The profit uptrend continued in 1996. Group’s profit before tax increased to $233.8 million, and attributable profit to $101.6 million. Improvements came from the Pebble Bay condominium project and the initial profit recognition from the two industrial building projects.

For 1997, whilst Group’s profit before tax showed a decline, attributable profit improved by 3% to $104.7 million. These results include the partial sale of Prudential Tower, the disposal of 30% shareholding in a property subsidiary and shop units at Heritage Court and Bukit Timah Plaza.

In 1998, the Group incurred an attributable loss of $350.6 million. Profit contributions from continuing businesses, partial sale of Prudential Tower and the sale of an office building in Australia were insufficient to cover the provisions made for two leasehold residential developments and the Group’s freehold landbank.

The Group made a turnaround in 1999 and recorded a profit before extraordinary items of $78.7 million. This result included the initial profit from the Villa Verde project and a further profit contribution from Pebble Bay. Attributable profit was $152.3 million after including extraordinary gains of $73.6 million from the unwinding of the Group’s investments in three related companies.

Further progress was made in 2000. Group’s pre-tax profit reached $158.9 million, and attributable profit was $120.6 million. These results included the profit from Villa Verde and Pebble Bay, the maiden profit contributions from Caribbean at Keppel Bay and Freesia Woods condominium projects.