ANNUAL REPORT - Australian Securities Exchange · top-notch quality and based o qualied experience....

ANNUAL REPORT2015/16

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Deriving its origins from the Kingsland Singapore Group, Kingsland Global was established

to expand the group’s property development expertise into more regions across Asia.

Founded in 1978 as a boutique design and construction service company, the Kingsland

Singapore Group has amassed 37 years of experience providing property development

services in Singapore and Malaysia to become the integrated specialist property developer

that it is today.

Established as a separate entity, Kingsland Global is the holding company of entities

incorporated and operating in Malaysia and Cambodia. Kingsland Global shares the

vision, values and strategies that have propelled the Kingsland Singapore Group to great

heights over the years.

By participating in the development of:

a) residential and commercial projects, including but not limited to, boutique hotels and

serviced apartments;

b) mixeduseretailprojects,suchasshoppingmallsandfinancialcentres;c) aged care facilities; and

d) industrialparksandofficespaces,

KingslandGlobalislookingtoexpanditspropertydevelopmentexpertiseandofferingsto countries such as Cambodia, Taiwan, Japan and Australia.

These commercial objectives will contribute to Kingsland Global’s bigger mission of

pioneering new market growth opportunities in both newly developing and established

markets in which the company plans to enter and operate. Kingsland Global seeks to

achieve this through integrated specialist developments and contributions to the social

and economic potential of the above-mentioned markets.

COMPANY PROFILE

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VISIONTo be Asia’s leading integrated property developer that infuses value and

lifestyle in all our hospitality and commercial developments.

PRINCIPLES• Tobuildpartnershipsfoundedontrust.• Todeliverqualityprojectstoourclients.• Toprovideaworkplaceofthehighestsafetystandards.• Tobesociallyresponsibleandgivebacktothecommunity.• Tobeenvironmentallyresponsibleintheexecutionofourprojects.• Tobeuptodatewithourindustry’sclimateandchanges.• Tobeopentoopportunitiesinnewterritories,regionsandmarkets.

VALUES• Disciplinetoadheretostandards• Respectandtrusttostaffandclients• Responsibilitytowardsthecommunity• Open-mindednesstoopportunities

MISSION To leverage our foresight and expertise to deliver

innovative, creative and quality hospitality and commercial

developments of the highest safety standards.

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CHAIRMAN’SMESSAGE 4

REVIEWOFACTIVITIES 6

ANDOPERATIONS

DIRECTOR’SREMUNERATION 11

BOARDOFDIRECTORS 13

FINANCIALSTATEMENTS 17

CONTENT PAGE

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As Kingsland Global embarks on more projects to come,

I am pleased to share with you a few words that will

provide you with a clearer idea of the future opportunities

in store for us. Deriving its origins from Kingsland

Development, the boutique construction service

company I personally founded in 1978, Kingsland Global

has been able enjoy a dynamic start that presented us

with numerous opportunities to undertake the ongoing

projects currently under our name.

Applying the values and strategies that serve as

the driving force of the Kingsland Singapore Group,

Kingsland Global is equally committed to delivering

projects of only the highest quality and standards,

while staying true to the values and principles that

have brought us to where we are today.

THE VALUE OF KINGSLAND GLOBAL

Weareexcitedtoexpandourpropertydevelopmentexpertise to even more territories through the

development of residential, commercial and various

mixed-useprojects.Wearelookingtobringintothesemarketsourproductsthatwilldefinethestandardsofwhat quality developments should be, and bring value

to various countries and people.

TakeourOknhaPeichhotelforinstance,wearebuildingquality while ensuring the services we engage are of

top-notchqualityandbasedoffqualifiedexperience.Delivering projects such as these provide a holistic

and satisfying experience for not just our clients, but

also all our business partners and contractors, making

Kingsland Global so much more than just a developer.

Weseektoconstantlyprovidevaluetoourclients,investors and partners with the hope that they will

beabletolearnandgainfromthedifferentprojectsweareinvolvedinduringdifferentperiodsoftime.Ultimately,KingslandGlobalstrivestobeabrandthatis recognised for its value-added quality that always

provides something more than functionality to the

markets and surroundings it sets foot in.

KINGSLAND GLOBAL’S VISION

As we enter more regions and territories, we not only

want to expand our expertise to the relevant markets

and industries; we also want to ensure that our

professionalism and commitment to our clients are

delivered right from the initial stages of the projects till

their very completion - fostering meaningful and lasting

partnerships founded on trust and credibility — the very

core principles that we stand for and stand by.

As an opportunistic company that is always open to the

possibilitiestherealestateindustryoffers,KingslandGlobal is looking forward to even bigger plans in the

future.Wehopetoextendourreachtomoreregions,eventuallyofferingourexpertiseandservingontheglobalplatform.Wearealsolookingforwardtoplayaneven more active role in the community, developing not

Dear Shareholders,

CHAIRMAN’SMESSAGE

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only as a property developer, but also as a responsible

member of society and communities whose lives we

touch on a daily basis.

In terms of development, we are focusing on the

commercial and hospitality aspects of the industry. As

we enter any market, we are looking to dive into the

granular level on a project basis to identify and solve

any potential challenges, before we actively move to

tapthemaximumpotentialthateachprojectoffers.

Whenconsideringoursubsequentgoals,thecompanyisverykeentomoveintomarketsofferingsubstantialroomforgrowth.Withourbroadermissiontopioneernew market growth opportunities, we believe channelling

ourexpertiseandresourcesintomarketssuchasLaos,Myanmar,VietnamandThailandwillgarnersignificantreturns especially with Asia’s rise as an important centre

of the global market.

SIGNIFICANT PROJECTS

Breaking ground on yet another iconic development

inCambodiaisourOne18Residences,aservicedapartment that looks to transform the cityscape in the

heartofPhnomPenhInnerCity.Toweringovercurrentlow-risebuildings,this24-storeyapartmenttowerbrimswith promise – representing our desire to continue to

deliver quality developments, and to bring value to both

the country and its community.

Iamproudtoalsomentionthatour228OknhaPeichBoutique Hotel, slated for completion in the middle

of 2017, was quickly and successfully sold – further

demonstrating that our belief in the attractiveness and

profitabilityofmovingintofrontiermarketssuchasCambodia is well-founded.

Building on the last two projects, we have entered

intoaMasterCo-Operationagreementwithawhollyowned subsidiary of Shukaku Inc., exploring a Joint

Venturetopotentiallydevelop10,000squaremetresofprimerealestateinthePhnomPenhCentralBusinessDistrict (CBD).

WeareactivelyensuringasteadyportfolioofprojectsasweestablishanAsia-PacificRealEstateFundtocapture all segments of the real estate cycle, and are

constantly in talks with various business collaborators

and potential joint venture partners to identify new

property development project opportunities in not just

Cambodia, but also more established property markets

such as China, Australia, Taiwan, and Japan. More

details about our projects can be found in subsequent

sections of the report.

CORPORATE CULTURE

In order to materialise our vision, we require a strong

team of key players in which everyone performs

accordinglytohis/herareaofexpertise.Webelievein a performance-driven, open and transparent work

environment that leverages on everyone’s potential as

a talent essential for the team to operate altogether.

In terms of Kingsland Global’s management style, we

like to remove the rigid working framework which may

stifleandrestricteachkeyplayer’spotentialtoexcel.Eventually, it boils down to each individual’s shared

commitment to the company’s vision that will bring

value to the company and fuel its progress.

WiththefavourableprogressofKingslandGlobal’songoing projects, I am looking forward to the company’s

future endeavours and opportunities with great optimism

and anticipation.

OnbehalfoftheBoardofDirectors,Iwouldliketothankour shareholders, customers, suppliers and various

business associates for their continued support, and our

dedicatedstaffforalltheircommitmentandhardwork.

I am pleased to report the 2015 results of the Group.

Yours sincerely,

Sok Hang Chaw

Chairman

CHAIRMAN’S MESSAGE

“Withthefavourableprogress of

Kingsland Global’s

ongoing projects,

I am looking forward

to the company’s

future endeavours

and opportunities

with great optimism

and anticipation.”

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2REVIEW OF ACTIVITIES AND OPERATIONSF

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ONE18 RESIDENCES BREAKING GROUND

Locatedin7Makata,atop4investmentdistrict inPhnomPenh,thedevelopmentisslatedtobea24-storeyapartmenttowerthathasWangzSingapore,anesteemedhoteloperatorthathasbeenrankedNumber1ontheworld’s largest travel site TripAdvisor since 2012, acting

as technical consultant.

An iconic development that will tower above the current

low-risecityscape, theOne18ResidenceswillbelocatedintheheartofPhnomPenhInnerCity,withinone kilometer from the Central Business District area,

GovernmentInstitutions,Universities,mallsandotherhigh-end villas.

Major site works along with the foundation have already

begun, building towards the superstructure that will

housespaciousunitswithfloor-to-floorceilingheight

of 3.5 metres. Construction of the temporary boundary

walls and levelling of the site ground, as well as the

various casting of basement slabs and columns are all

in the process of being completed.

The project looks to begin the tender exercise for both

sub and super structural work over the next few months,

along with load tests for the bore pile and sonic tests.

Through continuous project undertaking, the Group and

the Company continue to deliver quality developments,

alongside the expansion of marketing activities

undertaken. The Group also includes subsidiaries

that develop residential properties, which it sells in

the ordinary course of business and has entered into

contracts to sell certain of these properties on completion

of construction.

REVIEW OF ACTIVITIES AND OPERATIONS

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SALE OF 228 OKNHA PEICH BOUTIQUE HOTEL

The228OknhaPeichhotelwassoldon18February,2016toVivazHoldingsLtdforUS$13.4million,andiscurrentlyunderfittingoutphase.Revenueisrecognizedbased on the percentage of completion in accordance

to the share and purchase agreement.

LocatedinthePremiumKhanDuanPenhDistrictinPhnomPenh,Cambodia,thehotelissettocompriseof 13 stories - 88 rooms with 3 classes of suites, with a

grossfloorareaofapproximately5,340squaremetres.

Preparatorysiteworkandfoundationlayinghavebeencompleted, and even though the downpour from the

rainyseasonwasheavier thanexpected,effectivemanagement and scheduling of the workforce enabled

site activities to be sped up while keeping safety as

the core consideration. As of 31st March 2016, major

structural works including columns and slabs from the

ground level up are being worked on, along with the

brickworkthatincludeswallsandfloors.MEPservicessuchaselectrical,MVACandfiresystems,aswellasplumbing and sanitary works are also in progress.

Essential furnishings such as windows, doors and other

loosefurniturespecificationsarebeingworkedon,withpower and water connections turned on later this year,

alongside the preparation of the room mock ups.

It is anticipated that the hotel will be completed in the

2nd Quarter of 2017.

The sale demonstrates that the Company’s belief in

theattractivenessandprofitabilityoftheCambodianproperty development market is well-founded. The

OknhaHotelisthebeginningoftheGroupandtheCompany’s development and opportunities in Cambodia,

aiming to become a leading developer in Cambodia

over the ensuing years.


