The actual revenue is below budget mainly due to 1) delay in completion of Flamingo Valley which is expected to catch up in 4QFY14, 2) shortfall in contribution from budgeted sale of bungalow units in Holland Park and penthouse units in Soleil, 3) delay in reporting budgeted sale of Islington in UK which is expected to catch up in 4QFY14, and 4) POC of following projects are behind schedule: Palm Isles, eCo, Eight Courtyards, Waterfront Isle, Watertown, Boathouse Residences and Qbay.