment% | (31.61) | 561.79 | PDF p. 83 |
| Chongxian Port Logistics% | (30.03) | 276.46 | PDF p. 83 |
| Fu Heng Warehouse – Building 1 and 2% | (18.32) | 168.36 | PDF p. 83 |
| Hengde Logistics – Phase 1 - Phase 2% | (47.42) | 435.37 | PDF p. 83 Label p. 83 |
| Wuhan Meiluote% | (6.97) | 62.03 | PDF p. 83 |
| Fuzhou E- Commerce% | (43.90) | 407.02 | PDF p. 84 |
| Stage 1 Properties of Bei Gang Logistics - Building 1 to 8% | (38.44) | 350.90 | PDF p. 84 |
| Portfolio reconciliation | |||
| Total investment properties% | (216.70) | 2,261.93 | PDF p. 84 |
| Other (liabilities)/ assets% | 316.69 | (2,161.93) | PDF p. 84 |
| Net (liabilities)/ assets of the Group% | 100 | 100 | PDF p. 84 |
Definitions & sources
Original report: PDF p. 83 ↗ PDF p. 84 ↗
The source portfolio schedule also prints acquisition date, remaining lease term, location, latest valuation date, and its own marked restated comparative header.
Phase 2 is printed without separate numeric entries and is not assigned values.
* Refers to the remaining tenure of underlying land.
The percentage of total net assets attributable to unitholders as at 1 January 2024 remains unchanged as the impact of restatement to the Group’s net assets as at 1 January 2024 was not significant.
The original portfolio table combines the value cells for Hengde Logistics Phase 1 and Phase 2; the two phases are not assigned separate valuations or occupancy rates.
Where the money comes from
Segment information
By business
Segment information - Property income and expenses, S$'000 5 lines
| Item / unit | 2025Port Logistics, 31 December 2025 | 2024Port Logistics, 31 December 2024 (Restated) | 2025Specialised Logistics, 31 December 2025 | 2024Specialised Logistics, 31 December 2024 (Restated) | 2025E-commerce Logistics, 31 December 2025 | 2024E-commerce Logistics, 31 December 2024 (Restated) | 2025Total, 31 December 2025 | 2024Total, 31 December 2024 (Restated) | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||
| Gross revenueS$'000 | 11,920 | 43,415 | 7,791 | 5,093 | 15,605 | 43,548 | 35,316 | 92,056 | PDF p. 135 |
| Property expensesS$'000 | (3,267) | (2,183) | (1,834) | (1,437) | (4,384) | (4,725) | (9,485) | (8,345) | PDF p. 135 |
| Net property incomeS$'000 | 8,653 | 41,232 | 5,957 | 3,656 | 11,221 | 38,823 | 25,831 | 83,711 | PDF p. 135 |
| Net change in fair value of investment propertiesS$'000 | (116,234) | (44,867) | (26,496) | (20,639) | (59,002) | (29,193) | (201,732) | (94,699) | PDF p. 135 |
| Impairment (loss)/ reversal on receivablesS$'000 | (37,505) | – | 56 | – | (36,124) | – | (73,707) | – | PDF p. 135 |
Notes
Operating segments are by nature of investment properties; all properties are in the People's Republic of China (one geographical location), so no separate geographic table is presented.
* Other trust expenses include Manager's fees and Trustee's fees.
Blank values denote cells not printed (unallocated items shown under Total only). Original labels for wrapped rows are split across lines in the source; quotes for some wrapped rows are the final printed line only.
Segment information - Assets and liabilities, S$'000 3 lines
| Item / unit | 2025Port Logistics, 31 December 2025 | 2024Port Logistics, 31 December 2024 (Restated) | 2024Port Logistics, 1 January 2024 (Restated) | 2025Specialised Logistics, 31 December 2025 | 2024Specialised Logistics, 31 December 2024 (Restated) | 2024Specialised Logistics, 1 January 2024 (Restated) | 2025E-commerce Logistics, 31 December 2025 | 2024E-commerce Logistics, 31 December 2024 (Restated) | 2024E-commerce Logistics, 1 January 2024 (Restated) | 2025Total, 31 December 2025 | 2024Total, 31 December 2024 (Restated) | 2024Total, 1 January 2024 (Restated) | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Segment assets | |||||||||||||
| - Investment propertiesS$'000 | 141,853 | 264,502 | 308,428 | 109,118 | 137,377 | 157,187 | 247,664 | 311,847 | 340,014 | 498,635 | 713,726 | 805,629 | PDF p. 136 |
| - Trade and other receivablesS$'000 | 10,097 | 73,375 | 36,883 | 1,911 | 1,879 | 3,200 | 1,011 | 84,387 | 57,712 | 13,019 | 159,641 | 97,795 | PDF p. 136 |
| Liabilities | |||||||||||||
| Segment liabilitiesS$'000 | 67,901 | 122,597 | 118,193 | 25,322 | 32,464 | 37,181 | 78,378 | 141,800 | 139,562 | 171,601 | 298,861 | 294,936 | PDF p. 136 |
Notes
Blank values denote cells not printed (unallocated and total-only lines).
