Annual Report 2012 - IOI Group

The Group sold a wide range of products during the financial year under review. The sales mix recorded forunit price above RM500,000 was 5% lower than the previous year. However, the average price achieved perunit has increased by 11% from RM545,000 to RM606,000. The increase in average unit price is due to bothcommercial and residential properties registering new benchmark prices in the Klang Valley.The property sales mix by price range is as follows:Price Range2012(RM Million)%2011(RM Million)Below RM250,000 77.9 9 124.3 13Between RM250,000 and RM500,000 235.7 28 248.4 26Between RM500,000 and RM750,000 154.9 18 112.8 12Between RM750,000 and RM1,000,000 86.4 10 65.7 7Between RM1,000,000 and RM1,500,000 18.5 2 71.8 8Between RM1,500,000 and RM2,000,000 44.6 5 17.1 2Above RM2,000,000 238.3 28 301.9 32Total 856.3 100 942.0 100Property development revenue in FY2012 has decreased 13% to RM843.0 million whilst EBIT, excludingjointly controlled entities, has decreased by 12%, from RM509.9 million to RM451.1 million on the back ofslower sales take-up rates.Operating profit of RM220.2 million from property investment segment for FY2012 is higher than FY2011by 5%. After excluding the net fair value gain on investment properties amounting to RM165.0 million(FY2011 - RM93.1 million) and net gain on disposal of investment properties amounting to RM0.7 million (FY2011 -RM62.7 million), the segment profit registered an increase of 2% or RM1.1 million over the previous financial year.Our Singapore development project such as the Seascape project is undertaken via our 50%-ownedSingapore JV company and has achieved SGD64.4 million (2011 - SGD35.5 million) sales in FY2012. As for theCityscape @ Farrer Park condominium project, it is undertaken through another 60%-owned Singapore JVcompany and has also contributed SGD32.0 million sales in FY2012.%Right: Seascape, aluxury condominiumdevelopment atSentosa Cove, providesan escape from thehustle and bustle ofSingapore city.Annual Report 2012IOI CORPORATION BERHAD 45