Frasers Property Limited’s pre-sold revenue hits $2.4b in 1Q24

Its net debt-to-equity ratio also increased to 78%.

Frasers Property Limited (FPL) achieved a pre-sold revenue of $2.4b as of the end of December 2023, its 1Q24 results showed.

In the same period, FPL saw an increase in its net debt-to-equity ratio due to capital expenditure, partially offset by the divestment of stake in Changi City Point.

Its net gearing ratio for 1Q24 was 78%.

Given these factors, FPL said it is now “well positioned to repay and/or refinance all debt due in FY24.”

FPL said it is also “continuing efforts to extend debt maturities with a focus on green and/or sustainable financing.”

In Singapore, FPL achieved an unrecognised revenue of $0.9b and sold eight units in 1Q24. It also secured the Lorong 1 Toa Payoh site, which will likely yield 777 units.