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ESTABLISHING OF ASIA-PAC REAL ESTATE FUND

During the year, the Company has undertaken to explore the possibilities of

jointlymanagingandinitiating“Asia-PacRealEstateFund”,aninvestmentfund,throughitssubsidiaryGlobalInvestmentPartnersPte.Ltd.Whileutilisingthe Fund to minimise debt exposure and provide additional equity, thereafter

reducing the risk to both the Group and its stakeholders, the company will

beabletoscalequicklyandprovidecapitaltotakeonsignificantlylargerprojects in the future. The Fund will also allow institutional and high net

worth investors to invest directly at a project level in Kingsland’s Global

opportunities.

To be registered with agencies and regulators in Singapore and other

jurisdictions if required, the Fund is expected to operate in a similar manner as

aprivatetrustleadingtoaBusinesstrust.WhentheGrouporitsnominatedsubsidiary is the property developer and the sole or majority shareholder

in a development joint venture, investors will be given the entitlement of

investing in these property development opportunities.

TheCompanyisatthefinalstage,workingwithprofessionaladvisorstoobtain legal and tax advice regarding the Fund, and intends to obtain all

regulatory and requisite governmental approvals. The Group will announce

further details on the structure of the Fund in due course. Investors should

note that there is no guarantee that the Company will be able to implement

the fund or successfully attract investments into the fund.

ENTERING OF MASTER CO-OPERATION AGREEMENT

Duringtheyear,theCompanyenteredintoaMasterCo-OperationAgreementwithUrbanGlobalCo.Ltd.,awhollyownedsubsidiaryofShukakuInc.TheMasterCo-OperationAgreementprovidesforthepotentialdevelopmentof10,000sqmofprimerealestateinthePhnomPenhCBDareainCambodia.OutliningaworldclassdevelopmentandlookingtodeliveraMasterPlanforamulti-purposeuseofhotel,apartment,officedevelopmentandretailoutletsinQ32016,theGroupwillholdapproximately49%oftheinterestintheJointVenturesubjecttosatisfactionofallconditionsprecedentandexecutionofthedefinitivebindingagreements.


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SUCCESSFUL LISTING ON AUSTRALIAN STOCK EXCHANGE

Duringtheyear,theCompanyissuedaprospectustoraiseupto$11,000,000andlistontheAustralianStockExchange(ASX).Theofferwasoversubscribed,withtheCompanyreceivingapplicationsformorethan$11,000,000ofshares.Subsequently, 55,000,000 shares (in the form of CDI’s) were issued and the

CompanywasadmittedtotheOfficialListoftheASXundertheCodeKLOonDecember 11, 2015.

The Company will provide further updates on the operations and activities of the

Company via the ASX announcement platform, available at www.asx.com.au


PLANNING OF FUTURE DEVELOPMENT PROJECTS

The Company is constantly seeking to identify new property development project

opportunities in both Cambodia and in more established property markets, such

asChina,Japan,Taiwan,AustraliaandtherestoftheAsia-PacificRegion.

Regularlyensuringthattherearepotentialprojectsinthepipeline,theCompanycontinually undertakes analysis and assessment of potential developments

and conducts preliminary discussions with promising partners and prospective

development projects.

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DIRECTOR’S REMUNERATION

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DIRECTOR’S REMUNERATION FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016

The remuneration policy of Kingsland Global has been designed to align director

and executive objectives with shareholder and business objectives. The board of

thecompanybelievestheremunerationpolicytobeappropriateandeffectiveinits ability to attract and retain the best executives and directors to run and manage

the Company and Consolidated Group, as well as create goal congruence between

directors, executives and shareholders.

All remuneration paid to directors and executives is valued at the cost to the

Consolidated Group and expensed.

Name Base/

Fixed Salary(1)Fees(2) Total

JeremiahLeeKokHeng S$50,643.00 S$NIL S$50,643.00

Shann Sok Aixuan S$59,004.00 S$NIL S$59,004.00

Sok Hang Chaw S$37,669.00 S$NIL S$37,669.00

PatriciaSumSiokChun S$NIL S$15,000.00 S$15,000.00

ZaneRobertLewis S$NIL S$15,000.00 S$15,000.00

(1) Including employer’s Central Provident Fund (CPF) contribution

(2) Non-executive director fee

DIRECTOR’S REMUNERATION

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BOARD OF DIRECTORS

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BOARD OF DIRECTORS

THE NAMES AND DETAILS OF THE DIRECTORS IN OFFICE:

MR SOK HANG CHAWExecutive Chairman

Sok Hang Chaw is the founder and the Executive Chairman of the Company and

is based in Singapore. In 1978, Mr Sok founded Yee Cheong Seng Construction

Co, a building and construction company. In 1992, Mr Sok established Kingsland

Development, a boutique design and construction service company, and under his

leadership and vision, Kingsland Development evolved from a local construction

company into the parent company of the “Kingsland Singapore Group”, a property

developer that has completed numerous project developments including a

datacenter,factories,warehouses,officesandindustrialbuildingsinSingaporeand Malaysia.

Mr Sok has accumulated vast knowledge and experience in the property

development space in Singapore and Malaysia and has an extensive network of

local and multinational clientele.

Mr Sok is a director of the Cantonese Association (Singapore) and an active

memberoftheTzuChiFoundation(Singapore).AsExecutiveChairman,MrSokoversees the vision, objectives and the overall strategy of the Company.

MR JEREMIAH LEE KOK HENGManaging Director

JeremiahLeehasmorethan8yearsofexperienceinthefinanceindustryincountries such as Singapore and China.

JeremiahLeeholdsaBachelorofScienceinConstructionManagementfromtheHeriotWattUniversity,andrecentlyobtainedaGraduateCertificateinRealEstateFinancefromtheNationalUniversityofSingapore.

MrLeecommencedhiscareerasanofficerintheSingaporeArmedForces.In2007,helefttheSingaporeArmedForcestopursueacareerinfinance. MrLee’spriorexperienceincludesprovidinghisexpertiseatafinancialtechnologycompanythatseekstoconnectbusinessesseekingshorttermfinancingandinvestors seeking short term investments; a stint as an assistant credit manager

ofGuangdongHuaxiaInvestmentGuarantyCoLtd(China),andtookonthemantleofprojectmanagerforShanghaiLangzhouInvestmentLimited(China).

AstheManagingDirector,MrLee(amongstotherthings):

i) assumes responsibility for, and oversee the execution and delivery of the

Company’s business objectives;

ii) builds relationships with new and existing clients, referral sources, joint

venturepartners,businesspartnersandpersonsorentitieswhomayofferstrategic alliances;

iii) leads and manages the day to day operations of the Company; and

iv) oversees the performance of all the employees and contractors of the Company.

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MS SHANN SOK AIXUANExecutive Director

Shann Sok is an Executive Director of the Company and is based in Singapore.

MsSokgraduatedfromNanyangTechnologicalUniversityofSingaporewithaBachelor’sDegreeinAccountancyandisacertifiedpublicaccountant.

Ms Sok commenced her career as a business development executive with

Kingsland Development. Since then, Ms Sok has accumulated considerable

experience and has led Kingsland Development in numerous property development

projects for multi-national corporations in the marine, oil and gas, renewable

energy,logisticsandfoodindustries.MsSokhasalsoledthe“KingsPark@NusajayaProject”,KingslandMalaysia’sfirstindustrialparkanddevelopednewprojectsinnewemergingmarkets,includingthefirstmulti-tierdatacenterinAsia. Ms Sok is currently a director of Kingsland Development.

In 2010, under Ms Sok’s leadership, Kingsland Development won the Singapore

PrestigeBrandAwardforthemostpromisingbrandintheyear2010.Inaddition,MsSokisalsoregularlyfeaturedinmultiplebusinessmagazinesandnewspapers,including the Business Times newspaper, the Straits Times newspaper and the

SMEmagazines.

As an Executive Director, Ms Sok will assume responsibility for, and oversee, the

business development, marketing activities and the general business strategy

of the Company.

MR ZANE ROBERT LEWISNon-Executive Director and Australian Company Secretary

MrLewisisbasedinAustralia.MrLewisholdsaBachelorofEconomicsfromtheUniversityofWesternAustraliaandhasover20years’experienceandleadership of small cap multinational companies. He has undertaken various

non-executive director and corporate advisory roles with ASX listed companies

andhasextensiveinternationalexperienceasPresidentoftheCommtechWirelessGroupofsoftwarecompaniesinUSA,Europe,HongKong,ChinaandAustralia.

MrLewisisanon-executivedirectorofDigimaticGroupLtd(ASX:DMC)andCompanySecretaryforLionEnergyLimited(ASX:LIO).

BOARD OF DIRECTORS

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MS PATRICIA SUM SIOK CHUNNon-Executive Director

PatriciaSumhasoverthirtyyearsofbroadandin-depthexperienceinthereal estate and banking industry. She has a proven track record in building

new businesses for banks. She is also an enterprising individual whose

passion includes building a technology start-up business. Ms Sum is also

familiar with cross-border transactions.

She holds a Bachelor of Science (Honours) degree in Estate Management

andaPostgraduateDiplomainLawfromtheNationalUniversityofSingaporeaswellasaMasterofBusinessAdministrationdegree fromOregon StateUniversity.

BOARD OF DIRECTORS

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FINANCIAL STATEMENTS

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DIRECTORS Mr Sok Hang Chaw (Executive Chairman)

MrJeremiahLeeKokHeng(ManagingDirector)

Ms Shann Sok Aixuan (Executive Director)

MsPatriciaSumSiokChun(Non-ExecutiveDirector)

MrZaneRobertLewis(Non-ExecutiveDirector)

COMPANY SECRETARY (SINGAPORE) Ms Thum Sook Fun

COMPANY SECRETARY (AUSTRALIA) MrZaneRobertLewis

REGISTERED OFFICE (SINGAPORE) 15KwongMinRoad

Singapore 628718

REGISTERED OFFICE (AUSTRALIA) SmallCapCorporatePtyLtd

Unit6,295RokebyRoad

SubiacoWA6008Australia

PRINCIPAL PLACE OF BUSINESS 15KwongMinRoad

Singapore 628718

SHARE REGISTRAR LinkMarketServicesLimited

CentralPark,Level4

152–158 St Georges Terrace

PerthWA6000Australia

AUDITORS Kong,Lim&PartnersLLP

PublicAccountantsand

Chartered Accountants

13AMacKenzieRoad

Singapore 228676

Partnerincharge:LimYeongSeng

STOCK EXCHANGE LISTING KingslandGlobalLtdsharesarelistedontheAustralianSecuritiesExchange(ASXcode:KLO)

WEBSITE www.kingslandglobal.sg

ThisreportcoversbothKingslandGlobalLtd.asanindividualentityandtheconsolidatedentitycomprising KingslandGlobalLtd.anditssubsidiaries.TheGroup’sfunctionalcurrencyandpresentationcurrencyisSingaporeDollars(S$).AdescriptionoftheGroup’soperationsandofitsprincipalactivitiesisincludedinthenotestothefinancialstatements.

