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Chairman's Statement
Amid global uncertainties and challenges, we continue to be supported by a healthy construction order book. The Group is working on several tenders to replenish our order book to a higher amount. Simultaneously, the Group is participating in four joint ventures for proposed residential and mixed redevelopment in Singapore.
DEAR SHAREHOLDERS,
On behalf of the Board of Directors, I am pleased to present to you our annual report for the financial year ended 31 March 2024 ("FY2024").
'很荣幸仅代表'事会'现截止 2024年3月31日的2024 财政年度报'("2024财年")。
FY2024 was another challenging year marked by sustained high interest rates, escalating geopolitical tensions, persistent high inflation pressures and continued disruptions in global supply chains. These challenges had significantly impacted the global economy, leading to higher operational expenses including elevated material and labour costs. As businesses navigate these hurdles, prioritising resilience and fostering strong relationships have been more crucial than ever.
2024 财年是又一个充满'战的一年 — 利率持续居高 不下、地缘政治紧张局势不断升级、通胀压力持续居 高不下、全球供应链持续中断。这些'战严重影响了 全球经济，导致运营费用的增加，包括材料'劳动力 成本上升。在企业克服这些障碍时，优先考'韧性' 建立牢固的关系比以往任何时候都更加重要。
The Ministry of Trade and Industry ("MTI") has cautioned about downside risks in the global economy, attributing them to geopolitical tensions in the Middle East and the war in Ukraine, which could disrupt global supply chains and commodity markets1 . Additionally, Gross Domestic Product ("GDP") growth in the major economies is expected to taper gradually in the immediate quarters due to tight financial conditions, before picking up alongside anticipated policy rate cuts later in the year. Despite China's strong long-term prospects, it may face headwinds in its economic recovery in the near term.
新加坡贸易与工业部("MTI")对全球经济存在的下 行风险'出警'，将其'因于中东地缘政治紧张局势 '乌克兰战争，这可能会扰乱全球供应链'大宗商品 市场1 。此外，由于'融状况紧张，主要经济体的国内 生产总值("GDP")增长预计将在最'几个季度逐渐 放缓，但随着今年晚些时候预期的政策降息，增长将 有所回升。尽管中国长期前景强劲，但其经济复苏可 能在短期内遭遇阻力。
MTI has also maintained Singapore's GPD growth forecast for the year at a range of 1.0% to 3.0% as the economy grew by 2.7% year-on-year in the first quarter of 2024. On a quarter-on-quarter seasonally adjusted basis, Singapore's economy expanded by 0.1%, moderating from the 1.2% growth in the preceding quarter.
由于2024年第一季度经济同比增长2.7%，贸易与 工业部还维持新加坡全年国内生产总值增长预测在 1.0%至3.0%的范围内。经季节性调整后按季比较， 新加坡经济增长为0.1%，较上一季度1.2%的增速有 所放缓。
The Monetary Authority of Singapore expects core inflation in Singapore to stay around 3% in the near term, before falling in the fourth quarter of 2024 and into 2025. However, it further cautioned that inflation could also turn out to be stronger than anticipated due to global shocks to supply and demand2 . Meanwhile, interest rates in Singapore may stay elevated for a longer time following the delay in rate cuts by the United States Federal Reserve delayed rate cuts.
新加坡'融管理局预计，新加坡核心通胀率短期内将 维持在3%左右，从而在2024年第四季度'2025年 下降。不过，该机构进一步警'称，由于全球供需冲 击，通胀也可能比预期更强。同时，由于美联储推迟 降息，新加坡的利率可能会在较长时间内维持高位。
Amid global uncertainties and challenges, we continue to be supported by a healthy construction order book of more than S$379.0 million. In addition, the Group is working on several tenders to replenish our order book to a higher amount. Simultaneously, the Group is participating in four joint ventures for proposed residential and mixed redevelopment in Singapore which is expected to contribute positively to our financial performance.
在全球充满不'定性''战的情况下，'们仍然受到 总额超过3.79亿新元的健康建'订单的支持。此外， 集团正在进行多项招标，以补充更多订单。同时，集 团正在参与新加坡四家拟建住宅'混合重建项目的合 资企业，预计这将对'们的财务业绩做出正面贡献。
FINANCIAL HIGHLIGHTS 财务概要
The Group recorded a net loss attributable to Owners of the Company of S$31.0 million, as compared to a net profit attributable to Owners of the Company of S$22.1 million in the same period last year. Share of results of associates and joint ventures incurred a loss of S$5.0 million in FY2024, as compared to a profit of S$20.3 million in FY2023. This was mainly due to the absence of contribution from property development projects.
