Emerging Towns & Cities Singapore Ltd. expected to report a loss for the financial year ended 31 December 2021. The expected loss is mainly attributable to the following: (a) the Company is in the process of finalising the valuations on the Group's investment properties as at 31 December 2021. Based on indicative values, the Company expects to recognise fair value losses on the Group's investment properties at the Golden City project, which are non-cash in nature; (b) write-down of the Group's development properties at the Golden City project in FY2021, which are non-cash in nature; and (c) lower revenue from the sales of property units and rental income at the Golden City project in FY2021.