Message to Shareholders

Dear Shareholders,

The year 2025 was one of transition and reflection for the Group as we laid the foundations for the next phase of our growth.

While growth momentum has been evident in our hospitality operations in Malaysia, the real estate markets remain challenging. Against this backdrop, the Group continued to focus on strengthening its core businesses while taking deliberate steps to position itself for longer-term opportunities.

Financial Highlights

	FY2025 (S$’000)	FY2024 (S$’000)
Revenue	130,345	125,161
Loss attributable to:
Owners of the Company	(17,672)	(10,229)
Non-controlling interests	(7,617)	(5,263)
Loss for the year	(25,289)	(15,492)
Total comprehensive (loss)/income attributable to:
Owners of the Company	1,355	19,304
Non-controlling interests	(7,857)	(2,191)
Total comprehensive (loss)/income for the year	(6,502)	17,113

For the financial year ended 31 December 2025, the Group recorded revenue of approximately S$130.3 million, compared with S$125.2 million in the previous year. The increase was mainly attributable to improved performance from our hospitality operations in Malaysia. Despite this improvement, the Group recorded a net loss of approximately S$17.7 million attributable to owners of the Company. This included a write-down of development properties amounting to S$7.5 million.

The Group recorded a total comprehensive loss of S$6.5 million for the year. Notwithstanding this, total comprehensive income attributable to owners of the Company amounted to S$1.4 million, arising mainly from foreign currency translation gains.

Strategic Expansion

2025 marked an important inflection point for the Group. Against the above-mentioned backdrop, we undertook a strategic review of the Group’s business portfolio and growth trajectory.

In October 2025, shareholders approved the Group’s expansion into the digital infrastructure sector. This initiative complements, rather than replaces, our core real estate and hospitality businesses. We view digital infrastructure as a natural adjacency to our asset-centric capabilities, particularly in areas requiring operational discipline, capital allocation prudence and long-term infrastructure stewardship.

This expansion is intended to provide an additional growth engine for the Group while we concurrently reposition and revitalise our property development strategies.

We remain committed to disciplined capital management, prudent risk oversight and sustainable long-term value creation for shareholders.

Hospitality Business

	FY2025 (S$’000)	FY2024 (S$’000)
Revenue	72,265	66,939
Profit Before Tax	5,936	4,095

Our hospitality segment continued to show encouraging growth during the year, with revenue increasing by 8% year-on-year to S$72.3 million and profit before tax increasing by 45% year-on-year to S$5.9 million, supported by the steady increase in international travel and improving tourism demand in Malaysia.

The Group’s resorts in Kota Kinabalu benefitted from stronger visitor arrivals and higher occupancy levels, particularly from regional markets. Operational initiatives implemented during the year, including enhanced marketing outreach, improved revenue management and cost optimisation measures, have contributed to a gradual improvement in operating performance.

While the operating environment remains competitive, we believe our hospitality assets remain well positioned to capture the continued growth in tourism demand in Malaysia. Visa facilitation measures for key source markets and sustained regional travel growth are expected to support this trend. Looking ahead, the Visit Malaysia 2026 campaign is also expected to provide further impetus to inbound travel and hospitality demand.

Property Development

	FY2025 (S$’000)	FY2024 (S$’000)
Revenue	58,080	56,727
(Loss)/ Profit Before Tax	(2,022)*	12,009

* This included a write-down of development properties amounting to S$14.7 million

Market conditions in our property businesses remain mixed. While we recorded a 2% increase in revenue to S$58.1 million during the year, the broader downturn in the property sector in the People’s Republic of China continues to weigh on sentiment and transaction activity.

The Group continues to adopt a prudent and disciplined approach in managing its development portfolio, focusing on optimising the value of existing assets while carefully evaluating opportunities to reposition projects where appropriate.

We remain confident in the long-term fundamentals of the markets in which we operate and will continue to focus on enhancing the quality and positioning of our developments.

Appreciation

On behalf of the Board, we would like to express our sincere appreciation to Mr Wendell Wong Hin Pkin for his invaluable contributions to the Company.

Mr Wong first joined the Board in January 2020 and has served with dedication and professionalism. During his tenure, he provided invaluable guidance and oversight in his roles as Independent Director, Chairman of the Nominating Committee, and member of the Remuneration Committee.

Mr Wong will be retiring from the Board at the forthcoming Annual General Meeting. We thank him for his service and wish him every success in his future endeavours.

Looking Ahead

The Board believes that the steps taken during 2025, including the strategic review of our businesses, the strengthening of our leadership team and the expansion into digital infrastructure, have laid the groundwork for the Group’s next phase of development.

As we move forward, our focus remains on strengthening the performance of our core hospitality and real estate businesses, while carefully developing new growth opportunities that can enhance long-term shareholder value.

On behalf of the Board, we would like to thank our shareholders, business partners and employees for their continued support and confidence in the Group.

Dr Sam Goi Seng Hui
Executive Chairman

Gilbert Ee Guan Hui
Chief Executive Officer