集团在这个季度取得的拥有人应占亏损净额为 3,100 万 新 元 ， 同 比 去 年 同 期 的 拥 有 人 应 占 溢 利 净 额 为 2,210万新元。'占联营公司'合营企业业绩中所占 份额较2023财年的2,030万新元，转为亏损500万 新元。这主要是由于缺乏房地产开'项目的贡献。
For our property segment, we have achieved strong sales performance for our developments in both Singapore and the PRC, with majority of projects either fully sold or almost fully sold to date. Presently, the Group is participating in four joint ventures for proposed residential and mixed redevelopment in Singapore, namely 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.
就'们的房地产业务部分而言，'们在新加坡及中国 的'展项目都取得了强劲的销售成绩，迄今为止，大 部分项目已全数或'乎全数售出。集团目前正参与四 家在新加坡进行拟议住宅'混合再开'项目的合营企 业分别为位于文庆的The Arcady、位于One Sophia 的One Sophia/The Collective、园景路 22 区的 Sora'位于东海岸上段 811 号的 Bagnall Haus。
The increase in other income to S$12.8 million in FY2024 from S$11.7 million in FY2023 was attributed to an increase in interest income from fixed deposits and additional loans to associates, which were utilised to finance new projects.
2024财年的其他收入从2023财年的1,170万新元增 长至1,280万新元，'于定期存款及'联营公司提供 额外贷款以用于资助新项目的利息收入增加。
Share of results of associates and joint ventures incurred a loss of S$5.0 million in FY2024, in contrast to a profit of S$20.3 million in FY2023 attributable to the absence of contributions from property development projects. The four new property development projects in Singapore, under associates and joint venture companies, have not started recognising revenue as at FY2024. The losses sustained by these associates and joint ventures for the projects, primarily stemmed from pre-launch expenses, finance costs, sales and marketing expenses, and other operating costs that need to be recognised before the commencement of sale and construction.
在2024财年，因没有房地产开'项目的贡献，联营 公司'合营企业业绩中所占份额亏损500万新元，而 2023财年则实现盈利2,030万新元。截至2024财年， 联营公司'合营企业在新加坡的四项新房地产开'项 目尚未开始'认收入。其联营公司'合营企业在该项 目上承受的亏损主要源自推出前开支、财务费用、销 售及营销费用，以及在开始销售及建设前须'认的其 他营运成本。
Correspondingly, the Group reported a net loss attributable to Owners of the Company of S$31.0 million after excluding non-controlling interests for FY2024.
相应的，集团在2024财年'属于公司拥有人应占溢利 净额为3,100万新元(不包括非控股权益)。
The Group continues to maintain a healthy balance sheet with cash and bank balances and fixed deposits of S$134.6 million as at 31 March 2024. In pursuit of low gearing, the Group has reduced loans and bank borrowings from S$205.6 million in FY2023 to S$133.6 million in FY2024. Consequently, our gearing has improved from 0.57x in the previous period to 0.42x of net assets as at FY2024.
截至2024年3月31日，集团继续保持健康的资产负 债表，现''银行结余以及定期存款为1.346亿新 元。为了实现低负债率，集团已将贷款'银行借款从 2023财年的2.056亿新元减'至2024财年的1.336亿 新元。因此，截至2024财年，'们的负债率从上一期 间的0.57倍改善至净资产的0.42倍。
FORTIFYING FUNDAMENTALS, EMPOWERING PROGRESS 巩固基础，推动进展
CONSTRUCTION BUSINESS 建'业务
As the primary source of revenue, our core construction business accounted for 98.1% of our total revenue, reaching S$209.9 million in FY2024. Backed by the Group's strong track record and extensive expertise, the Group's construction order book is at more than $379.0 million as at 31 March 2024, with a ratio of 17:83 in terms of private and public projects. Additionally, we are working on several tenders to replenish our order book to a higher amount.
作为集团最主要的收入来源，'们的核心建'业务 占总收入的98.1%，在2024年达到2亿990万新元。 在集团的良好业绩记录'丰富的专业知识下，截至 2024年3月31日，集团的建'订单已达超过3亿7,900 万，私人'公共项目为17:83的比例。此外，集团正 在进行多项招标，以补'们的订单簿以达到更高的 '额。
For 2024, the Building & Construction Authority ("BCA") announced construction contracts between S$32 billion and S$38 billion will be awarded. The public sector is expected to contribute about 55% of total demand, with S$18 billion to S$21 billion worth of contracts likely to be awarded while the remaining S$14 billion and S$17 billion will be contributed by the private sector. Despite the steady construction demand, a multitude of challenges lie ahead. This includes heightened recession risk in major economies and Singapore.
