HS Optimus Reports Progress on Melbourne Property Development, Brunei Shophouses

MT Newswires08-27

HS Optimus (SGX:504) has disclosed its business update for the first quarter of fiscal year 2025, according to a Monday filing on the Singapore Exchange.

In the property sector, the company's unit, Ambertree Vic Mel (Lincoln), has extended its MOU with Fathom Lincoln until Nov. 1. This collaboration aims to develop the Lincoln Square South property in Melbourne into a purpose-built student accommodation.

Meanwhile, the construction of Brunei shophouses continues, with an expected completion around Q1 2025. The acquisition of these properties is projected to yield a rental return of 11.25%.

In the door business, the company faces challenges from economic conditions in the UK and pricing pressures in Singapore. Efforts are being made to manage costs and improve productivity to maintain competitiveness.

The secured property financing business has seen the full repayment of its first financing arrangement. The group will explore new opportunities in Singapore and Australia for additional revenue.

Corporate updates include the initiation of arbitration by HS Optimus Resources against a purchaser and the deregistration application for KLW (HK).

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