Chairman's Statement

FY2025 marked a year of resilience for the Group. We are humbled by the resilience, adaptability, and unwavering dedication demonstrated by the management and staff. Despite market challenges and global economic uncertainty, we navigated an increasingly complex environment with discipline and prudence, strengthening our core fundamentals to improve operational performance.

DEAR SHAREHOLDERS,

On behalf of the Board of Directors, I am pleased to present our Annual Report for the financial year ended 31 March 2025 ("FY2025").

谨代表董事会，我很荣幸向大家呈交截至2025年3月31日止财政年度("2025财年")的年度报告。

FY2025 marked a year of resilience for the Group. We are humbled by the resilience, adaptability, and unwavering dedication demonstrated by the management and staff. Despite market challenges and global economic uncertainty, we navigated an increasingly complex environment with discipline and prudence, strengthening our core fundamentals to improve operational performance.

2025财年对集团而言是充满韧性的一年。我们对管 理层和员工展现出的韧性、适应力和坚定不移的奉献 精神深表感激。尽管面临市场挑战和全球经济不确定 性，我们仍以纪律性和审慎的态度应对日益复杂的环 境，通过强化核心基础能力提升集团的运营表现。

The Ministry of Trade and Industry ("MTI") downgraded Singapore's growth forecast for 2025 to "0.0 to 2.0%" from "1.0 to 3.0%" on concerns that the sweeping tariffs introduced by the US, and the ongoing US-China trade war could weigh significantly on global trade and global economic growth. The external demand outlook for Singapore has weakened significantly for the rest of 2025¹.

新加坡贸易与工业部("MTI")将新加坡2025年的经 济增长预期从之前的"1.0%至3.0%"下调至"0.0% 至2.0%"，原因归于美国实施的广泛关税措施以及持 续的中美贸易战可能对全球贸易和经济增长造成重大 的负面影响。新加坡的外部需求前景在2025年余年 已显著减弱。

Meanwhile, the Monetary Authority of Singapore ("MAS") expects core inflation to average 0.5 - 1.5% in 2025, down from its previous expectations of 1.0 - 2.0%. MAS cited that the external environment remains uncertain alongside downside risks to Singapore's economic outlook stemming from episodes of financial market volatility and a sharper-than-expected fall in final demand abroad². China has kept its economic growth target of around 5% in 2025, with confidence in its sustained economic recovery, significant development potential, and robust policy measures³.

与此同时，新加坡金融管理局 ("MAS") 预计，2025 年核心通胀率将平均为 0.5% 至 1.5%，低于此前 1.0% 至 2.0% 的预期。MAS指出，外部环境仍存在不确定性，且新加坡经济前景面临下行风险，主要源于金融市 场波动以及海外最终需求下滑幅度超出预期。中国则保持 2025 年约 5% 左右的经济增长目标，对经济持续 复苏、显著发展潜力及有力的政策措施充满信心。

Against the backdrop of an uncertain macroeconomic environment, the Group remained supported by a healthy construction order book of over $230.0 million, which is expected to contribute positively to the Group's financial performance in the coming financial year. Concurrently, the Group is working on several tenders to replenish our order book.

在宏观经济环境不确定的背景下，集团仍然拥有超过2.3亿新元的稳健建筑订单的支持，预计将对集团来年财 政年度的财务表现产生积极影响。同时，集团正在参与多个招标项目以补充更多订单。

Construction has commenced on the Group's four joint ventures for proposed residential and mixed development in Singapore, which are expected to support the Group's financial performance.

集团在新加坡的四个合资项目(涉及拟建住宅及综合开发项目)已启动施工，预计将支撑集团的财务表现。

FINANCIAL HIGHLIGHTS 财务概要

A net profit attributable to Owners of the Company was recorded for the second half-year ended 30 September 2025 ("2HFY2025"), marking a turnaround from a net loss of $18.4 million in the corresponding period last year. For FY2025, the Group reported a net loss attributable to Owners of the Company of $5.9 million, narrowing the net loss attributable to Owners of the Company of $31.0 million in the previous year.