新加坡建'管理局("BCA")宣布，2024年将授予价值 320亿新元'380亿新元的建'合同。公共部门预计 将贡献总需求的55%左右，可能授予价值180亿至 210亿新元的合同，而其余的140亿'170亿新元将 由私营部门贡献。虽然建'需求稳定，但未来仍面临 诸多'战。其中包括主要经济体'新加坡经济"退风 险加剧。
Looking ahead, strong construction demand is expected based on projections from the BCA, with the public sector leading the way while private sector construction demand to remain steady over the medium-term3 . We remain dedicated to fortifying our fundamentals while prioritising efficiency through the integration of innovation and technology.
展望未来，根据建设局的预测，预计建'业需求将强 劲，将由公共部门处于领先地位，而私营部门的建' 需求将在中期保持平稳3 。'们将继续致力于巩固'们 的基础，同时通过创新'技术的融合优先考'效率。
PROPERTY DEVELOPMENT BUSINESS 房地产开'业务
SINGAPORE 新加坡
Figures released by the Urban Redevelopment Authorities showed that private home prices rose at a slower pace of 1.4% in the first quarter of 2024, down from the 2.8% increase in the previous quarter. This marks the slowest quarterly gain since the third quarter of 20214 . In addition, developers launched 1,304 uncompleted private residential units, excluding executive condominiums, for sale in this year's first quarter, compared to the 1,060 in the previous quarter.
市区重建局'布的数据显示，私人住宅价格在 2024 年第一季度的上涨幅度放缓至1.4%，低于上一季度 2.8%的涨幅。这是自2021年第三季度以来最慢的季 度涨幅4 。此外，开'商今年第一季度推出了1,304 套 未完工私人住宅单元(不包括高级公寓)待售，而上一 季度为1,060 套。
Most of the launched development projects in Singapore under the Group are either fully sold or almost fully sold to date. The Group is currently participating in four joint ventures for proposed residential and mixed redevelopment in Singapore. The Arcady at Boon Keng has achieved satisfactory sales since its January 2024 launch. Additionally, three other residential and commercial developments projects namely, One Sophia/The Collective at One Sophia, Sora at Yuan Ching Road in district 22 and Bagnall Haus at 811 Upper East Coast, are scheduled for launch by FY2025, with construction targeted to commence in FY2025. These joint ventures present strategic opportunities for us to acquire sites for redevelopment, fostering close collaboration with experienced partners while leveraging their expertise and resources to optimise project outcomes. We are delighted that our projects are well-received by the market and remain committed to continued success.
集团在新加坡的'展项目至今大部分已全数或'乎 全数售出。集团目前正参与四家在新加坡进行拟议 住宅'混合再开'项目的合营企业。位于文庆的The Arcady自2024年1月推出以来，取得了满意的销售 成绩。另外，其他三个住宅'混合再开'项目，即位 于One Sophia的One Sophia/The Collective、园 景路22区的Sora'位于东海岸上段811号的 Bagnall Haus，计'最迟2025财年推出，建设目标为2025财 年开始。这些合营企业为'们提供了可以收购重建用 地的战略机会，促进'们与经验丰富的合作伙伴的密 切合作，同时利用他们的专业知识'资源来优化项目 成果。'们很高兴'们的项目受到市场的欢迎，并将 继续致力于取得持续的成功。
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 positively to the Group's results for FY2024. Further completed units sold for both projects after FY2024 are expected to contribute positively to the Group's results.
集团投资于中国高'店县的两个住宅开'项目，分 别为中新健康城-中新悦朗'中新悦上，股权分别为 22.5%'33.75%，为集团 2024 财年的业绩做出了 正面的贡献。2024 财年之后，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。
Moving forward, we will closely monitor market sentiments and conditions while promoting our property development projects. Concurrently, we will work closely with our experienced joint venture partners to pursue prime sites strategically and prudently for development. This will enable us to replenish our land bank and promote sustainable growth.
在未来，'们将密切观察市场情绪'情况，同时推动 '们的房地产开'项目。与此同时，'们将与'们经 验丰富的合资伙伴密切合作，谨慎地寻找具有战略意 义的开'地点。这将让'们补充'们的土地储备并' 保可持续'展。
PROPERTY INVESTMENT 房地产投资
Despite uncertainties in macroeconomic factors, the Group has upheld strong occupancy rates and rental rates for our property investments both in Singapore and overseas. Our commitment to providing quality spaces remains steadfast amidst challenging times, ensuring a stream of recurring income.
尽管宏观经济因素存在不'定性，集团在新加坡'海 外的房地产投资仍保持强劲的入住率'租'水平。在 充满'战的时期，'们仍坚定地致力于提供优质空 间，'保持续性收入。
In the PRC, our 69%-owned investment property, Tianjin Tianxing Riverfront Square continues to contribute positively to the Group with a resilient occupancy of approximately 77% as at 31 March 2024.
