Link: https://links.sgx.com/1.0.0/corporate-announcements/ADE03II72O7GG9M5/ed4f2a42fe5d0311ac275a4d718691dbb02cc98952b1a861940699d7c6dc7f3e

Summary:

• Revenue: S$70.3 million (down 34%); decline across Real Estate Development (-94% to S$2.0m), Real Estate Investment (-11% to S$24.5m), and Hospitality (-7% to S$41.7m).

• Net profit: S$14.5 million (vs loss of S$6.6m in 1H2024), buoyed by net fair value gains of S$19.2 million from investment properties and hospitality assets; Earnings per share: 1.16 cents (vs loss per share 0.54 cents).

• Adjusted EBIT: Real Estate Investment S$7.8m (down 19%); Hospitality S$6.1m (down 6%); Real Estate Development loss S$1.0m (vs loss S$1.3m); Other investments (incl. 44.5% stake in GulTech) S$15.6m (up 14%).

• Key drivers: Fair value gains led by Dunearn Village (formerly Link@896) asset enhancement; lower RE development revenue post completion of Peak Residence; Perth Residence on Langley Park transition dampened, while Melbourne hotels improved; Fraser Residence River Promenade (Singapore) contributed.

• Strategic projects: Dunearn Village AEI completing by Dec 2025 with refreshed trade mix and direct sheltered link to KAP MRT; 18 Robinson remains stable income contributor.

• Australia: Grand Hyatt Melbourne supported by rising international arrivals; Residence on Langley Park phased serviced apartment conversions started Jan 2025; Shoppe on Langley Park AEI progressing; Collins Street/George Parade mixed-use redevelopment application under review (decision expected by year-end).

• Indonesia: Opus Bay progressing (Balmoral Tower construction, Cluny Villas handovers); Teluk Senimba Ferry Terminal upgrade targeted 2026; The Grand Outlet – East Jakarta at 87% occupancy with ~120 brands.

• China: GulTech performing well; leasing ongoing at Summer Station, Sanya (including Group’s 19 commercial units).

• Outlook: Cautiously optimistic amid slower global growth (2025 forecast ~2.8%), policy/geopolitical uncertainty, and slower disinflation; focus on enhancing asset value, strengthening recurring income, and disciplined capital management.