There a two main types of "new sales":1. sales of completed...

There a two main types of "new sales":
1. sales of completed apartments (e.g. Goodwood residence), which should immediately (lets say predominantly in the same quarter) translate to profit (circa 40% margin on completed developments) and cashflow (billed sales rather than "unbilled sales")
2. sales of apartments that are still under development (e.g. currently that is Aster Hill and Laurel Residence), which should result in progressive revenue recognition over the full development period (say 3 years), minimal cashflow and an increase in "unbilled sales". These sales would deliver limited revenue profit in the quarter

It was interesting in this latest 1Q24 report that they say "sales of completed stock was not material" (Note B1). This could imply that the Goodwood residence is now virtually sold out. (last year for example, i believe most sales were completed apartments at the Goodwood residence).

Therefore, I think we are probably entering a period where sales of the development properties will increase significantly, resulting in a steady increase in unbilled sales over the next 12-24 months. Both Aster Hill and Laurel are not due to be completed for more than 18 months. Also there are new developments to launch in Vietnam and also Bamboo Hills. This is a significant change from recent history where development has been limited. As these new developments progress id expect cashflow to decrease (relative to recent history), but unbilled sales and profits to gradually increase. Then there should be a big cash injection once developments are completed, at settlement of all the sale contracts.