Sales from Property Trading were $426.9 million or 51.7% of Group revenue. This was $428.1 million lower than 1999 sales. During 2000, the main contributors to profits were sales of Villa Verde, Caribbean at Keppel Bay and Freesia Woods.

Hospitality and Services

This is the hotel operations and the fee-based segment of the Group’s business. It includes marketing, project management, property and hotel / serviced apartment management services and related technical consultancy services.

Hospitality and Services made a pre-tax profit of $17.9 million in 2000 (after deduction of hotel depreciation of $10 million) from sales of $113.1 million (or 13.7% of total sales for the Group). In 1999, sales were $113.1 million and pre-tax loss was $20.3 million. Hotel depreciation included in this loss was $2 million.