Frasers Property posts pre-sold revenue of $2.7 billion as at end-2022
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Frasers Property has sold 77 per cent of units at Sky Eden@Bedok, with a target completion in the first half of financial year 2026.
PHOTO: FRASERS PROPERTY
Sharon See
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SINGAPORE - Frasers Property on Wednesday said it achieved pre-sold revenue of $2.7 billion across Singapore, Australia, China and Thailand as at Dec 31, 2022. (*see correction note)
Sales of residential projects in Australia and Singapore remained healthy despite rate hikes and inflation, the company announced in a business update.
In Singapore, it sold 50 units in the first quarter, with unrecognised revenue amounting to $1 billion as at Dec 31, Frasers Property said, noting that sales of launched projects continued to strengthen despite property curbs introduced in December 2021 and September 2022.
So far, it has sold 90 per cent of units at Riviere condominium, with the temporary occupation permit attained on Jan 17, as well as 77 per cent of units at Sky Eden@Bedok, with a target completion date in the first half of financial year 2026.
All units of executive condominium Parc Greenwich were sold within nine months from launch, with completion slated for the second half of financial year 2024.
Frasers Property’s residential business in Australia remains resilient, the company said, supported by high levels of contracts on hand and a broadly supportive market environment. It sold 219 units in the first quarter, with an unrecognised revenue of $1.2 billion.
The company achieved positive sales traction across the business with key sales contributions from Mambourin, The Grove and Five Farms in Victoria, as well as Baldivis Parks in Western Australia.
As for Thailand, the firm sold 1,166 units, with an unrecognised revenue of $30 million. As at Dec 31, it had 73 active projects.
The number of units sold in China stood at 379, while unrecognised revenue was $500 million.
Frasers Property said that its hospitality portfolio is positioned for recovery, with all properties reopened to capture demand as the industry rebounds from the Covid-19 pandemic.
Net gearing ratio stood at 70.2 per cent as at Dec 31, and the company said that it is well positioned to repay or refinance all debt due in financial year 2023. Net debt rose 5.4 per cent to $13.2 billion as at Dec 31, compared with end-September.
At market close on Thursday, Frasers Property shares were down 0.56 per cent, or 0.5 cents lower, at 89 cents. THE BUSINESS TIMES
*Correction note: A previous version of the story incorrectly stated the pre-sold revenue to be $2.7 billion for Q1. It should be $2.7 billion as at Dec 31, 2022.
