Net gearing increased by 3 percentage points q-o-q to 86.4% as at Dec 31, 2024. However, the pre-sold revenue in Singapore, Australia, Thailand and China is at $1 billion. In Australia on the residential front, the group reported a 27% y-o-y increase in the number of units sold, a 17% y-o-y increase in units settled. . Sale of land lots accounted for 95% of sales. Future earnings are underpinned by 1,308 contracts at hand with unrecognised revenue of $400 million.
As part of FPL’s capital recycling initiative, Coorparoo Square Retail Centre was divested in December 2024.
On the industrial front, FPL completed one development project in Victoria, with a pipeline of 12 projects comprising 343,000 sq m planned for completion in FY2025 and FY2026.
The Orie, in which FPL holds a 25% stake in a joint residential development with City Developments and Sekisui House was 86% sold on its launch weekend. The Orie is located in Toa Payoh, and part of FPL's strategy to increase development exposure over the medium to long-term.
See also: Fortress Minerals earnings for 1QFY2026 up 7.2% y-o-y to US$2.48 mil
In Thailand, FPL has six planned launches in FY2025 with a total gross development value of $385.3 million. In the first quarter, 357 units were settled, 312 units were sold and FPL has $30 million of unrecognised revenue from 143 contracts as at Dec 31.