截至 2025 年 9 月 30 日的下半年度 ("2025 财年下半年")，集团实现了拥有人应占净利润，扭转了去年同期 1,840 万新元的净亏损局面。2025 财年，集 团拥有人应占净亏损为 590 万新元，较上一财年的 3,100 万新元净亏损有所收窄。

Share of results of associates and joint ventures recorded a loss of $13.0 million in FY2025, compared to a loss of $5.0 million in FY2024. The increased losses were mainly attributable to the property development projects undertaken by associates and joint ventures. Significant pre-launch, financing, marketing, and operating expenses were fully recognised during the year, while revenue recognition was limited under the percentage-of-completion method, as construction had either not commenced or remained at an early stage as at the end of FY2025.

联营公司及合资企业的业绩份额在2025财年亏损 1300万新元，较2024财年的亏损500万新元的亏损 有所扩大。这主要归因于联营公司及合营公司的房地 产开发项目因前期推广费用、财务成本、销售及营销 费用及其他运营成本等支出需完全确认的支出，但这 些项目已售出单位的收入却因为在 2025 财年尚未开 始建设或仍处于初步阶段而受到在建完成百分比的限 制所导致的亏损。

Our property segment remains resilient. The Group's share of unrecognised attributable revenue from sold property development units in Singapore surpassed $162.0 million, which will be recognised progressively based on percentageof-completion in accordance with construction progress. This was driven by the Group's four joint ventures for proposed residential and mixed developments in Singapore - The Arcady at Boon Keng, Sora, One Sophia/The Collective at One Sophia and Bagnall Haus, all of which have achieved satisfactory sales since their respective launches and are expected to generate positive margins.

我们的房地产业务保持韧性。集团在新加坡已售房地 产开发单位中未确认的应占收入份额超过1.62亿新 元，该收入将根据施工进度按完工百分比逐步确认。 这主要得益于集团在新加坡的四个拟建住宅及综合开 发项目 - The Arcady at Boon Keng、Sora、One Sophia/The Collective at One Sophia 和 Bagnall Haus。这些项目自推出以来均取得了良好的销售成 绩，并预计将产生正向利润率。

Other income rose from $12.8 million in FY2024 to $13.9 million in FY2025, mainly attributed to fair value adjustments of investment properties in Singapore and sale of fixed assets.

其他收入从2024财年的1,280万新元增至2025财年 的1,390万新元，主要归因于新加坡投资物业的公允 价值调整及固定资产的出售。

Correspondingly, the Group reported a reduced net loss attributable to Owners of the Company of $5.9 million after excluding non-controlling interests for FY2025.

相应的 ，在扣除非控股权益后，集团在2025财年 归属于公司拥有人应占溢利的净亏损减少至590万新 元。

The Group continues to maintain a healthy balance sheet and working capital position, with fixed deposits, cash and bank balances of $123.1 million as at 31 March 2025. Notably, total bank loans and borrowings declined by $67.7 million, from $133.6 million in FY2024 to $65.9 million in FY2025. As a result, the Group's gearing ratio improved to 0.22x of net assets in FY2025, from 0.42x in FY2024.

集团继续保持健康的资产负债表和营运资金状况， 截至2025年3月31日，定期存款、现金及银行结余 总额为1.231亿新元。值得注意的是，总银行贷款及 借款较2024财年的1.336亿新元减少6,770万新元， 至2025财年的6,590万新元。因此，集团的负债率 在2025财年改善至净资产的0.22倍，而2024财年为 0.42倍。

BUILDING ON OUR STRONG FOUNDATIONS 巩固坚实基础

CONSTRUCTION BUSINESS 建筑业务

Our construction business remains the core contributor of the Group's revenue, accounting for 97.4% of our total revenue. Total construction revenue of $176.9 million was recorded in FY2025. Supported by the Group's strong track record and extensive expertise, our construction order book remains healthy at $230.0 million as at 31 March 2025. We are also working on several tenders to further replenish our order book, with an emphasis on protecting our margins.