Kingsland Global Ltd. and its subsidiaries General Information As at 31 March 2016

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The directors are pleased to present their statement to the members together with the audited consolidated

financialstatementsofKingsland Global Ltd. (the “Company”) and its subsidiaries (collectively, the “Group”) and

thestatementoffinancialpositionandstatementofchangesinequityoftheCompanyforthefinancialperiodfrom22 May 2015 (date of incorporation) to 31 March 2016.

1 OPINION OF THE DIRECTORS

In the opinion of the directors,

a) theconsolidatedfinancialstatementsoftheGroupandthestatementoffinancialpositionandstatementofchangesinequityoftheCompanyaredrawnupsoastogiveatrueandfairviewofthefinancialpositionoftheGroupandoftheCompanyasat31March2016andthefinancialperformance,changesinequityandcashflowsoftheGroupandchangesinequityoftheCompanyfortheperiodfrom22May2015(dateof incorporation) to 31 March 2016, and

b) at the date of this statement there are reasonable grounds to believe that the Company will be able to pay

its debts as and when they fall due.

2 DIRECTORS

ThedirectorsoftheCompanyinofficeatthedateofthisstatementare:

Sok Hang Chaw

Sok Aixuan

Sum Siok Chun

ZaneRobertLewis

LeeKokHengJeremiah

3 ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE SHARES OR DEBENTURES

NeitherattheendofnoratanytimeduringthefinancialyearwastheCompanyapartytoanyarrangementwhoseobjectsare,oroneofwhoseobjectis,toenablethedirectorsoftheCompanytoacquirebenefitsbymeans of the acquisition of shares in, or debentures of the Company or any other body corporate.

4 DIRECTORS’ INTERESTS IN SHARES OR DEBENTURES

According to the registerofdirectors’shareholdingskeptby theCompanyunderSection164of the SingaporeCompaniesAct,Chapter50(the“Act”),thedirectorsoftheCompanywhoheldofficeattheendofthefinancialyearhadnointerestsinthesharesordebenturesoftheCompanyanditsrelatedcorporationsexcept as stated below:

Kingsland Global Ltd. and its subsidiaries Directors’ Statement

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4 DIRECTORS’ INTERESTS IN SHARES OR DEBENTURES (CONTINUED)

Direct interest Deemed interest

Name of directors

At the beginning of period

At the end of period

At the beginning of period

At the end of period

The Company

LeeKokHengJeremiah — 70,000,000 — — SokHangChaw — — 1 206,740,000 ZaneRobertLewis — 40,000 — —

The Holding Company

Kingsland Development Pte. Ltd.

Sok Hang Chaw 2,550,000 2,550,000 — —

Sok Aixuan 1,000,000 1,000,000 — —

Therewasnochangeinanyoftheabove-mentionedinterestsintheCompanybetweentheendofthefinancialperiod and 23 May 2016.

Exceptasdisclosedinthisreport,nodirectorwhoheldofficeattheendofthefinancialperiodhadinterestsinshares, share options, warrants or debentures of the Company, or of related corporations, either at the beginning

ofthefinancialperiod,ordateofappointmentiflater,oratthefinancialperiod.

5 DIRECTORS’ CONTRACTUAL BENEFITS

Exceptasdisclosedinthefinancialstatements,sincethedateofincorporation,nodirectoroftheCompanyhasreceivedorbecomeentitledtoreceiveabenefitbyreasonofacontractmadebytheCompanyorarelatedcorporationwiththedirector,orwithafirmofwhichthedirectorisamember,orwithacompanyinwhichthedirectorhasasubstantialfinancialinterest.

6 SHARE OPTIONS

TherewerenoshareoptionsgrantedduringthefinancialperiodtosubscribeforunissuedsharesoftheCompany. Therewerenosharesissuedduringthefinancialperiodbyvirtueoftheexerciseofoptionstotakeupunissued

shares of the Company.

TherewerenounissuedsharesoftheCompanyunderoptionattheendofthefinancialperiod.

7 AUDITOR

Kong,Lim&PartnersLLPhasexpresseditswillingnesstoacceptre-appointmentasauditor.

OnBehalfoftheBoardofDirectors,

Sok Aixuan Lee Kok Heng Jeremiah Executive Director Managing Director

Singapore, 23 May 2016

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Kingsland Global Ltd. and its subsidiaries Directors’ Statement

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Singapore, 23 May 2016

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2016

Note Group Company

S$ S$

Assets

Non-current assetsProperty,plantandequipment 4 70,048 —Investmentinsubsidiaries 5 — 1,934,646Amountduefromrelatedparty 6 274,277 — 344,325 1,934,646

Current assetsInventory 7 1,705,304 —Developmentproperty 8 274,278 —Grossamountduefromcustomerforcontractwork-in-progress 9 2,876,847 —Amountduefromsubsidiaries 10 — 3,745,381Otherreceivables 11 110,508 1,560Taxrecoverable 424,240 —Cashandcashequivalents 12 10,083,961 6,429,439 15,475,138 10,176,380

Total assets 15,819,463 12,111,026

Equity and liabilities

EquitySharecapital 13 12,554,207 12,554,207Accumulatedprofits/(losses) 1,531,744 (563,562)Foreigncurrencytranslationreserve 14 18,422 —Total equity 14,104,373 11,990,645

Current liabilitiesTradeandotherpayables 15 1,074,687 120,381Provisionforincometax 526,467 — 1,601,154 120,381

Non-current liabilitiesRetentionpayable 17 113,936 —Total liabilities 1,715,090 120,381

Total equity and liabilities 15,819,463 12,111,026

Theaccompanyingnotesformanintegralpartofthesefinancialstatements.

Kingsland Global Ltd. and its subsidiaries Statements of Financial Position As at 31 March 2016

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22/05/2015 to Note 31/03/2016 S$Revenue 9 4,614,565

Other income 18 114,534

Items expenseDevelopment costs 9 (1,911,851)

Depreciationofproperty,plantandequipment 4 (5,602)Employeebenefitsexpense 19 (308,375)Otherexpenses 20 (425,666) (2,651,494)Profit before tax 2,077,605

Incometaxexpense 21 (545,861)Profit for the period 1,531,744

Other comprehensive income:Foreigncurrencytranslation 14 18,422Othercomprehensiveincomefortheperiod,netoftax 18,422

Total comprehensive income for the year 1,550,166

Earnings per share (cents per share)Basic 22 0.58

Diluted 22 0.58


Kingsland Global Ltd. and its subsidiaries Consolidated Statement of Comprehensive Income For the financial period from 22 May 2015 (date of incorporation) to 31 March 2016

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Share capitalAccumulated

profits

Foreign currency

translation reserve Total equity

S$ S$ S$ S$GroupAt 22 May 2015 (date of incorporation) 1 — — 1

Issuanceofshares(Note13) 13,198,978 — — 13,198,978Shareissuanceexpense (644,772) — — (644,772)Total comprehensive income for

theperiod — 1,531,744 18,422 1,550,166At31March2016 12,554,207 1,531,744 18,422 14,104,373

Share capital Accumulated losses

Total equity

S$ S$ S$CompanyAt 22 May 2015 (date of incorporation) 1 — 1

Issuanceofshares(Note13) 13,198,978 — 13,198,978Shareissuanceexpense (644,772) — (644,772)Total comprehensive income for the period — (563,562) (563,562)

At31March2016 12,554,207 (563,562) 11,990,645

Theaccompanyingnotesformanintegralpartofthesefinancialstatement

Kingsland Global Ltd. and its subsidiaries Statements of Changes in Equity For the financial period from 22 May 2015 (date of incorporation) to 31 March 2016

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22/05/2015 to 31/03/2016 S$Cash flows from operating activitiesProfitbeforetaxation 2,077,605Adjustment for:

Depreciation of property, plant and equipment 5,602

Currency realignment 16,057

Gain from bargain purchase (53,520)

Interestincome (61,014)Operatingcashflowsbeforechangesinworkingcapital 1,984,730Workingcapitalchangesin: Developmentproperty (274,278) Amountduefromrelatedparty (274,277) Inventory (299,566)

Grossamountduefromcustomerforcontractwork-in-progress (2,876,847) Otherreceivables (85,368) Trade and other payables 1,009,615

Retentionpayable 113,936Cash flows generated from/(used in) operations (702,055)

Incometaxbenefit (617,019)Net cash flows generated from/(used in) operating activities (1,319,074)

Cash flows from investing activitiesAcquisition of subsidiary, net of cash acquired (1,200,891)

Purchaseofproperty,plantandequipment (14,109)Interestreceived 61,014Net cash flows used in investing activities (1,153,986)

Cash flows from financing activitiesIssuance of shares 13,198,978

Shareissuanceexpense (644,772)Amountduetodirector 674Amountduetoholdingcompany 2,140Net cash flows generated from financing activities 12,557,020

Net increase in cash and cash equivalents 10,083,960

Cash and cash equivalents at incorporation date 1

Cash and cash equivalents at end of the period (Note 12) 10,083,961


Kingsland Global Ltd. and its subsidiaries Consolidated Statement of Cash Flows For the financial period from 22 May 2015 (date of incorporation) to 31 March 2016

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Thesenotesformanintegralpartandshouldbereadinconjunctionwiththeaccompanyingfinancialstatements.

1 GENERAL

KingslandGlobalLtd.(the“Company”)isalimitedliabilitycompanyincorporatedanddomiciledinSingaporeandislistedontheAustralianSecuritiesExchange(ASX).TheregisteredofficeandprincipalplaceofbusinessoftheCompanyislocatedat15KwongMinRoadSingapore628718.

The principal activity of the Company is investment holding.

TheimmediateandultimateholdingcompanyisKingslandDevelopmentPte.Ltd.,whichisincorporated in Singapore.

TheprincipalactivitiesofthesubsidiariesaredisclosedinNote5tothefinancialstatements.

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION TheconsolidatedfinancialstatementsoftheGroupandthestatementoffinancialpositionandstatement

of changes in equity of the Company have been prepared in accordance with the Singapore Financial

ReportingStandards(FRS).

Thefinancialstatementshavebeenpreparedonthehistoricalcostbasisexceptasdisclosedintheaccountingpolicies below.

ThefinancialstatementsarepresentedinSingaporeDollars(SGDorS$).

2.2 STANDARDS ISSUED BUT NOT YET EFFECTIVE The Group has not adopted the following standards applicable to the Group that have been issued but not

yeteffective.

Thedirectorsexpectthattheadoptionofthestandardsabovewillhavenomaterialimpactonthefinancialstatements in the period of initial application.

DescriptionEffective for annual periods

beginning on or after

AmendmentstoFRS16&FRS38:ClarificationofAcceptable Methods of Depreciation and Amortisation

1 January 2016

ImprovementstoFRSs(November2014)

AmendmentstoFRS107FinancialInstruments:Disclosures 1 January 2016

AmendmentstoFRS19EmployeeBenefits 1 January 2016

FRS115RevenuefromContractswithCustomers 1 January 2018

FRS109FinancialInstruments 1 January 2018

AmendmentstoFRS1:DisclosureInitiative 1 January 2016

FRS115RevenuefromContractswithCustomers 1 January 2017

AmendmentstoFRS110,FRS112&FRS28:InvestmentEntities: Applying the Consolidation Exception

1 January 2016

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Kingsland Global Ltd. and its subsidiaries Notes to the Financial Statements For the financial period from 22 May 2015 (date of incorporation) to 31 March 2016

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.3 BASIS OF CONSOLIDATION AND BUSINESS COMBINATIONS Basis of consolidation TheconsolidatedfinancialstatementscomprisethefinancialstatementsoftheCompanyanditssubsidiaries

asattheendofthereportingperiod.ThefinancialstatementsofthesubsidiariesusedinthepreparationoftheconsolidatedfinancialstatementsarepreparedforthesamereportingdateastheCompany.Consistentaccounting policies are applied to like transactions and events in similar circumstances.

