Hong Lai Huat Group Limited
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
Governance Achievements
- The Board has adopted a set of explicit guidelines on matters that require its approval.
- The Company has complied in all material respects with the principles and provisions in the Singapore Code of Corporate Governance 2018 (“2018 Code”).
- The Company has appointed a female director on 29 April 2023.
Climate Goals & Targets
Environmental Challenges
- The FY2023 losses are mainly attributable to the impairment losses recorded for the proposed sale of the group’s entire agriculture division in the Kingdom of Cambodia.
- The sales of our residential property has been slow in view of the weakened market demand in Cambodia.
- Sales of the project remains slow in midst of a challenging local and global economic climate
Mitigation Strategies
- The Group will be able to consolidate its resources and align itself as a full suite property and real estate developer moving forward with the D’Seaview and Royal Platinum mixed use projects under its current portfolio.
- FY2024 marks the proposed termination of the Group’s venture into the agriculture sector in the Kingdom of Cambodia since FY2008 having entered into a sale agreement to sell the entire agriculture division to a local conglomerate.
- We remain optimistic for the outlook of real estate development in the Kingdom of Cambodia.