Thakral posts 91% fall in H1 profit to S$241,000

Despite the tough conditions, Thakral said that GemLife has achieved a higher sales of houses, which shows “its resilience not only to the volatility of the broader residential property market in Australia, but also to the current pandemic”.

Sales and settlements at the Bribie Island, Woodend, Highfields, Maroochy Quays and Pacific Paradise projects are also progressing well, it added; 370 houses at these projects are now occupied. Looking ahead, GemLife has acquired land for four new projects, bringing the total number to 10 resorts, with options for further acquisition of various new sites to achieve its pipeline goal of 4,000 homes.

Thakral is taking a more conservative approach in Japan. While its office properties remained resilient, its hotel investments incurred rental arrears from all of three operators. To conserve cash, all non-essential capital expenditure at properties in Osaka are on hold, with renovations in H2 being undertaken only if they lead to improved leasing terms.

Independent chairman Natarajan Subramaniam said: “In spite of the weak economic forecast, the investment division maintains an optimistic view of its investments in Australia and Japan as these two markets are relatively stable and well-positioned to ride out the economic vagaries posed by the ongoing pandemic.”BT is now on Telegram!

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