All intra-group balances, income and expenses and unrealised gains and losses resulting from intra-group

transactions and dividends are eliminated in full.

Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains

control, and continue to be consolidated until the date that such control ceases.

Losseswithinasubsidiaryareattributedtothenon-controllinginterestevenifthatresultsinadeficitbalance.

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity

transaction. If the Group loses control over a subsidiary, it:

• de-recognisestheassets(includinggoodwill)andliabilitiesofthesubsidiaryattheircarryingamountsat the date when control is lost;

• de-recognisesthecarryingamountofanynon-controllinginterest;

• de-recognisesthecumulativetranslationdifferencesrecordedinequity;

• recognisesthefairvalueoftheconsiderationreceived;

• recognisesthefairvalueofanyinvestmentretained;

• recognisesanysurplusordeficitinprofitorloss;

• re-classifiestheGroup’sshareofcomponentspreviouslyrecognisedinothercomprehensiveincometoprofitorlossorretainedearnings,asappropriate.

Business combinations and goodwill Businesscombinationsareaccountedforbyapplyingtheacquisitionmethod.Identifiableassetsacquired

and liabilities assumed in a business combination are measured initially at their fair values at the acquisition

date. Acquisition-related costs are recognised as expenses in the periods in which the costs are incurred

and the services are received.

Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition

date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset

orliability,willberecognisedinprofitorloss.

The Group elects for each individual business combination, whether non-controlling interest in the acquiree

(if any), that are present ownership interests and entitle their holders to a proportionate share of net assets

in the event of liquidation, is recognised on the acquisition date at fair value, or at the non-controlling

interest’sproportionateshareoftheacquiree’sidentifiablenetassets.Othercomponentsofnon-controllinginterests are measured at their acquisition date fair value, unless another measurement basis is required

byanotherFRS.

Any excess of the sum of the fair value of the consideration transferred in the business combination, the

amount of non-controlling interest in the acquire (if any), and the fair value of the Group’s previously held

equityinterestintheacquiree(ifany),overthenetfairvalueoftheacquiree’sidentifiableassetsandliabilitiesis recorded as goodwill. In instances where the latter amount exceeds the former, the excess is recognised

asgainonbargainpurchaseinprofitorlossontheacquisitiondate.

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2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.4 FOREIGN CURRENCY ThefinancialstatementsarepresentedinSingaporeDollars,whichisalsotheCompany’sfunctional

currency.EachentityintheGroupdeterminesitsownfunctionalcurrencyanditemsincludedinthefinancialstatements of each entity are measured using that functional currency.

a) Transaction and balances

Transactions in foreign currencies are measured in the respective functional currencies of the Company

and its subsidiaries and are recorded on initial recognition in the functional currencies at exchange

rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated

inforeigncurrenciesaretranslatedattherateofexchangerulingatthereportingdate.Non-monetaryitems that are measured in terms of historical cost in a foreign currency are translated using the exchange

ratesasatthedatesoftheinitialtransactions.Non-monetaryitemsmeasuredatfairvalueinaforeigncurrency are translated using the exchange rates at the date when the fair value was measured.

Exchangedifferencesarisingonthesettlementofmonetaryitemsorontranslatingmonetaryitemsattheendofthereportingperiodarerecognisedinprofitorlossexceptforexchangedifferencesarisingon monetary items that form part of the Group’s net investment in foreign operations are recognised

initially in other comprehensive income and accumulated under foreign currency translation reserve in

equity.TheforeigncurrencytranslationreserveisreclassifiedfromequitytoprofitorlossoftheGroupon disposal of the foreign operation.

b) Consolidatedfinancialstatements

For consolidation purpose, the assets and liabilities of foreign operations are translated into SGD at

therateofexchangerulingattheendofthereportingperiodandtheirprofitorlossaretranslatedattheexchangeratesprevailingatthedateofthetransactions.Theexchangedifferencesarisingonthetranslationarerecognisedinothercomprehensiveincome.Ondisposalofaforeignoperation,thecomponent of other comprehensive income relating to that particular foreign operation is recognised

inprofitorloss.

2.5 PROPERTY, PLANT AND EQUIPMENT All items of property, plant and equipment are initially recorded at cost. Subsequent to recognition, property,

plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment

losses. The cost of property, plant and equipment includes its purchase price and any costs directly

attributable to bringing the asset to the location and condition necessary for it to be capable of operating

in the manner intended by management.

Depreciation is calculated using the straight-line method to allocate depreciable amounts over their estimated

useful lives. The estimated useful lives are as follows:

Officeequipment – 10% Renovation – 10% Electricalinstallation – 10% Furnitureandfittings – 10%

The carrying values of property, plant and equipment are reviewed for impairment when events or changes

in circumstances indicate that the carrying value may not be recoverable.

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2.5 PROPERTY, PLANT AND EQUIPMENT (CONTINUED) The useful lives, residual values and depreciation method are reviewed at the end of each reporting period,

and adjusted prospectively, if appropriate.

An item of property, plant and equipment is derecognised upon disposal or when no future economic

benefitsareexpectedfromitsuseordisposal.Anygainorlossonde-recognitionoftheassetisincludedinprofitorlossintheyeartheassetisderecognised.

2.6 SUBSIDIARIES A subsidiary is an investee that is controlled by the Group. The Group controls an investee when it is exposed,

orhasrights,tovariablereturnsfromitsinvolvementwiththeinvesteeandhastheabilitytoaffectthosereturns through its power over the investee.

IntheCompany’sseparatefinancialstatements,investmentsinsubsidiariesareaccountedforatcostlessimpairment losses.

2.7 IMPAIRMENT OF NON-FINANCIAL ASSETS The Group assesses at each reporting date whether there is an indication that an asset may be impaired.

If any indication exists, or when an annual impairment testing for an asset required, the Group makes an

estimate of the asset’s recoverable amount.

An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s fair value less costs to

sell and its value in use and is determined for an individual asset, unless the asset does not generate cash

inflowsthatarelargelyindependentofthosefromotherassetsorgroupofassets.Wherethecarryingamountof an asset or cash-generating unit exceeds its recoverable amount, the asset is considered impaired and

is written down to its recoverable amount.

Impairmentlossesarerecognisedinprofitorloss.

A previously recognised impairment loss is reversed only if there has been a change in the estimates used

to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the

case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed

the carrying amount that would have been determined, net of depreciation, had no impairment loss been

recognisedpreviously.Suchreversalisrecognisedinprofitorloss.

2.8 JOINT ARRANGEMENTS A joint arrangement is a contractual arrangement whereby two or more parties have joint control. Joint

control is the contractually agreed sharing of control of an arrangement, which exists only when decisions

about the relevant activities require the unanimous consent of the parties sharing control.

Ajointarrangementisclassifiedeitherasjointoperationorjointventure,basedontherightsandobligationsof the parties to the arrangement.

To the extent the joint arrangement provides the Group with rights to the assets and obligations for the

liabilities relating to the arrangement, the arrangement is a joint operation.

The Group recognises in relation to its interest in a joint operations:

a) its share of the revenue from the sale of the output by the joint operation; and

b) its expenses, including its share of any expenses incurred jointly.

The Group accounts for the assets, liabilities, revenues and expenses relating to its interest in a joint

operation in accordance with the accounting policies applicable to the particular assets, liabilities, revenues

and expenses.

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2.9 DEVELOPMENT PROPERTIES Development properties are properties acquired or being constructed for sale in the ordinary course of

business, rather than to be held for the Group’s own use, rental or capital appreciation. Development

properties are measured at the lower of cost and net realisable value. Cost includes acquisition costs,

development expenditure and other costs directly attributable to the development activities.

Netrealisablevalueofdevelopmentpropertiesistheestimatedsellingpriceintheordinarycourseofbusiness,based on market prices at the reporting date and discounted for the time value of money if material, less

the estimated costs of completion and the estimated costs necessary to make the sale.

The aggregated costs incurred for uncompleted and unsold development properties are presented as

developmentproperties.Unsoldcompletedpropertiesareheldasinventories.Progressbillingsarepresentedseparatelyasdeferredincomeinthestatementoffinancialposition.

Thecostofinventoryrecognisedinprofitorlossondisposalisdeterminedwithreferencetothespecificcostsincurredonthepropertysoldandanallocationofanynon-specificcostsbasedontherelativesizeof the property sold.

Theexcessofrevenuerecognisedintheprofitorlossoverbillingstopurchaserisclassifiedas“Grossamount due from customers for contract work-in-progress” and the excess of billings to purchasers over

revenuerecognisedintheprofitorlossisclassifiedas“Excessofprogressbillingsoverwork-in-progress”inthestatementoffinancialposition.

2.10 FINANCIAL INSTRUMENTS a) Financial assets Initial recognition and measurement Financial assets are recognised when, and only when, the Group becomes a party to the contractual

provisionsofthefinancialinstrument.TheGroupdeterminestheclassificationofitsfinancialassetsatinitial recognition.

Whenfinancialassetsarerecognisedinitially,theyaremeasuredatfairvalue,plusdirectlyattributabletransaction costs.

Subsequent measurement Thesubsequentmeasurementoffinancialassetsdependsontheirclassificationasfollows: Loans and receivables

Non-derivativefinancialassetswithfixedordeterminablepaymentsthatarenotquotedinanactivemarketareclassifiedasloansandreceivables.Subsequenttoinitialrecognition,loansandreceivablesaremeasuredatamortisedcostusingeffectiveinterestmethod,lessimpairment.Gainsandlossesarerecognisedinprofitorlosswhentheloansandreceivablesarederecognisedorimpaired,andthroughthe amortisation process.

Loansandreceivablescompriseamountduefromsubsidiaries,otherreceivablesandcashand cash equivalents.

Cash and cash equivalents comprise cash at banks and on hand and short-term deposits.

De-recognition Afinancialassetisde-recognisedwhenthecontractualrighttoreceivecashflowsfromtheassethas

expired.Onde-recognitionofafinancialassetinitsentirety,thedifferencebetweenthecarryingamountand the sum of the consideration received and any cumulative gain or loss that has been recognised

inothercomprehensiveincomeisrecognisedinprofitorloss. Allregularwaypurchasesandsalesoffinancialassetsarerecognisedorderecognisedonthetrade

datei.e.,thedatethattheGroupcommitstopurchaseorselltheasset.Regularwaypurchasesorsalesarepurchasesorsalesoffinancialassetsthatrequiredeliveryofassetswithintheperiodgenerallyestablished by regulation or convention in the marketplace concerned.