建筑业务仍是集团收入的核心来源，占总收入的 97.4%。2025财年建筑业务总收入达1.781亿新元。 凭借集团强大的业绩记录和丰富专业经验，截至2025 年3月31日，建筑业务订单总额维持在2.30亿新元。 我们同时也正积极参与多个招标项目以进一步补充订 单簿，并致力于维持我们的利润率。

According to MTI, Singapore's construction sector grew by 4.6% year-on-year in the first quarter of 2025, extending the 4.4% growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the sector contracted by 2.3%, a pullback from the 0.3% expansion in the preceding quarter¹.

根据 MTI 的数据显示，2025年第一季度新加坡建 筑业同比增长4.6%，延续了上一季度4.4%的增长势 头。经季节性调整后，建筑业环比萎缩2.3%，较前 一季度0.3%的扩张有所回落。

On the other hand, the Building & Construction Authority ("BCA") projects that some $47 billion to $53 billion in construction contracts are expected to be awarded in 2025, as construction demand grows this year due to launch of major public infrastructure projects and development of public and private housing. Over the mediumterm, BCA expects the total construction demand to reach an average of between $39 billion and $46 billion per year from 2026 to 2029⁴.

另一方面，新加坡建筑管理局 ("BCA") 预计，由 于公共及基础设施项目的启动以及公共和私人房屋 的开发，今年的建筑需求将增长，2025年预计将授 予约470亿至530亿新元的建筑合同。从中长期来 看，BCA预计2026年至2029年间，总建筑需求将达 到每年平均390亿至460亿新元的水平。

While there may be some seasonality within the construction sector, underlying construction demand remains stable. We remain focused on project execution and tenders, leveraging our strong track record and extensive experience as a BCA A1 grade contractor, as well as progressive integration of innovation and technology to enhance operational efficiency.

尽管建筑行业可能存在一定季节性波动，但基本建筑 需求依然保持稳定。我们将继续专注于项目执行和招 标，依托作为 BCA A1 级承包商的丰富经验和良好业 绩，以及通过创新和技术的整合提升运营效率。

PROPERTY DEVELOPMENT BUSINESS 房地产开'业务

SINGAPORE 新加坡

Based on flash estimates by the Urban Redevelopment Authority, the price index for private residential properties increased by 0.6% in the first quarter of 2025, moderating from the 2.3% increase recorded in the previous quarter. Meanwhile, total sale transaction volume fell by about 15%, exhibiting signs of moderation following several years of robust growth⁵.

Excluding executive condominiums, developers launched 3,139 uncompleted private residential units for sale in first quarter of this year, compared to the 3,425 in the previous quarter⁶.

根据市区重建局的初步估算，2025年第一季度私人 住宅物业价格指数较上季度增长0.6%，较上一季度 2.3%的增幅有所放缓。与此同时，总销售交易量下 降约15%，显示出在经历数年强劲增长后出现放缓迹 象。不包括行政管公寓，开发商在今年第一季度推出 了3,139套未竣工的私人住宅单位待售，而上一季度 为3,425套。

Against this backdrop, the Group has recorded satisfactory sales with positive margins expected across our ongoing developments in Singapore. Construction is currently underway for all four developments in which the Group is participating through joint ventures - The Arcady at Boon Keng, One Sophia/The Collective at One Sophia, Sora at Yuan Ching Road in district 22 and Bagnall Haus at 811 Upper East Coast. We are encouraged by the good reception our projects have received and are focused on delivering quality developments.

在此背景下，集团在新加坡的在建项目均录得令人 满意的销售业绩，预计能实现正向利润率。目前， 集团通过合资企业参与的四个合资项目均已开工建 设，包括位于文庆的The Arcady，One Sophia/ The Collective at One Sophia，位于园景路22区的 Sora，以及位于东海岸上段811号的 Bagnall Haus。 我们对项目获得的良好反响感到鼓舞，并致力于交付 高质量的开发项目。

We will continue to explore strategic collaborations to acquire sites for redevelopment and strengthen our partnership network, where we are able to leverage our partners' expertise and resources to optimise project outcomes.

我们将继续探索战略合作，以收购土地进行重新开 发，并加强合作伙伴网络，通过利用合作伙伴的专 业知识和资源来优化项目成果。

OVERSEAS 海外

The Group's investment in two residential development projects located in the PRC's Gaobeidian county, namely Singapore Sino Health City (中新健康城-中新悦朗) and Zhong Xin Yue Shang (中新悦上), with equity stakes of 22.5% and 33.75% respectively, have contributed to the Group's financial performance for FY2025. The sale of further completed units from both projects is expected to support the Group's financial performance.