The 1 January 2024 columns are restated opening balances; their column year is given as 2024 as the date falls in 2024.
Source text in the PDF has the header and rows interleaved with margin captions; quotes for wrapped rows (receivables) are the continuation line.
Debt
Borrowings
Maturity of borrowings
| Item / unit | 202531 December 2025, S$'000 | 202431 December 2024, S$'000 | Source |
|---|---|---|---|
| The maturity of the borrowings are as follows | |||
| Within 1 yearS$'000 | 473,679 | 473,260 | PDF p. 113 |
| After 1 year but within 3 yearsS$'000 | – | 7,122 | PDF p. 113 |
Notes
Facilities are interest-bearing and repriced upon revision of PBOC Lending Base Rate, LPR, SGD SORA and USD SOFR. No numeric interest rate range printed. Onshore facility: up to RMB745,500,000 (S$138,961,000) refinanced May 2023; secured by pledges, guarantees, mortgage over Properties. Carrying amounts approximate fair values.
Borrowing notes 6 tables
Borrowings
| Item / unit | 202531 December 2025, Borrowings S$'000 | 202531 December 2025, Unamortised transaction costs S$'000 | 202531 December 2025, Total S$'000 | Source |
|---|---|---|---|---|
| 31 December 2025 / Current / Secured bank borrowings | ||||
| – Onshore FacilityS$'000 | 132,440 | (404) | 132,036 | PDF p. 112 |
| – Offshore FacilityS$'000 | 341,643 | – | 341,643 | PDF p. 112 |
| 31 December 2025 / Current | ||||
| Total borrowingsS$'000 | 474,083 | (404) | 473,679 | PDF p. 112 |
Notes
Header: Group; Borrowings, Unamortised Transaction costs, Total (S$'000). All 2025 borrowings are classified as current secured bank borrowings.
Borrowings - 31 December 2024
| Item / unit | 202431 December 2024, Borrowings S$'000 | 202431 December 2024, Unamortised transaction costs S$'000 | 202431 December 2024, Total S$'000 | Source |
|---|---|---|---|---|
| 31 December 2024 / Current / Secured bank borrowings | ||||
| – Onshore FacilityS$'000 | 127,397 | (1,533) | 125,864 | PDF p. 112 |
| – Offshore FacilityS$'000 | 347,396 | – | 347,396 | PDF p. 112 |
| 31 December 2024 / Current | ||||
| Current subtotal (unlabelled)S$'000 | 474,793 | (1,533) | 473,260 | PDF p. 112 |
| 31 December 2024 / Non-Current | ||||
| Secured bank borrowings – Onshore FacilityS$'000 | 7,176 | (54) | 7,122 | PDF p. 112 |
| 31 December 2024 | ||||
| Total borrowingsS$'000 | 481,969 | (1,587) | 480,382 | PDF p. 112 |
Notes
Current subtotal row has no printed label.
Currency denomination of borrowings (Group, 31 December 2025)
| Item / unit | 2025SGD S$'000 | 2025RMB S$'000 | 2025USD S$'000 | 2025Total S$'000 | Source |
|---|---|---|---|---|---|
| Financial liabilities | |||||
| BorrowingsS$'000 | (244,701) | (132,036) | (96,942) | (473,679) | PDF p. 124 |
Currency denomination of borrowings (Group, 31 December 2024 Restated)
| Item / unit | 2024SGD S$'000 | 2024RMB S$'000 | 2024USD S$'000 | 2024Total S$'000 | Source |
|---|---|---|---|---|---|
| Financial liabilities | |||||
| BorrowingsS$'000 | (244,702) | (132,986) | (102,694) | (480,382) | PDF p. 125 |
Variable rate borrowings (interest rate profile, Group)
| Item / unit | 202531 December 2025, S$'000 | 202431 December 2024, S$'000 | Source |
|---|---|---|---|
| Variable rate borrowings | |||
| – Onshore borrowingsS$'000 | 132,440 | 134,573 | PDF p. 126 |
| – Offshore borrowingsS$'000 | 341,643 | 347,396 | PDF p. 126 |
| Net exposure to interest rate riskS$'000 | 474,083 | 481,969 | PDF p. 126 |
Notes
The Manager did not enter into any hedge against interest rate risk in FY2025 and 2024. 25bp change would alter total return by S$1,185,000 (2024: S$1,204,000).
