In the property development business, the Group and its associated companies sold 95 private residential units in Singapore in the third quarter, with a total sales value of $281 million.

In the property investment business, the Group achieved an occupancy rate of 94.3% for its office portfolio and a committed occupancy rate of 95.3% for its retail portfolio at the end of September.

The hotel business also saw its occupancy rate rise to 88.9% in line with the easing of the epidemic, and its average room revenue (RevPAR) rose to $161.9 in the third quarter of this year from a level of $85.7 in the third quarter of last year.

The group said that while private residential sales were slower in the third quarter, this was mainly due to the fact that most of the group's launch projects have been sold and the inventory of unsold units is low.

This includes Sengkang Grand Residences, which was sold out in the third quarter.

In addition, the Group did not launch any new projects in the third quarter.

The Group and its associated companies sold 802 units in the first nine months of the year, with a total sales value of $1.9 billion.

This compares to 1,382 units sold in the same period last year, with total sales value of $2.5 billion.

The Group noted that its recently launched executive condominium (EC) project, Copen Grand, had a strong sales performance, and including this project, the Group's sales volume jumped to 1,417 units with a total sales value of $2.8 billion as of Nov. 30 this year.