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2.10 FINANCIAL INSTRUMENTS (CONTINUED) b) Financial liabilities Initial recognition and measurement Financial liabilities are recognised when, and only when, the Group becomes a party to the contractual

provisionsofthefinancialinstrument.TheGroupdeterminestheclassificationofitsfinancialliabilitiesat initial recognition.

Allfinancialliabilitiesarerecognisedinitiallyatfairvalue,plusdirectlyattributabletransactioncosts. Subsequent measurement Afterinitialrecognition,financialliabilitiesthatarenotcarriedatfairvaluethroughprofitorlossare

subsequentlymeasuredatamortisedcostusingtheeffectiveinterestratemethod.Gainsandlossesarerecognisedinprofitorlosswhentheliabilitiesarederecognised,andthroughtheamortisationprocess.

Suchfinancialliabilitiescomprisetradeandotherpayableandretentionpayables. De-recognition Afinancialliabilityisde-recognisedwhentheobligationundertheliabilityisdischargedorcancelledor

expires.Whenanexistingfinancialliabilityisreplacedbyanotherfromthesamelenderonsubstantiallydifferentterms,orthetermsofanexistingliabilityaresubstantiallymodified,suchanexchangeormodificationistreatedasade-recognitionoftheoriginalliabilityandtherecognitionofanewliability,andthedifferenceintherespectivecarryingamountsisrecognisedinprofitorloss.

2.11 IMPAIRMENT OF FINANCIAL ASSETS The Group assesses at each end of the reporting period whether there is any objective evidence that a

financialassetisimpaired. Financial assets carried at amortised cost Forfinancialassetscarriedatamortisedcost,theGroupfirstassesseswhethertheobjectiveevidence

ofimpairmentexistsindividuallyforfinancialassetsthatareindividuallysignificant,orcollectivelyforfinancialassetsthatarenotindividuallysignificant.IftheGroupdeterminesthatnoobjectiveevidenceofimpairmentexistsforanindividuallyassessedfinancialassets,whethersignificantornot,itincludestheassetinagroupoffinancialassetswithsimilarcreditriskcharacteristicsandcollectivelyassessesthemfor impairment. Assets that are individually assessed for impairment and for which an impairment loss is,

or continues to be recognised are not included in a collective assessment of impairment.

Ifthereisobjectiveevidencethatanimpairmentlossonfinancialassetscarriedatamortisedcosthasincurred,theamountofthelossismeasuredasthedifferencebetweentheasset’scarryingamountandthepresentvalueofestimatedfuturecashflowsdiscountedatthefinancialasset’soriginaleffectiveinterestrate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current

effectiveinterestrate.Thecarryingamountoftheassetisreducedthroughtheuseofanallowanceaccount.Theimpairmentlossisrecognisedinprofitorloss.

Whentheassetbecomesuncollectible,thecarryingamountofimpairedfinancialassetisreduceddirectlyor if an amount was charged to the allowance account, the amounts charged to the allowance account

arewrittenoffagainstthecarryingamountofthefinancialasset. Todeterminewhetherthereisobjectiveevidencethatanimpairmentlossonfinancialassetshasincurred,

theGroupconsidersfactorssuchastheprobabilityofinsolvencyorsignificantfinancialdifficultiesofthedebtoranddefaultorsignificantdelayinpayments.

If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related

objectively to an event occurring after the impairment was recognised, the previously recognised impairment

loss is reversed to the extent that the carrying value of the asset does not exceed its amortised cost at the

reversaldate.Theamountofreversalisrecognisedinprofitorloss.

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2.12 CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash at bank and on hand and short-term deposits and are subject

toinsignificantriskofchangesinvalue.

2.13 PROVISIONS General ProvisionsarerecognisedwhentheGrouphasapresentobligation(legalorconstructive)asaresultof

apastevent,itisprobablethatanoutflowofeconomicresourceswillberequiredtosettletheobligationand the amount of the obligation can be estimated reliably.

Provisionarereviewedattheendofeachreportingperiodandadjustedtoreflectthecurrentbestestimate.Ifitisnolongerprobablethatanoutflowofeconomicresourceswillberequiredtosettletheobligation,theprovisionisreversed.Iftheeffectofthetimevalueofmoneyismaterial,provisionsarediscountedusingacurrentpretaxratethatreflects,whereappropriate,therisksspecifictotheliability.Wherediscountingisused,theincreaseintheprovisionduetothepassageoftimeisrecognisedasafinancecost.

2.14 REVENUE RevenueisrecognisedtotheextentthatitisprobablethattheeconomicbenefitswillflowtotheGroup

andtherevenuecanbereliablymeasured,regardlessofwhenthepaymentismade.Revenueismeasuredatthefairvalueofconsiderationreceivedorreceivable,takingintoaccountcontractuallydefinedtermsof payment and excluding taxes or duty.

Sale of properties Whereapropertyisunderdevelopmentandagreementhasbeenreachedtosellsuchpropertywhen

construction is complete, the Directors consider whether the contract comprises:

– A contract to construct a property; or

– A contract for the sale of completed property

Wherethecontractisjudgedtobefortheconstructionofaproperty,revenueisrecognisedusingthepercentageofcompletionmethodasconstructionprogresses.Wherethecontractisjudgedtobeforthesaleofacompletedproperty,revenueisrecognisedwhenthesignificantrisksandrewardsofownershipofthe real estate have been transferred to the buyer. If, however, the legal terms of the contract are such that

the construction represents the continuous transfer of work in progress to the purchaser, the percentage

of completion method of revenue recognition is applied and revenue is recognised as work progresses.

RevenuefromsalesofdevelopmentpropertiesisrecognisedusingthepercentageofcompletionmethodwhentheGroupdeterminesthat(a)controlandthesignificantrisksandrewardsofownershipofthework-in-progresstransfertothebuyerinitscurrentstateasconstructionprogresses,(b)salespriceisfixedandcollectible,(c)thepercentageofcompletioncanbemeasuredreliably,(d)thereisnosignificantuncertaintyas to the ability of the Group to complete the development, and (e) costs incurred or to be incurred can

be measured reliably.

The percentage of completion is measured by reference to the proportion of direct development costs

incurredtodateagainstthetotalestimateddirectdevelopmentcostswherethefinancialoutcomeoftheproject can be reliably estimated.

Wherethefinancialoutcomeofadevelopmentactivitycannotbereliablyestimated,propertydevelopmentrevenue is recognised only to the extent of property development costs incurred that is probable will be

recoverable, and property development costs on properties sold are recognised as an expense in the

period in which they are incurred.

Any expected loss on a development project, including costs to be incurred over the defects liability period,

is recognised as an expense immediately.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.15 EMPLOYEE BENEFITS Defined contribution plans TheGroupparticipatesinthenationalpensionschemesasdefinedbythelawsofthecountriesinwhich

it has operations. In particular, the Singapore companies in the Group make contributions to the Central

ProvidentFund(CPF)schemeinSingapore,adefinedcontributionpensionscheme.Contributionstodefinedpension schemes are recognised as an expense in the period in which the related service is performed.

2.16 OPERATING LEASES AS LESSEE Operatingleasepaymentsarerecognisedasanexpenseinprofitorlossonastraight-linebasisoverthe

leaseterm.Theaggregatebenefitofincentivesprovidedbythelessorisrecognisedasareductionofrental expense over the lease term on a straight-line basis.

2.17 TAXES a) Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount

expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to

compute the amount are those that are enacted or substantially enacted at the end of the reporting

period, in the countries where the Group operates and generates taxable income.

Currentincometaxesarerecognisedinprofitorlossexcepttotheextentthatthetaxrelatestoitemsrecognisedoutsideprofitorloss,eitherinothercomprehensiveincomeordirectlyinequity.Managementperiodically evaluates positions taken in the tax returns with respect to situations in which applicable

tax regulations are subject to interpretation and establishes provisions where appropriate.

b) Deferred tax Deferredtaxisprovided,usingtheliabilitymethod,ontemporarydifferencesattheendofthereporting

periodbetweenthetaxbasesofassetsandliabilitiesandtheircarryingamountsforfinancialreportingpurposes.

Deferredtaxliabilitiesarerecognisedforalltemporarydifferences,except: • Wherethedeferredtaxliabilityarisesfromtheinitialrecognitionofgoodwillorofanassetorliability

inatransactionthatisnotabusinesscombinationand,atthetimeofthetransaction,affectsneithertheaccountingprofitnortaxableprofitorloss;and

• Inrespectoftaxabletemporarydifferencesassociatedwithinvestmentsinsubsidiaries,associatesandinterestsinjointventures,wherethetimingofthereversalofthetemporarydifferencescanbecontrolledanditisprobablethatthetemporarydifferenceswillnotreverseintheforeseeablefuture.

Deferredtaxassetsarerecognisedforalldeductibletemporarydifferences,thecarryforwardofunusedtaxcreditsandunusedtaxlosses,totheextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthedeductibletemporarydifferences,andthecarryforwardofunusedtaxcreditsandunused tax losses can be utilised except:

• Wherethedeferredtaxassetrelatingtothedeductibletemporarydifferencearisesfromtheinitialrecognition of an asset or liability in a transaction that is not a business combination and, at the time

ofthetransaction,affectsneithertheaccountingprofitnortaxableprofitorloss;and • Inrespectofdeductibletemporarydifferencesassociatedwithinvestmentsinsubsidiaries,associates

and interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable

thatthetemporarydifferenceswillreverseintheforeseeablefutureandtaxableprofitwillbeavailableagainstwhichthetemporarydifferencescanbeutilised.

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2.17 TAXES (CONTINUED) b) Deferred tax (continued) The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced

totheextentthatitisnolongerprobablethatsufficienttaxableprofitwillbeavailabletoallowallorpartofthedeferredtaxassettobeutilised.Unrecogniseddeferredincometaxassetsarereassessedat the end of each reporting period and are recognised to the extent that it has become probable that

futuretaxableprofitwillallowthedeferredtaxassettoberecovered. Deferred tax assets and deferred tax liabilities are measured at the tax rates that are expected to apply

in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that

have been enacted or substantively enacted at the end of each reporting period.

Deferredtaxrelatingtoitemsrecognisedoutsideprofitorlossisrecognisedoutsideprofitorloss.Deferredtax items are recognised in correlation to the underlying transaction either in other comprehensive

income or directly in equity and deferred tax arising from a business combination is adjusted against

goodwill on acquisition.

c) Sales tax

Revenues,expensesandassetsarerecognisednetoftheamountofsalestaxexcept: • Wherethesalestaxincurredonapurchaseofassetsorservicesisnotrecoverablefromthetaxation

authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or

as part of the expense item as applicable; and

• Receivablesandpayablesthatarestatedwiththeamountofsalestaxincluded. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part

ofreceivablesorpayablesinthestatementoffinancialposition.

2.18 SHARE CAPITAL AND SHARE ISSUANCE EXPENSES Proceedsfromissuanceofordinarysharesarerecognisedassharecapitalinequity.Incrementalcosts

directly attributable to the issuance of ordinary shares are deducted against share capital.

