Emerging Towns & Cities Singapore Ltd. provided earnings guidance for the financial year ended 31 December 2022. For the period, the Group is expected to report a loss for the financial year ended 31 December 2022, based on a preliminary review of the unaudited financial results of the Group for FY2022. The expected loss is mainly attributable to the following: the Company is in the process of finalising the valuations on the Group's investment properties as at 31 December 2022.

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; write-down of the Group's development properties at the Golden City project in FY2022, which is non-cash in nature; and lower revenue from the rental of investment properties at the Golden City project in FY2022.