First Sponsor (SGX:ADN) reported subdued pre-sales of its property development projects during the first quarter of the year due to weak market sentiment, according to a Monday filing with the Singapore Exchange.
Despite easing of property-related measures and implementation of pro-market policies, the group is looking towards making a gradual market recovery.
The group's European property portfolio booked an operating income of 7.8 million euros in Q1 2025, despite a major renovation project at the Le Meridien Frankfurt.
The company also hedged its foreign currency exposure arising from overseas assets through a combination of foreign currency debts and financial derivatives.
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