3 SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES

ThepreparationoftheGroup’sconsolidatedfinancialstatementsrequiresmanagementtomakejudgements,estimatesandassumptionsthataffectthereportedamountsofrevenues,expenses,assetsandliabilities,andthedisclosureofcontingentliabilitiesatthereportingdate.Uncertaintyabouttheseassumptionsandestimatescouldresultinoutcomesthatrequireamaterialadjustmenttothecarryingamountoftheassetorliabilityaffectedin the future periods.

3.1 JUDGEMENTS MADE IN APPLYING ACCOUNTING POLICES In the process of applying the Group’s accounting policies, management has made the following judgements,

apartfromthoseinvolvingestimations,whichhavethemostsignificanteffectontheamountsrecognisedinthefinancialstatements.

a) Income taxes TheGrouphasexposuretoincometaxesinvariousjurisdictions.Significantjudgementisinvolvedin

determining the Group-wide provision for income taxes. There are certain transactions and computations

for which the ultimate tax determination is uncertain during the ordinary course of business. The Group

recognises liabilities for expected tax issued based on estimates of whether additional taxes will be

due.Wherethefinaltaxoutcomeofthesemattersisdifferentfromtheamountsthatwereinitiallyrecognised,suchdifferenceswillimpacttheincometaxanddeferredtaxprovisionsintheperiodinwhich such determination is made. The carrying amount of the Group’s tax payables at 31 March 2016

wasS$526,467.

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3 SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES (CONTINUED)

3.1 JUDGEMENTS MADE IN APPLYING ACCOUNTING POLICES (CONTINUED) b) Determination of functional currency The Group measures foreign currency transactions in the respective functional currencies of the Company

and its subsidiaries. In determining the functional currencies of the entities in the Group, judgement is

requiredtodeterminethecurrencythatmainlyinfluencessalespricesforgoodsandservicesandofthecountry whose competitive forces and regulations mainly determines the sales prices of its goods and

services. The functional currencies of the entities in the Group are determined based on management’s

assessment of the economic environment in which the entities operate and the entities’ process of

determining sales prices. Management has assessed that prices are mainly denominated and settled

in the respective local currency. Therefore, management concluded that the functional currency of the

entities of the Group is their respective local currency.

3.2 KEY SOURCES OF ESTIMATION UNCERTAINTY The key assumptions concerning the future and other key sources of estimation of uncertainty at the end of

the reporting period are discussed below. The Group based its assumptions and estimates on parameters

availablewhenthefinancialstatementswereprepared.Existingcircumstancesandassumptionsaboutfuture developments, however, may change due to market changes or circumstances arising beyond the

controloftheGroup.Suchchangesarereflectedintheassumptionswhentheyoccur.

a) Revenue recognition on construction contracts The Group recognises revenue for pre-completion sales of certain types of properties by reference

to the stage of completion using the percentage of completion method. The stage of completion is

measured based on the costs incurred up until the end of the reporting periods as a proportion of total

costsexpectedtobeincurred.Significantassumptionsarerequiredtoestimatethetotalcontractcostsandtherecoverablevariationworksthataffectthestageofcompletionandtherevenuerespectively.In making these estimates, management has relied on past experience and knowledge of the project

engineers. The carrying amounts of assets and liabilities as well as the revenue from sale of development

property(recognisedonpercentageofcompletionbasis)aredisclosedinNote9(Grossamountduefromcustomerforcontractwork-in-progressandRevenue)tothefinancialstatementsrespectively.

b) Estimation of net realisable value for development property Inventorypropertyisstatedatthelowerofcostandnetrealisablevalue(NRV).NRVinrespectof

development property under construction is assessed with reference to market prices at the reporting

date for similar completed property less estimated costs to complete construction and less an estimate

of the time value of money to the date of completion. The carrying amount of the development property

statedatnetrealisablevalueasat31March2016wasS$274,278. c) Impairment of loans and receivables The Group assesses at the end of each reporting period whether there is any objective evidence that a

financialassetisimpaired.Factorssuchastheprobabilityofinsolvencyorsignificantfinancialdifficultiesofthedebtoranddefaultorsignificantdelayinpaymentsareobjectiveevidenceofimpairment.Indetermining whether there is objective evidence of impairment, the Group considers whether there is

observabledataindicatingthattherehavebeensignificantchangesinthedebtor’spaymentabilityorwhethertherehavebeensignificantchangeswithadverseeffectinthetechnological,market,economicor legal environment in which the debtor operates in.

Wherethereisobjectiveevidenceofimpairment,theamountandtimingoffuturecashflowsareestimated based on historical loss experience for assets with similar credit risk characteristics. The

carrying amount of the Group’s loans and receivables at the end of the reporting period is disclosed in

Note26tothefinancialstatements.

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4 PROPERTY, PLANT AND EQUIPMENT

Office equipment Renovation

Electrical installation

Furniture and fittings Total

S$ S$ S$ S$ S$ Group Cost At 22 May 2015 (date of incorporation) — — — — —

Additionsfromacquisitionofsubsidiary 14,552 1,258 10,143 33,221 59,174 Additions — — — 14,109 14,109 Exchangedifferences 519 45 361 1,157 2,082 At31March2016 15,071 1,303 10,504 48,487 75,365

Accumulated depreciation At 22 May 2015 (date of incorporation) — — — — —

Depreciation charge for the year 1,072 101 810 3,619 5,602

Exchangedifferences (29) (3) (22) (231) (285) At31March2016 1,043 98 788 3,388 5,317

Net carrying amount At31March2016 14,028 1,205 9,716 45,099 70,048

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5 INVESTMENT IN SUBSIDIARIES

2016 S$ Shares,atcost 1,934,646

a) The Group has the following investments in subsidiaries.

1) Auditedbyanotherfirmofauditors,ReandaLLKGInternational,Malaysia. 2) AuditedbyKong,Lim&PartnersLLP,Singapore. 3) Dormant as at 31 March 2016

b) Acquisition of subsidiary On25August2015(the“acquisitiondate”),theCompanyacquired100%equityinterestinKingsland

Development Sdn Bhd (“KDSB”) , a property developer in Malaysia as part of the Group’s restructuring process.

This restructuring process is for the purpose of listing the Company on the Australian Securities Exchange

(ASX).

Name of subsidiaryPrincipal activities/

(Country of incorporation)Company effective

shareholdings

2016%

Held by the Company

Kingsland Development Sdn. Bhd.(1) Propertydevelopment/Malaysia 100

Kingsland(KH)DevelopmentCo.,Ltd.(2) Propertydevelopment/Cambodia 100

GlobalInvestmentPartnersPte.Ltd.(3) Business and management

consultancy services/ Singapore

100

Kingsland(AU)DevelopmentPtyLtd(3) Propertydevelopment/Australia 100

Held through Kingsland (KH) Development Co., Ltd.

KingslandVentureCo.,Ltd.(3) Propertydevelopment/Cambodia 100

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5. INVESTMENTS IN SUBSIDIARIES (CONTINUED)

b) Acquisition of subsidiary (CONTINUED) Thefairvalueoftheidentifiableassetsandliabilitiesoftheimmediatesubsidiaryasattheacquisition

date were:

Fair value recognized on acquisition S$ Property,plantandequipment 59,176 Inventory 1,403,325 Tradereceivables 2,413 Otherreceivables 25,140 Cashandcashequivalents 469,449 1,959,503

Trade and other payables (62,258)

Provisionforincometax (173,385) (235,643)

Totalidentifiablenetassetsatfairvalue 1,723,860 Discount arising from acquisition (53,520)

1,670,340

Consideration transferred for the acquisition of the immediate subsidiary Cashpaid,representingthetotalconsiderationtransferred 1,670,340

Other receivables acquired OtherreceivablesacquiredwithfairvalueofS$25,140isexpectedtobecollected.

Discount arising from acquisition AdiscountfromacquisitionofS$53,520hasbeenrecognisedasothercomprehensiveincomeinthecurrent

financialperiod.Thediscountrecognisedisnotexpectedtobetaxableforincometaxpurposes.

Impact of the acquisition on profit and loss Fromtheacquisitiondate,theimmediatesubsidiaryhavecontributedS$3,167ofotherincomeand(S$40,808)

totheGroup’sprofitforthefinancialperiod.Ifthebusinesscombinationhadtakenplaceon22May2015,theGroup’sprofit,netoftaxwouldhavebeenS$1,474,511.

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6 AMOUNT DUE FROM RELATED PARTY

Amount due from related party represents the joint operators’ share of the cost incurred in relation to the

development property.

Amount due from a related party is non-interest bearing, unsecured, and to be settled based on the joint

venture agreement.

AmountduefromarelatedpartyisdenominatedinUnitedStatesDollars.

7 INVENTORY

2016

Group Company

S$ S$

At Cost

— Completeddevelopmentpropertyheldforsale 1,705,304 —

As at reporting date, the Group’s properties developed for sale are held by Kingsland Development Sdn Bhd.

The title deed of the completed development property is registered under the name of the land vendor and upon

sale of the completed property, the title will be transferred to the purchaser.

8 DEVELOPMENT PROPERTY

The Group includes subsidiary that develops residential properties, which it sells in the ordinary course

of business.

Revenuefromsalesofresidentialpropertywherethecontractsarenotinsubstanceconstructioncontractsanddo not lead to a continuous transfer of work in progress, is recognised when both: (i) construction is compete;

and (ii) either legal title to the property has been transferred or there has been an unconditional exchange of

contracts. Construction and other expenditure attributable to such property is included in development property

until disposal.

JOINT OPERATIONS Asatreportingdate,theGrouphasjointoperationsthatisheldbyasubsidiarywithMaxCreditPawnCo.,Ltd,

a related company incorporated in Cambodia in respect of the development of a serviced apartment complex of

whichtheCompanyhas50%proportionontheprofitsbeforetaxreceivedfromthesaleoftheservicedapartmentcomplex and the land, being the sum of the purchase price received less the development costs incurred.

The serviced apartment complex is currently under development and no sale has been taken place as at

reporting date.

Summarisedfinancialinformationinrespectofthejointoperationisasfollows:

2016

Group Company

S$ S$

Aggregatecostsincurredandrecognisedtodate 274,278 —

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9 GROSS AMOUNT DUE FROM CUSTOMER FOR CONTRACT WORK-IN-PROGRESS

JOINT OPERATIONS Asatreportingdate,theGrouphasjointoperationsthatisheldbyasubsidiarywithOneElevenDevelopment

Co.,Ltd,arelatedcompanyincorporatedinCambodiainrespectofthedevelopmentofahotelofwhichtheCompanyhas60%proportionontheprofitsbeforetaxreceivedfromthesaleofthehotelandtheland,beingthe sum of the purchase price received less the development costs incurred.

The hotel is currently under development and its sale together with the land was made on 18 February

2016.Revenue isrecognisedbasedonthepercentageofcompletion inaccordancetotheshareand purchase agreement.