集团投资于中国高碑店县的两个住宅开发项目，分 别为中新健康城-中新悦朗和中新悦上，股权分别为 22.5%和33.75%，为集团2025财年的业绩做出了正 面的贡献。这两个项目的进一步竣工单位预计将为集 团业绩做出正面的贡献。

While the property market in the PRC remains challenging, the Chinese government has implemented various real estate-related measures. The Group will continue to closely monitor market conditions and sentiment while advancing its property development projects. As part of our growth plans, we remain open to strategically and prudently pursuing prime development sites to replenish our land bank through close collaboration with our experienced joint venture partners. Should the right opportunities arise, we will expand into new markets with favourable property market prospects with our partners.

尽管中国房地产市场仍面临挑战，但中国政府已实施 了多项房地产相关措施。集团将继续密切关注市场条 件和情绪，同时推进其房地产开发项目。作为我们增 长计划的一部分，我们仍将通过与经验丰富的合资伙 伴的紧密合作，战略性地、审慎地追求优质开发用 地，以补充我们的土地储备。如果出现合适的机会， 我们将与合作伙伴一起扩展到具有良好房地产市场前 景的新市场。

PROPERTY INVESTMENT 房地产投资

Amid persistent macroeconomic headwinds, the Group has maintained healthy occupancy and rental rates across its property investments both in Singapore and overseas. Our continued focus on quality spaces has supported our recurring income.

在持续的宏观经济逆风下，集团在新加坡及海外的房 地产投资项目均保持了健康的入住率和租金水平。我 们对优质空间的持续关注支撑了我们的持续性收入。

Our 69%-owned investment property in PRC, Tianjin Tianxing Riverfront Square, consistently contributes to the Group's performance, with a resilient occupancy rate of approximately 60% as at 31 March 2025.

集团持股69%的中国投资物业 - 天津天兴河滨广场， 持续为集团业绩做出贡献，截至 2025 年3月31日， 其入住率保持在约 60%的稳健水平。

Our portfolio currently comprises nine overseas hotel property investments, seven of which are operational and generating recurring income. The remaining two are under development.

集团目前的投资组合包括九个海外酒店物业投资，其 中七个已投入运营并产生持续性收入，剩余两个处于 开发阶段。

While the outlook remains tempered by macroeconomic uncertainties that may weigh on the hotel operations and investments in the near term, there are bright spots. The International Air Transport Association projects that total traveller numbers will reach a record high of 4.99 billion despite headwinds from global economic and political shifts⁷. Hotel performance in countries such as the United Kingdom and Japan has shown signs of recovery. Demand in the United Kingdom hospitality market is expected to remain robust in 2025, supported by the rebound in group and corporate travel with domestic spend on accommodation expected to increase 6% by the end of year⁸. Meanwhile, the Japanese hospitality market is also expected to grow further in 2025 due to an increase in the number of foreign visitors to Japan and steady domestic demand for lodging⁹. Taking these into account, we remain cautiously optimistic about the hospitality sector. Besides enhancing portfolio resilience and value, we will continue to team up with our joint venture partners to explore new investment opportunities in overseas hotel properties.

尽管宏观经济不确定性可能在短期内对酒店运营和投 资造成压力，但仍存在积极因素。国际航空运输协会 预测，尽管面临全球经济和政治变动的挑战，全球旅 客总数仍将创下49.9亿人的历史新高。英国和日本等 国家的酒店业绩已显现复苏迹象。预计2025年英国酒 店市场需求將保持强劲，得益于团体及企业旅行的复 苏，国内住宿支出预计到年底将增长6%。与此同时， 日本酒店市场也预计在2025年进一步增长，这得益于 赴日外国游客数量的增加以及国内住宿需求的稳定。 综合考虑这些因素，我们对酒店行业仍持谨慎乐观态 度。除提升投资组合的韧性和价值外，我们将继续与 合资伙伴合作，探索海外酒店物业的新投资机会。

PROPOSED DIVIDENDS 拟派股息

For FY2025, KSH will be proposing a final cash dividend of 0.75 Singapore cent per ordinary share, bringing the total dividend for FY2025 to 1.25 Singapore cents per share. This 25% increase in total dividends paid out is part of our commitment to return value to shareholders.

