KOP Limited FY2026 Annual Report: Revenue Falls 72% to S$19.8 Million as the Dalvey Haus Sell-Out Completes the Pivot to Hospitality — Debt Cleared, and Montigo Makes Its Singapore Debut With a 22-Unit Serviced Residence at 339 Joo Chiat Road

KOP Limited's FY2026 Annual Report, released on 16 July 2026 alongside the notice for its 31 July AGM, closes the chapter on the Group as a Singapore residential developer and opens one as a hospitality operator: revenue fell 72% to S$19.8 million after the final Dalvey Haus units were sold in FY2025, hospitality now contributes essentially all Group revenue — and turned segment-profitable — and the Montigo brand makes its Singapore debut with a 22-unit serviced residence at 339 Joo Chiat Road, slated to open in the second half of FY2027. The Group swung to a S$3.3 million loss after tax, but ended the year debt-free after fully repaying its secured bank borrowings.

A developer with no development revenue

The real estate development and investment segment recorded zero external revenue in FY2026, against S$50.9 million in FY2025 when the remaining units of Dalvey Haus — the 60%-owned, 17-home luxury landed project off Holland Road — were sold. That single completion explains the headline fall from S$69.7 million to S$19.8 million. The revenue mix shift did something unusual to the margin line: gross profit fell only 34% to S$12.6 million, lifting gross margin from 27% to 64% as lower-volume, higher-margin hospitality income replaced development sales. The bottom line still swung to a S$3.3 million loss after tax (attributable loss S$3.7 million, or 0.33 cents per share), with corporate costs of S$2.8 million no longer offset by development profits.

Hospitality carries the Group

Hospitality revenue rose 6.8% to S$19.8 million and the segment swung to a S$1.2 million profit from a S$1.4 million loss — the first time it has carried the Group. Flagship Montigo Resorts Nongsa in Batam completed refurbishment of its one-bedroom villas, with two-bedroom villa works ongoing, and Ellen Kensington — a 105-key luxury boutique hotel in London owned by the private KOP Group of companies — opened under Montigo Hospitality management. Geographically, Indonesia generated S$15.8 million of revenue and the United Kingdom S$3.5 million; Singapore contributed just S$0.5 million, against a Singapore non-current asset base of S$0.7 million — the listed Group's hard assets sit almost entirely offshore, led by Nongsa's S$42.1 million of leasehold buildings and S$7.0 million of assets under construction.

Montigo comes home: 339 Joo Chiat Road

The strategic centrepiece of the report is Montigo Serviced Residences at 339 Joo Chiat Road — the brand's first Singapore property and the Group's entry into the serviced apartment market, targeted to open in the second half of the financial year ending 31 March 2027. The structure is deliberately asset-light: the six-storey building, formerly leased to co-living operator The Assembly Place, was acquired privately by KOP's co-founders for S$15.8 million in July 2025, while the listed Group operates the 22-unit property through newly incorporated, wholly-owned KOP JooChiat Pte. Ltd. It is the same ownership-management split used at Ellen Kensington — the building sits outside the listed balance sheet, and KOP Limited earns the operating revenue. For District 15, it plants an institutional hospitality brand in the heart of the Joo Chiat conservation belt.

Balance sheet: clean, but thinner

The Group fully repaid its secured bank borrowings during the year — finance costs collapsed 96% to S$21,000 — leaving the balance sheet ungeared. Cash, however, fell from S$12.1 million to S$4.4 million, absorbing income tax on the Dalvey Haus profits and S$3.9 million of loans extended to a related company (entities under the private KOP Group), of which S$2.9 million was repaid in the year. Equity attributable to owners stood at S$57.9 million against total assets of S$68.7 million, dominated by S$57.5 million of property, plant and equipment — whose impairment assessment, resting on external valuations of the hotel assets, was the auditor's key audit matter.

Governance, pay and the register

Executive Chairman Ong Chih Ching drew S$1,153,000 in FY2026 and Group CEO Leny Suparman S$749,000 — both 81% salary, 19% bonus, with their service agreements renewed for a further three years on 6 May 2026. Four key management personnel, including COO Joey Ong (sister of the Chairman), CFO Joe Tan, KOP Properties Holdings MD Liane Ong and Montigo Resorts CEO Dalip Singh, sit in the S$250,000–S$500,000 band. The register remains tightly held: Ong Chih Ching's deemed interest is 44.78% and Leny Suparman's 41.45% (both principally via KOP Group Pte. Ltd.), with veteran investor Goi Seng Hui holding 26.09% directly — leaving a free float of 22.03%. The Wintastar entities behind the former Shanghai Winterland project were struck off during the year, formally closing that chapter. The AGM will be held on 31 July 2026 at Orchid Country Club.

The watch items into FY2027: the Joo Chiat opening and its revenue ramp, whether Nongsa's refurbishment programme converts into rate and occupancy gains, further management-contract wins for the Montigo platform, and how the Group funds growth from a S$4.4 million cash base without bank debt.

Source: KOP Limited Annual Report FY2026, 16 July 2026 · PropertyAtlas.sg Analysis