The aggregate amounts of income and expenses related to the Group’s interests in the joint operations are

as follows:

22/05/2015 to 31/03/2016

Share of Total under the Group Joint operation

S$ S$

Revenue 4,614,565 7,690,942 Developmentcosts (1,911,851) (3,186,419) Profitbeforetax 2,702,714 4,504,523

Summarisedfinancialinformationinrespectofthejointoperationisasfollows:

2016

Share of Total under the Group Joint operation

S$ S$

Aggregateamountofcostsincurredandrecognisedprofitstodate 4,494,447 7,490,746 Less:Progressbillings (1,617,600) (2,696,000) 2,876,847 4,794,746

Presentedas:

Grossamountduefromcustomerforcontractwork-in-progress 2,876,847 4,794,746

10 AMOUNT DUE FROM SUBSIDIARIES

Amountduefromsubsidiariesareunsecured,interest-freeandwithnofixedtermsofrepayment.

AmountduefromsubsidiariesaredenominatedinUnitedStatesDollars.

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11 OTHER RECEIVABLES

2016

Group Company

S$ S$

Deposits 1,471 — Valueaddedtax 91,741 — Otherdebtors 17,296 1,560 110,508 1,560

Otherreceivablesaredenominatedinthefollowingcurrencies:

2016

Group Company

S$ S$

MalaysiaRinggit 3,735 — UnitedStatesDollars 100,213 — Singapore Dollars 6,560 1,560

110,508 1,560

12 CASH AND CASH EQUIVALENTS

2016

Group Company

S$ S$

Cashatbanksandonhand 5,355,649 1,761,593 Short-termdeposits 4,728,312 4,667,846 10,083,961 6,429,439

Cashatbanksearnsinterestatfloatingratesbasedondailybankdepositrates.Short-termdepositsaremadefor varying periods of between one and three months, depending on the immediate cash requirements of the

Group and the Company, and earn interests at the respective short-term deposits rates. The weighted average

effectiveinterestratesasat31March2016fortheGroupandtheCompanywere2.07%to2.95%.

Cash and cash equivalents are denominated in the following currencies:

2016

Group Company

S$ S$

Australian Dollars 6,289,965 6,289,965

MalaysiaRinggit 166,002 — UnitedStatesDollars 3,243,088 — SingaporeDollars 384,906 139,474 10,083,961 6,429,439

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13 SHARE CAPITAL

Group and Company

2016

No. of shares S$

Issued and fully paid ordinary shares At 22 May 2015 (date of incorporation) 1 1

Issuanceofshares 404,999,999 13,198,978 Shareissuanceexpense — (644,772) At31March2016 405,000,000 12,554,207

The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All

ordinary shares carry one vote per share without restrictions. The ordinary shares have no par value.

Duringthefinancialperiod,therewerenoreturnstoshareholdersincludingdistributionsandbuybacks.

14 FOREIGN CURRENCY TRANSLATION RESERVE

TheforeigncurrencytranslationreserverepresentsexchangedifferencesarisingfromthetranslationofthefinancialstatementsofforeignoperationswhosefunctionalcurrenciesaredifferentfromthatoftheGroup’spresentation currency.

15 TRADE AND OTHER PAYABLES

2016

Group Company

S$ S$

Trade payables 906,929 —

Accruals 65,499 61,753 Others 99,445 56,385 Amountduetodirector(Note16) 674 — Amountduetoholdingcompany(Note16) 2,140 2,140 Amountduetoasubsidiary(Note16) — 103 1,074,687 120,381

Trade payables

Trade payables are non-interest bearing and are normally settled on terms agreed between parties.

Non-trade payables

Non-tradepayablesareunsecured,interestfree,repayablewithinoneyearandaretobesettledincash.

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15 TRADE AND OTHER PAYABLES (CONTINUED)

Trade payables are the denominated in the following currencies:

2016

Group Company

S$ S$

AustralianDollars 42,139 42,242 MalaysiaRinggit 38,907 — UnitedStatesDollars 914,143 — SingaporeDollars 79,498 78,139 1,074,687 120,381

16 AMOUNT DUE TO DIRECTOR, HOLDING COMPANY AND SUBSIDIARY

Amount due to director, holding company and subsidiary are unsecured, non-interest bearing, repayable on

demand and are to be settled in cash.

17 RETENTION PAYABLE

RetentionpayablearisesfromtheamountretainedbytheGroupfromthecontractorinrelationtotheconstructionwork-in-progressunderthejointoperation.Theamountwillbesettledafteroneyearfromtheengineer’scertificationthat the work is complete. Expected date of completion of the development of the hotel is 31 March 2017.

18 OTHER INCOME

Group 22/05/2015 to 31/03/2016 S$ Interestincome 61,014 Gain from bargain purchase 53,520

114,534

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19 EMPLOYEE BENEFITS EXPENSE

Group 22/05/2015 to 31/03/2016 S$ Directors’ remuneration

Directors’ salary 132,500

CentralProvidentFund 14,816 Directors fee 30,000

177,316

Staff costs Salary 117,208

CentralProvidentFund 8,364 Pensioncost–definedcontributionplan 4,879 Social security costs 391

Skill development levy 217

131,059

308,375

20 OTHER EXPENSES

The following items have been included in arriving at other expenses:

Group 22/05/2015 to 31/03/2016 S$ Auditfeepaid/payabletoauditorofthecompany 24,987 Foreignexchangegain (67,949) Insurance 14,062 IPOexpenses 228,536 Management fee 15,818

Professionalfee 67,387 Rentexpense 33,096 Stampduty 15,554 Travellingexpense 34,688

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21 INCOME TAX EXPENSE

Themajorcomponentsofincometaxexpenserecognisedinprofitorlossfortheyearended31March2016were:

Group 22/05/2015 to 31/03/2016 S$Current yearCurrentincometax 545,861

Relationshipbetweentaxexpenseandaccountingloss

Thereconciliationbetweentaxexpenseandtheproductofaccountingprofitmultipliedbytheapplicablecorporate tax rate for the years ended 31 March are as follows:

Group 22/05/2015 to 31/03/2016 S$ Profitbeforetaxation 2,077,605

Taxexpenseonlossbeforetaxationat17% 353,193 Non-deductibleitems 93,409 Non-taxableitems (1,449) Effectofdifferenttaxratesofoverseasoperation 77,890 Deferred tax asset not recognised 22,818

Incometaxexpenserecognisedintheincomestatement 545,861

The above reconciliation is prepared by aggregating separate reconciliations for each national jurisdiction.

22 EARNINGS PER SHARE

Thebasicanddilutedearningspersharearecalculatedbydividingtheprofitfortheyearbytheweightedaverage number of ordinary shares.

Thefollowingtablesreflectstheprofitandsharedatausedinthecomputationofbasicanddilutedearningsper share for the period ended 31 March:

Group 22/05/2015 to 31/03/2016 S$ Profitfortheyearnetoftaxusedinthecomputationofbasicearningspershare 1,531,744

Group 22/05/2015 to 31/03/2016 No.of shares Weightedaveragenumberofordinarysharesforbasicearningspersharecomputation 263,613,058

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23 COMMITMENTS

CAPITAL COMMITMENTS Capitalexpenditurecontractedforasattheendofthereportingdatebutnotrecognisedinthefinancial

statements are as follows:

22/05/2015 to 31/03/2016

Group Company

S$ S$

Share of joint operations capital commitments in relation

to development properties 18,502,987 —

Share of joint operations capital commitments in relation

to contract work-in- progress 2,628,116 —

OTHER COMMITMENT On18February2016,KingslandVentureCo.,Ltd.,acompanyheldbythesubsidiaryenteredintoaMaster

Co-operationAgreementwithUrbanGlobalCo.Ltd.,awhollyownedsubsidiaryofShukakuInc(“Shukaku”).The agreement provides to collaborate with a view to establish a joint venture entity that will undertake the

developmentofthelandownedbyShukakuintoamixeddevelopment(“JointVenture”).

TheGrouphascommittedtodeliver(withinfivemonths)aplanthatwilloutlinethedevelopmentscheduleandphasing, the development costs for each phase, the architectural design and the capital expenditure for the

proposedproject(“MasterPlan”).SubjecttothepartiesbeingsatisfiedwiththeMasterPlanandtheexecutionofdefinitivebindingagreementsbytheparties(“DefinitiveAgreements”),theGroupwillberesponsibleforoverseeingandmanagingthedevelopmentoftheproposedProject.

UponexecutionoftheDefinitiveAgreements,theGroupwillholdapproximately49%oftheinterestinthejointventureandShukakuwillholdapproximately51%oftheinterestinthejointventure.

SummaryofthetermsbeforethepartieswillproceedwiththeJointVentureareasfollows: – TheGroupwilldelivertheMasterPlanfortheproposeddevelopmentwithinfivemonths. – PartiesagreetotheMasterPlananddevelopmentcostsoftheproject;and – ExecutionofallDefinitiveAgreementswithin12months.

Operatingleasecommitments–aslessee

TheGroupandtheCompanyhaveenteredintocommercialleasesonrentalofoffices.Theseleaseshavean average life of 1 year with no renewal option or escalation clauses included in the contracts. There are no

restrictions places upon the Group or the Company by entering into these leases. The Group’s and the Company’s

minimum lease payments recognised in the statement of comprehensive income during the period amounted

toS$33,096andS$7,490respectively.

Future minimum lease payments payable under non-cancellable operating leases as at 31 March are as follows:

2016

Group Company

S$ S$

Notlaterthanoneyear 42,683 9,630 Morethanoneyear 24,790 —

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24 CONTINGENCY

Kingsland Development Sdn. Bhd., a subsidiary of the Company entered into a corporate guarantee in favour

ofBankofChina(Malaysia)Berhad(BOC)inrespectofthefacilityagreementbetweenarelatedpartyandBOCtofinancethepurchaseoflandinMalaysia.Thecorporateguaranteehasbeendischargedduringtheyear.

25 RELATED PARTY TRANSACTIONS

Inadditiontotherelatedpartyinformationdisclosedelsewhereinthefinancialstatements,thefollowingsignificanttransactionsbetweentheGroupandrelatedpartiestookplaceattermsagreedbetweenthepartiesduringthefinancialyear.

Group 22/05/2015 to 31/03/2016 S$ IPOexpensespaidtoanaffiliatedcompany1 51,443 Management fee paid to holding company 15,818

Rentalpaidtoholdingcompany 7,490 Rentalpaidtorelatedparty 19,303

Note: 1 TheIPOexpensesfeesarepaidtoSmallCapCorporatePtyLtd,acompanywhichMrZaneRobertLewishasasignificantinterest,for

services provided to list the Company on the Australian Securities Exchange and company secretary services performed during the

financialperiod.

Key management compensation Directors’remunerationisdisclosedinNote19.TherearenootherkeymanagementpersonnelintheCompany

other than the directors

26 FINANCIAL RISK MANAGEMENT

TheGroupandtheCompanyisexposedtofinancialrisksarisingfromitsoperationsandtheuseoffinancialinstruments.Thekeyfinancialrisksincludeliquidityriskandmarketrisk.TheBoardofDirectorsreviewsandagrees policies and procedures for the management of these risks, which are executed by the directors. It is

andhasbeenthroughoutthecurrentandpreviousfinancialyeartheGroup’spolicythatnoderivativesshallbeundertakenexceptfortheuseashedginginstrumentswhereappropriateandcost-efficient.

The following sections provide details regarding the Group’s and Company’s exposure to the above-mentioned

financialrisksandtheobjectives,policiesandprocessesforthemanagementoftheserisks.