Aggregate Leverage (total borrowings)
| Item / unit | 202531 December 2025, S$'000 | 202431 December 2024 (Restated), S$'000 | Source |
|---|---|---|---|
| Group | |||
| Total borrowingsS$'000 | 492,899 | 500,785 | PDF p. 130 |
| Aggregate Leverage ratio% | 95.1 | 57.0 | PDF p. 130 |
Notes
Leverage limit under Property Funds Appendix is 45.0% of deposited property. Leverage ratio under facility agreement has been breached (Note 17); Manager intends to restructure facilities.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution policy (Provision 11.6) | In accordance with the prospectus for IPO of ECW, ECW’s distribution policy is to distribute 100% of ECW’s Distributable Income for the period from the listing Date to 31 December 2017. Thereafter, ECW will distribute at least 90% of its Distributable Income on a semi-annual basis. Notwithstanding, ECW had been making its distribution on a quarterly basis until the financial year ended 31 December 2022. | ECW | PDF p. 62 |
| Distribution frequency | The planned distributions for all periods after 1 January 2023 had been deferred to a later date to be announced due to insufficient funds. | ECW | PDF p. 62 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Calculated Distribution Per Unit (Singapore cents) | - Singapore cents | FY2025, year ended 31 December 2025 | PDF p. 5 |
| Calculated Distribution Per Unit (Singapore cents) | 1.6167 Singapore cents | FY2024, year ended 31 December 2024 (comparative, restated column) | PDF p. 5 |
| For FY2025 | For FY2025, the Manager had announced a calculated distribution of Nil Singapore cents per unit (2024 related : 1.616 Singapore cent per unit). | FY2025 vs 2024 related | PDF p. 62 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Calculated Distribution to Unitholders (S$’000) | - S$'000 | FY2025 total | PDF p. 5 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate Leverage ratio | 95.1% | Group, 31 December 2025 (comparative 31 December 2024 restated: 57.0%) · As at 2025-12-31 | PDF p. 130 |
| aggregate leverage for the Group | 85.9% | Group, 31 December 2025 (comparative 31 December 2024: 57.0%) · As at 2025-12-31 | PDF p. 116 |
| interest coverage ratio | 0.50 times | Group, 31 December 2025 (comparative 31 December 2024: 1.71 times) · As at 2025-12-31 | PDF p. 116 |
| Annualised all-in interest rate | 9.1% | FY2025 annualised (comparatives: 2024 8.8%, 2023 7.2%) | PDF p. 5 |
| Weighted average debt maturity (years)2 | 0.1 years | As at 31 December 2025 (comparative 31 December 2024: 0.7) · As at 2025-12-31 | PDF p. 5 |
| Total Occupancy Rate | 83.4% | Portfolio committed occupancy, as at 31 December 2025 · As at 2025-12-31 | PDF p. 15 |
| portfolio WALE | 1.1 years | Portfolio, as at 31 December 2025 · As at 2025-12-31 | PDF p. 16 |
| portfolio WALE | 0.9 year | Portfolio, as at 31 December 2025 · As at 2025-12-31 | PDF p. 16 |
| Calculated Distribution Per Unit (Singapore cents) | - Singapore cents | FY2025 (comparative FY2024 restated: 1.6167 Singapore cents) | PDF p. 5 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | BDO LLP | Group and ECW | PDF p. 76 |
| Engagement partner | Liang Hongzhou | Group and ECW | PDF p. 76 |
| Disclaimer of Opinion | We do not express an opinion on the financial statements of ECW and the Group. | Group and ECW, FY ended 31 December 2025 | PDF p. 74 |
| Going concern assumption | The going concern assumption has not been used in the preparation of the accompanying financial statements based on the matters disclosed in Note 2.1(a) to the financial statements. | Group and ECW | PDF p. 74 |
| Investment properties | the fair values of investment properties of the Group totalling S$498,635,000 as at 31 December 2025 | Group · As at 2025-12-31 | PDF p. 74 |
| Impairment allowance for trade and other receivables | trade receivables of S$557,000 and other receivables of S$5,989,000 as at 31 December 2025 | Group · As at 2025-12-31 | PDF p. 74 |