在中国，'们拥有69%权益地投资物业天津天兴河 滨广场继续为集团做出积极贡献，截至2024年3月 31日，其入住率保持在77%左右。
Presently, the Group's portfolio comprises eleven overseas hotel property investments, nine of which are operational and generating recurring income. With a long-term strategic investment in hotel properties, we will continue to foster valuable partnerships with reputable and experienced joint venture partners, further enhancing our portfolio. To advance ahead, we will remain vigilant and exercise prudent navigation amid the challenging economic landscape. Furthermore, data from the International Air Transport Association indicates that although global international air travel demand in 2023 is below pre-pandemic levels, the gap is rapidly closing5 .
目前，集团拥有 11 项海外'店物业投资组合，其中 9 项已投入运营并产生经常性收入。通过对'店物业 的长期战略投资，'们将继续与信誉良好且经验丰富 的合资伙伴建立宝贵的合作伙伴关系，进一步增强' 们的投资组合。面对充满'战的经济形势，'们将保 持警惕、审慎前行。此外，国际航空运输协会的数据 显示，尽管 2023 年全球国际航空旅行需求低于疫情 前的水平，但差距正在迅速缩小5 。
While hotel performance in countries such as the United Kingdom and Japan has continued to improve, uncertainties loom as global macroeconomic factors could potentially impact hotel operations and investment in the near future. Despite our cautious stance in view of the uncertainties ahead, we expect a gradual improvement in the fundamental performance of the hospitality sector.
虽然英国'日本等国家的'店业绩已有持续进步，但 由于全球宏观经济因素可能会在不久地将来影响'店 运营'投资，不'定性隐现。尽管'们对未来的不' 定性持谨慎态度，但'们预计'店业的基本表现将逐 步改善。
PROPOSED DIVIDENDS 拟派股息
In appreciation of the continued support from our shareholders, KSH will be proposing a final cash dividend of 0.50 Singapore cent per ordinary share. Complemented with the interim cash dividend of 0.50 Singapore cent per ordinary share distributed earlier in the financial year, this brings the total dividend declared for FY2024 to 1.00 Singapore cents per share.
为表集团对股东持续支持的谢意，集团将提议分'每 股新元 0.50 分的末期现'股息。连同财年早些时候 派'的每股新币 0.50 分的中期现'股息，2024 财 年合计总股息分派为新元 1.00 分。
WORDS OF APPRECIATION 致谢
In closing, I would like to extend my sincere appreciation to our Board for their guidance and thought leadership. My appreciation also goes to our dedicated management team as well as our engineers, quantity surveyors, and site co-ordinators, for their relentless efforts in navigating the challenges. Additionally, I would like to thank our valued staffs for their hard work and dedication to the Group's achievements.
最后，'谨对'事会的指导'思想领导表示衷心感 谢。'还要感谢'们敬业的管理团队以及'们的工程 师、工料测量师'工地协调'，感谢他们在应对'战 方面所做的不懈努力。此外，'还要感谢'们宝贵的 '工为集团取得的成就所做的辛勤工作'奉献。
A special mention goes to Mr Kwok Ngat Khow, Executive director, who has retired on 31 May 2024. On behalf of the Board and management team, we would like to extend our appreciation for his invaluable contribution over the years and we wish him the best in his future endeavours.
特别值得一提的是执行'事 Kwok Ngat Khow先生， 他已于2024年5月31日退'。'谨代表'事会'管理 团队对他多年来的宝贵贡献表示感谢，并祝愿他在今 后的努力中一切顺利。
Lastly, I would also like to express our sincere gratitude to our shareholders, customers, suppliers, sub-contractors, partners, and stakeholders for their unwavering support.
最后，'还要''们的股东们、客户、供应商、分包 商、合作伙伴以及利益相关者表示诚挚的感谢，感谢 他们坚定不移的支持。
CHOO CHEE ONN
Executive Chairman and Managing Director
12 July 2024
朱峙安
执行'事兼'事总经理
2024年7月12日
1 Ministry of Trade and Industry Singapore, MTI Maintains 2024 GDP Growth Forecast at "1.0 to 3.0 Per Cent" - May 20242 Monetary Authority of Singapore, MAS Monetary Policy Statement - April 2024
3 Building and Construction Authority, Steady Demand for the Construction Sector Projected for 2024 - January 2024
4 Urban Redevelopment Authority, Release of 1st Quarter 2024 real estate statistics - April 2024
5 International Air Transport Association - Air Travel Reaches 99% of 2019 Levels as Recovery Continues in November, January 2024