CREDIT RISK Creditriskistheriskoflossthatmayariseonoutstandingfinancialinstrumentsshouldacounterpartydefault

on its obligations. The Group’s and the Company’s exposure to credit risk arises primarily from amount due

from subsidiaries and other receivables.

The Group’s objective is to seek continual revenue growth while minimising losses incurred due to increased

credit risk exposure. The Group monitored the receivable balances on an ongoing basis with the result that the

Group’sexposuretobaddebtsisnotsignificant.

Excessive risk concentration Concentrations arise when a number of counterparties are engaged in similar business activities, or activities

in the same geographical region, or have economic features that would cause their ability to meet contractual

obligationstobesimilarlyaffectedbychangesineconomic,politicalorotherconditions.ConcentrationsindicatetherelativesensitivityoftheGroup’sperformancetodevelopmentsaffectingaparticularindustry.

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26 FINANCIAL RISK MANAGEMENT (CONTINUED)

Exposure to credit risk TheCompanyhasnosignificantconcentrationofcreditriskotherthanthosebalanceswithsubsidiary.The

Company has credit policies and procedures in place to minimise and mitigate its credit risk exposure.

Financial assets that are neither past due nor impaired Cash and cash equivalents, amount due from subsidiaries, other receivables and tax recoverable that are neither

pastduenorimpairedareplacedwithorenteredintowithreputablefinancialinstitutionsorcompanieswithhigh credit rating and no history of default.

Financial assets that are either past due or impaired TheGroupandtheCompanyhasnofinancialassetsthatareeitherpastdueorimpaired.

LIQUIDITY RISK LiquidityriskreferstotheriskthattheGroupwillencounterdifficultiesinmeetingitsshort-termobligationsdue

to shortage of funds. The Group’s and the Company’s exposure to liquidity risk arises primarily from mismatches

ofthematuritiesoffinancialassetsandliabilities.Itismanagedbymatchingthepaymentandreceiptcycles.TheGroup’sandtheCompany’sobjectiveistomaintainabalancebetweencontinuityoffundingandflexibilitythroughtheuseofstand-bycreditfacilities.TheGroup’sandtheCompany’soperationsarefinancedmainlythroughequity.ThedirectorsaresatisfiedthatfundsareavailabletofinancetheoperationsoftheGroupandthe Company.

Analysisoffinancialinstrumentsbyremainingcontractualmaturities

ThetablebelowsummariesthematurityprofileoftheGroup’sandtheCompany’sfinancialassetsandliabilitiesat the reporting date based on contractual undiscounted payments.

Carrying amount

Contractual cash flows

One year or less

More than one year

S$ S$ S$ S$ Group 31 March 2016 Financial assets: Amountduefromrelatedparty 274,277 274,277 — 274,277 Otherreceivables 110,508 110,508 110,508 — Taxrecoverable 424,240 424,240 424,240 — Cash and cash equivalents 10,083,961 10,083,961 10,083,961 —

Totalundiscountedfinancialassets 10,892,986 10,892,986 10,618,709 274,277 Financial liabilities: Tradeandotherpayables 1,074,687 1,074,687 1,074,687 — Retentionpayable 113,936 113,936 — 113,936 Totalundiscountedfinancialliabilities 1,188,623 1,188,623 1,074,687 113,936 NET UNDISCOUNTED

liabilities 9,704,363 9,704,363 9,544,022 160,341

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26 FINANCIAL RISK MANAGEMENT (CONTINUED)

Carrying amount

Contractual cash flows

One year or less

S$ S$ S$ Company 31 March 2016 Financial assets:

Amountduefromsubsidiaries 3,745,381 3,745,381 3,745,381 Otherreceivables 1,560 1,560 1,560 Cashandcashequivalents 6,429,439 6,429,439 6,429,439 Totalundiscountedfinancialassets 10,176,380 10,176,380 10,176,380 Financial liabilities: Trade and other payables 120,381 120,381 120,381

Totalundiscountedfinancialliabilities 120,381 120,381 120,381 Netundiscounted(liabilities)/assets 10,055,999 10,055,999 10,055,999

MARKET RISK Marketriskistheriskthatchangesinmarketprices,suchasforeignexchangerateswillaffecttheGroupandthe

Company’s income. The objective of market risk management is to manage and control market risk exposures

within acceptable parameters, while optimising the return on risk.

FOREIGN CURRENCY RISK The Group has transactional currency exposures arising from transactions that are denominated in a currency

other than the respective functional currencies of Group entities, primarily Singapore Dollars (SGD), Australian

Dollars(AUD),MalaysiaRinggit(RM)andUSDollars(USD).Exposuretoforeigncurrencyriskismonitoredon an ongoing basis to ensure that the net exposure is at an acceptable level. There is no sensitivity analysis

prepared as the risk is not material.

27 FAIR VALUES

Thefairvalueofafinancialinstrumentistheamountatwhichtheinstrumentcouldbeexchangedorsettledbetween knowledgeable and willing parties in an arm’s length transaction.

Thefollowingmethodsandassumptionsareusedtoestimatethefairvalueofeachclassoffinancialinstrumentsfor which it is practicable to estimate that value.

Cash and cash equivalents, amount due from related party, amount due from subsidiaries, other receivables,

tax recoverable and other payables

The carrying amounts of these balances approximate their fair values due to the short-term nature of

these balances.

Trade payables and retention payables

The carrying amounts of these receivables and payables approximate their fair values as they are subject to

normal trade credit terms.

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28 FINANCIAL INSTRUMENTS BY CATEGORY

Atthereportingdate,theaggregatecarryingamountsofloansandreceivablesandfinancialliabilitiesatamortisedcost were as follows:

2016

Group Company

S$ S$

Loans and receivables Amountduefromrelatedparty 274,277 — Amountduefromsubsidiaries — 3,745,381 Otherreceivables 110,508 1,560 Taxrecoverable 424,240 — Cashandcashequivalents 10,083,961 6,429,439 Total loans and receivables 10,892,986 10,176,380

Financial liabilities measured at amortised cost Tradeandotherpayables 1,074,687 120,381 Retentionpayable 113,936 — Totalfinancialliabilitiesmeasuredatamortisedcost 1,188,623 120,381

29 CAPITAL MANAGEMENT

The primary objective of the Company’s capital management is to ensure that it maintains a strong credit rating

and net current asset position in order to support its business and maximise shareholder value. The capital

structure of the Company comprises issued share capital and retained earnings.

The Company manages its capital structure and makes adjustments to it, in light of changes in economic

conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to

shareholders,returncapitaltoshareholdersorissuenewshares.Nochangesweremadeintheobjectives,policiesorprocessesduringthefinancialperiodended31March2016.

The Company is not subject to any externally imposed capital requirements.

30 COMPARATIVE INFORMATION

Thefinancialstatementscovertheperiodsinceincorporationon22May2015to31March2016.Thesebeingthefirstsetofaccounts,therearenocomparativefigures.

31 AUTHORISATION OF FINANCIAL STATEMENTS

Thefinancialstatementsforthefinancialyearended31March2016wereauthorisedforissuebytheBoardofDirectors on the date of the Directors’ Statement.

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Additional Information

HOLDING DISTRIBUTION

20 Jun 2016

Range Securities % No. of holders %

100,001andOver 399,775,959 98.71 23 9.2710,001 to 100,000 3,892,512 0.96 90 36.29

5,001to10,000 1,328,529 0.33 134 54.031,001to5,000 3,000 0.00 1 0.401 to 1,000 0 0.00 0 0.00

Total 405,000,000 100.00 248 100.00

UnmarketableParcels 0 0.00 0 0.00

20 TOP HOLDERSPeriod:20Jun2016to20Jun2016

Rank Name 20 Jun 2016 %IC

1 KINGSLANDDEVELOPMENTPTELTD 206,740,000 51.05

2 CITICORPNOMINEESPTYLIMITED 106,379,635 26.27

3 NYLECTHOLDINGSPTELTD 17,500,000 4.324 HEECHEWSIM 15,750,000 3.89

5 HONGSEOKTAN 15,750,000 3.89

6 BNPPARIBASNOMSPTYLTD 12,849,194 3.17

7 MRYU-SHUCHEN 3,750,000 0.93

8 MSSHRHANWANG 3,750,000 0.93

9 HIANBOONSIM 2,940,000 0.73

10 PERSHINGAUSTRALIANOMINEESPTYLTD 2,700,130 0.67

11 HSBCCUSTODYNOMINEES(AUSTRALIA)LIMITED 2,514,500 0.62

12 MEICIAOTAN 1,960,000 0.4813 MRCHANGCHYUANLIM 1,500,000 0.37

14 MRWENSIPOH 1,500,000 0.37

15 MSLIHUALIANG 1,250,000 0.31

16 YONGBOONTAN 1,190,000 0.29

17 AILEETEY 560,000 0.1418 ACEEMPIREDEVELOPMENTPTELTD 500,000 0.12

19 WOONKIENCHENG 280,000 0.07

20 YONGSOONLUO 150,000 0.04Total 399,513,459 98.65

Balance of register 5,486,541 1.35

Grand total 405,000,000 100.00

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CORPORATE GOVERNANCE STATEMENT

The Board has adopted comprehensive systems of control and accountability as the basis for the administration of

corporategovernance,whichareineffectasofthepublicationofthisreport.TheBoardiscommittedtoadministeringthe Company’s policies and procedures with openness and integrity, pursuing the true spirit of corporate governance

that commensurates with the Company’s needs.

To the extent applicable, the Company has adopted the ASX Corporate Governance Council’s Corporate Governance

PrinciplesandRecommendations.

InlightoftheCompany’ssizeandnature,theBoardconsidersthatthecurrentBoardisacosteffectiveandpracticalmethodofdirectingandmanagingtheCompany.AstheCompany’sactivitiesdevelopinsize,natureandscope,thesizeoftheBoardandtheimplementationofadditionalcorporategovernancepoliciesandstrucutreswillbereviewed.

TheCompany’sfullCorporateGovernancePlanandStatementareavailableatadedicatedcorporategovernanceinformation section of the Company’s website at http://kingslandglobal.sg

VOTING RIGHTS

All fully paid ordinary shares carry one vote per ordinary share without restriction.

The Company’s ordinary shares traded on the Australian Securities Exchange are traded as Chess Depositary

Interests(‘CDIs’).EachCDIisabeneficialinterestinashare.

SUBSTANTIAL HOLDERS

NAME NUMBER OF SHARES %

KingslandDevelopmentPteLtd 206,740,000 51.05%

CURRENT ON-MARKET BUY-BACK

There are no current on-market buy-back arrangements for the Company.

CONSISTENCY WITH BUSINESS OBJECTIVES

InaccordancewithASXListingRule4.10.19,theGroupstatesthatithasusedthecashandassetsinaformreadilyconvertible to cash that it had at the time of admission in a way consistent with its business objectives. The business

objective is primarily real property. The Group believes it has used its cash in a consistent manner to which was

disclosedundertheProspectusdated10November2015.

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Additional Information

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KINGSLAND GLOBAL15 Kwong Min Road, Singapore 628718

+65 6362 8998 [email protected]

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