Property and construction group Low Keng Huat (Singapore) is seeking to acquire more mass-market residential sites, as it plans to expand its property development portfolio, said Low Keng Boon, the company’s Managing Director.

Currently, the company is jointly developing The Minton project in Lorong Ah Soo with Kheng Leong. The 1,145-unit development has already sold 521 units as of end-February, with most of the units going at an average price of S$848 psf.

“This is the first time that we have ventured out by ourselves,” said Mr. Low. “We have to grow and we have built up our cash to be in a good position to venture out on our own.”

In November 2010, Low Keng Huat acquired a site at Upper Serangoon Road, which was offered for sale under the government’s Design, Build and Sell Scheme (DBSS). This marked the company’s solo venture in the property market.

Yesterday, the company has posted a net profit of S$19.1 million in the first quarter, up 27 percent over the same period last year. However, revenue dropped 73 percent to S$39 million, attributed to the company’s completion of some major projects.

For the full year ended 31 January 2011, net profit climbed 30 percent to S$81.7 million, while revenue plunged 54 percent to S$272.2 million, largely due to the decrease in construction activity.

For the full year ended 31 January, 2011, Low Keng Huat’s net profit rose 30 percent to a record S$81.7 million. Revenue declined by 54 percent to $272.2 million. The decline in revenue was mainly due to the decrease in construction activity.

Looking ahead, the company said it will continue to seek new property projects and business opportunities that can generate constant profits and revenue. However, it said it will also remain cautious and vigilant in land tendering activities and cost control.