Sales from Property Trading were $114 million or 38% of total Group revenue. This was $224 million lower than the previous year’s sales.

During the year, the main contributors to profit were from the sales of Freesia Woods and Cluny Hill bungalow plots. The year’s operating loss was due to provisions of $455.1 million made for the write-down of the Group’s trading projects and landbank. In the previous year, the contribution was from Villa Verde, Pebble Bay, Caribbean at Keppel Bay and Freesia Woods, and adjustments of costs for the projects completed in that year.

Hospitality and Services

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

Hospitality and Services incurred a pre-tax loss of $4.9 million from sales of $48.8 million( or 16% of total Group revenue in 2001). In 2000, sales and pre-tax profit for this segment were $37.5 million and $20.5 million respectively. The profit included the release of certain provisions no longer required.