| Unauthorised use of Relevant Seals and Stamps | the unauthorised mortgages and guarantees arose primarily from the unauthorised use of the ECW’s China subsidiaries’ company seal, legal representative seal, finance stamp and/or contract stamp | Group | PDF p. 75 |
| Impairment losses | the Group recognised impairment loss of S$73,573,000 on its trade and other receivables due from the Sponsor Group | Group | PDF p. 75 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern | Accordingly, the financial statements of the Group and of ECW were not prepared on a going concern basis. | Group and ECW | PDF p. 89 |
| Going concern | the current liabilities of the Group and ECW exceeded their current assets by S$230,118,000 (2024: S$571,532,000) and S$115,995,000 (2024: S$113,174,000) respectively | Group and ECW as at 31 December 2025 (2024 comparatives) · As at 2025-12-31 | PDF p. 88 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
1 878.3 518.2 35,316 25,831 2025 2024 2023 2025 2024 2023 2025 2024 2023 As at As at As at As at As at 31 December 31 December 31 December 31 December 31 December 2025 2024 2023 2022 2021 Balance Sheet (S$ million) (Restated) (Restated) Total Assets 518.2 878.3 1,004.5 1,666.8 1,895.3 Investment Properties 498.6 713.7 805.6 1,469.8 1,673.9 Total Liabilities 748.3 846.8 909.7 1,059.8 1,143.5 Net Assets (230.1) 31.5 94.8 607.0 751.8 Key Financial Indicator Gross borrowings / Total assets 95.1% 57.0% 57.9% 38.8% 38.2% Interest cover ratio (times) 1 0.5 1.7 2.1 2.7 2.9 Weighted average debt maturity (years)2 0.1 0.7 1.0 0.4 0.6 years Annualised all-in interest rate 9.1% 8.8% 7.2% 5.8% 4.9% Annualised all-in blended running 8.8% 8.2% 6.3% 4.9% 4.1% interest rate3 Total operating expenses as percentage N/M 26.4% 9.0% 1.7% 1.7% of net assets4 For the For the For the For the For the Financial Financial Financial Financial Financial Year Ended Year Ended Year Ended Year Ended Year Ended 31 December 31 December 31 December 31 December 31 December 2025 2024 2023 2022 2021 Financial Performance (Restated) Gross Revenue (S$’000) 35,316 92,056 107,770 121,568 125,488 Net Property Income (S$’000) 25,831 83,711 99,201 110,956 113,025 Calculated Distribution to Unitholders - 13,087 29,631 38,564 50,615 (S$’000) Calculated Distribution Per Unit - 1.6167 3.6597 4.7626 6.2635 (Singapore cents) Calculated Distribution yield (%) - 2.0 4.5 5.9 7.7 (Based on IPO price of S$0.81 per Unit) Calculated Distribution yield (%) - 5.8 13.1 10.7 14.1 (Based on Unit Price of S$0.28 per Unit on 28 Aug 2023) 1 Calculated by dividing the trailing 12 months earnings before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), by the trailing 12 months interest expense and borrowing-related fees. 2 Calculated based on original loan maturity date. 3 Exclude upfront financing fee. 4 Defined as property expenses divided by net assets. 5 FY21 distribution includes payout of distribution previously retained in 4Q2019, 1Q2020 and 2Q2020 (partial) in 2Q2021 amounting to approximately S$2.0 million. 6 FY22 distribution includes payout of distribution previously retained in 2Q2020 (balance) and 3Q2020 (partial) in 2Q2022 amounting to approximately S$1.3 million. 7 ECW was not able to pay the distribution to unitholders with effect from 1 January 2023. The payment of the distribution will be deferred to a future date when ECW has sufficient free cash for the said distribution.
The reported distribution figures are calculated amounts, not confirmed payments. The source says ECW could not pay distributions from 1 January 2023; payment is deferred until sufficient free cash is available. Superscript footnotes 7, 7, 6 and 5 have been separated from the printed three-decimal per-unit figures using original PDF geometry.
The auditor issued a Disclaimer of Opinion; see the original audit report on physical pages 74–76. The figures remain the report’s disclosed figures. Original historical annual-report backfill remains outstanding.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.