Group Quarterly Results

The Group's sales and profits for the first quarter in 2009 were lower than in 2008, due primarily to the difficult market conditions in Asia amid the global recession.

The residential market in Singapore experienced a sharp rebound in the second quarter of 2009 with a surge in new home sales spilling into the mid- to high-end segments. The residential markets in the key Asian countries the Group operates in, such as China and Vietnam, also showed signs of recovery and improved market sentiments. Consequently, the Group's sales and profits for the remaining three quarters in 2009 surpassed the sales and profits for the corresponding quarters in 2008.

The performance for fourth quarter of 2009 was boosted by a gain on an acquisition of additional interest in K-REIT Asia of $11.1 million as well as a fair value gain on investment properties (net of tax and minority interests) of $19.1 million, compared with $10.7 million and $3.7 million in the fourth quarter of 2008 respectively. Following the adoption of the amendments to FRS 40 Investment Property, the Group recognised for the first time fair value gain on investment properties under construction, namely Marina Bay Financial Centre Phases 1 and 2.