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.