Noel Gifts gets go-ahead for  Playfair Road sale; FY2024 results to benefit

NOEL Gifts International has received the green light for the collective sale of its units at 50 Playfair Road, and expects the sale proceeds to benefit its financial results for FY2024 ending Jun 30.

As announced last year, Noel Gifts expects to book S$30.6 million from the sale of the 10 units it owns in the freehold industrial property.

The company has obtained unanimous consent from the development’s subsidiary proprietors for the sale, it said in a Wednesday (Jan 31) bourse filing. No further application to the Strata Titles Board or the High Court is required.

Assuming that the collective sale is completed by Jun 30, the proceeds will contribute positively to the company’s FY2024 financial results and position, Noel Gifts said.

However, in a separate filing on Wednesday, Noel Gifts said that it expects to report a loss for the half-year ended Dec 31, 2023. This is mainly due to a fall in revenue in its gifts division.

Further details will be disclosed when the company releases its H1 earnings on Feb 5. The company’s shares ended Wednesday flat at S$0.27.