NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 31 REVENUE (CONT’D) As at 31 December 2024, the Group has property development income of $959,734,000 (2023: $467,188,000) which is expected to be recognised over the next five (2023: four years) as construction of the development properties progresses. The Group has applied the practical expedient in paragraph 121 of SFRS(I) 15 and does not disclose information about its remaining performance obligations if: • the performance obligation is part of a contract that has an original expected duration of one year or less; or • the Group has a right to invoice a customer in an amount that corresponds directly with its performance to date, and it recognises revenue in that amount. Disaggregation of revenue from customers In the following table, revenue from contracts with customers is disaggregated by geographical markets and timing of revenue recognition. The total disaggregated revenue of the Group excludes rental income from investment properties and dividend income from investments. The table also includes a reconciliation of the disaggregated revenue with the Group’s reportable segments. Reportable segments Property development Hotel operations Others Total 2024 2023 2024 2023 2024 2023 2024 2023 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Geographical market Singapore 545,355 2,110,209 296,215 288,976 204,613 194,311 1,046,183 2,593,496 Japan – 495,547 – – – – – 495,547 China 289,887 101,430 39,187 37,314 32 – 329,106 138,744 United States – – 466,441 475,961 – – 466,441 475,961 United Kingdom 52,429 50,257 377,662 361,608 33 60 430,124 411,925 Australasia 51,767 35,103 131,848 85,152 – – 183,615 120,255 Rest of Asia (excluding Singapore and China) – 24 235,311 211,966 2 – 235,313 211,990 Other countries – – 75,451 37,538 – – 75,451 37,538 939,438 2,792,570 1,622,115 1,498,515 204,680 194,371 2,766,233 4,485,456 Timing of revenue recognition Products and services transferred at a point in time 449,233 1,760,838 485,061 442,139 9,448 11,245 943,742 2,214,222 Products and services transferred over time 490,205 1,031,732 1,137,054 1,056,376 195,232 183,126 1,822,491 2,271,234 939,438 2,792,570 1,622,115 1,498,515 204,680 194,371 2,766,233 4,485,456 ANNUAL REPORT 2024 FINANCIALS 157
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