Investment property

As at 30 September 2022, the  residential properties still remain under construction  and hence, the fair values cannot be measured reliably. 

Investment in associates -  Coldhams Alliance Pte. Ltd.

From the date of acquisition to 30 September 2021, CA did not contribute any revenue and profit to the Group&rsquo s results. If the acquisition had occurred on 1 April 2021,  management estimated that consolidated revenue would have been $123,089,000 and consolidated profit (after tax) for the period would have been $122,000.

Outlook
 

With further easing of COVID-19 restrictions in Singapore, the Group expects the resulting increase in the  supply of migrant workers to the country to alleviate the manpower shortage situation.  Given the backlog of recently awarded projects, the Group&rsquo s  construction activities are expected to increase and contribute to revenue in the coming months.

The Group continues to maintain a prudent approach towards new projects tenders. It will continue to focus on managing asset utilisation and the optimisation of cost and operational efficiencies to reinforce its competitive position. Capital and cash flow management remain key priorities as it maintains a tight rein on costs.

The Group&rsquo s  order book stood at approximately $200 million as at 14 November 2022  (25 May 2022: $150 million). Barring unforeseen circumstances, the  bulk of this order book should be delivered within the next nine months.