| Real Estate Development | Construction and sale of residential apartments and leasing properties to schools and commercial tenants. | Land bank from demerger and experience in regulatory approvals and project management. | Primarily individual home buyers and commercial tenants (B2C and B2B). | Leasing properties provide stable margins versus cyclical project sales. | 1 | 100 | Revenue from sales of apartments and lease rentals from commercial properties. | Project based sales and fixed-term lease rentals. | Urban housing demand, rising middle class, and government infrastructure initiatives. | |
