Place Holdings publishes auditor’s report dated Aug. 26, 2026
TPHS•Asset impairment questions cited on PRC project
Key asset impairment questions were cited on the PRC Mount Yuntai project: development properties at SGD 24.12 million and prepayments at SGD 3.25 million.
Auditor issues disclaimer of opinion on FY 2024 accounts
Place Holdings released an independent auditor’s report for FY 2024 ended Dec. 31, 2024, issued by Acclime First Trust.
The auditor issued a disclaimer of opinion, citing an inability to obtain sufficient appropriate audit evidence. FY 2023 disclaimer matters remained unresolved.
Audit concerns over related-party balances, revenue and going concern
Work was constrained over related-party advances of about SGD 8.7 million, set-offs without executed agreements, recoverability of balances, revenue and receivables.
Going-concern uncertainty was flagged; the company reported no FY 2024 revenue, a SGD 2.48 million loss, SGD 2.53 million negative operating cash flow, and reliance on chairman support.
