One thing that screams at me is the high debt ratio.   Debt is at about 2.4 billion.   Equity is only 650 mio.   Scary debt to equity ratio if u ask me.   The cash is 290 mio but current financial liability is 520 mio. Of course, current ratio is rather healthy at 2.5. But personally I  like to think of cash and perhaps receivables as more "current" as compare to development properties.   I took a look at their projects       And used square foot research to check on sales. I prefer this portal than URA. If u want details let purchase price etc, u need to pay a subscription or do it manually at URA site. But for me, I just wanted to ascertain if they have many unsold units because that would mean even more troubles.   Surprising, their local residential projects are quite well sold. I did ......