对于2025财年，集团将提议每股普通股派发新币 0.75分现金股息，使2025 财年总股息达到每股新币 1.25分。此次股息总额增加了25%是我们致力于回报 股东为其创造价值的承诺之一。

WORDS OF APPRECIATION 致谢

To my fellow Board members, I extend my sincere gratitude for your guidance and counsel which continue to steer the Company towards greater success and ambition. I would also like to express my appreciation to our management team, engineers, quantity surveyors, and site co-ordinators for their dedication and contributions. My heartfelt gratitude to all our valued staff for their unwavering hard work, who have been instrumental to the Group's achievements.

我衷心感谢各位董事会成员的指导和建议，正是这些 指导和建议引领公司不断迈向更大的成功和雄心。我 还要感谢我们的管理团队以及我们的工程师、工料测 量师和工地协调员，感谢他们的辛勤工作和奉献。最 后，向所有员工表达最诚挚的谢意，你们的努力是集 团取得成就的关键。

On behalf of the Board and management team, we would also like to express my deepest thanks to our former Independent Directors, Mr Lim Yeow Hua @ Lim You Qin, Mr Khua Kian Kheng Ivan and Mr Ko Chuan Aun, who have retired on 31 July 2024. We are grateful for their invaluable contributions to the Group.

我谨代表董事会和管理团队，向已于 2024年7月31日 退休的前独立董事 Lim Yeow Hua @ Lim You Qin 先生、Khua Kian Kheng Ivan 先生和 Ko Chuan Aun 先生为集团做出的宝贵贡献表示最深切的感谢。

In August 2024, we also welcomed Mr Ng Weng Sui Harry, Mr Tan Kok Kwee, and Mr Wong Fook Choy Sunny as Independent Directors. We look forward to working together and contributing to the Company's success in the years ahead.

集团在 2024 年 8 月还迎来了 Ng Weng Sui Harry 先生、Tan Kok Kwee先生和 Wong Fook Choy Sunny先生出任独立董事。我们期待在未来的日子里 携手共进，为公司的成功贡献力量。

To our shareholders, customers, suppliers, sub-contractors, partners, and stakeholders, thank you for your continued trust and confidence. Together, we will chart ahead with purpose and resilience, building a more sustainable future.

感谢各位股东、客户、供应商、分包商、合作伙伴 和利益相关者一直以来的信任与信心。我们将携手 并进，以目标和韧性，共同迈向更可持续的未来。

CHOO CHEE ONN

Executive Chairman and Managing Director

14 July 2025

朱峙安

执行'事兼'事总经理

2025年7月14日

¹ Ministry of Trade and Industry Singapore, Singapore's GDP grew by 3.8 per cent in the first quarter of 2025. MTI downgrades Singapore's GDP growth forecast for 2025 to "0.0 to 2.0 per cent" - 14 April 2025.
² Monetary Authority of Singapore, Ministry of Trade and Industry Singapore, Singapore's GDP grew by 3.8 per cent in the first quarter of 2025. MTI downgrades Singapore's GDP growth forecast for 2025 to "0.0 to 2.0 per cent" - 14 April 2025.
³ The State Council Information Office (The People's Republic of China), Official: China's 5% GDP growth target ‘achievable' - 6 March 2025.
⁴ Building and Construction Authority, Construction Demand To Remain Strong For 2025 - 23 January 2025.
⁵ Urban Redevelopment Authority, Moderation of price and sales momentum in private residential market - 1 April 2025.
⁶ Urban Redevelopment Authority, Release of 1st Quarter 2025 real estate statistics - 25 April 2025.
⁷ International Air Transport Association - Airline Profitability to Strengthen Slightly in 2025 Despite Headwinds - 2 June 2025.
⁸ Cushman & Wakefield - Q1 2025 Hospitality Marketbeat - 16 May 2025.
⁹ Colliers - Japan Hospitality Insights April 2025 - 22 April 2025.