Keong Hong will see its first revenue recognition from its property development arm when its first foray into property development, Twin Waterfalls, receives TOP in 2015.
Twin Waterfalls (pictured) is a 728-unit Executive Condominium (EC) in Punggol jointly developed by FCL Tampines Court and Keong Hong Construction, a wholly-owned unit of Keong Hong Holdings.
The group recorded 86.1 percent year-on-year increase in revenue to $272.8 million for the financial year ended 30 September 2014.
Keong Hong’s Executive Director and CEO, Ronald Leo said, “Given the slowdown in Singapore private property market and building construction industry, we are satisfied with our financial performance in FY 2014. The group will see its first revenue recognition from the property development segment when Twin Waterfalls receives TOP in 2015, this will help to strengthen our financial position to remain competitive in this increasingly challenging environment.”
Last year, the group launched SkyPark Residences, a 506-unit EC project in Sembawang jointly developed with JBE Holdings. It is slated to receive TOP in 2017.
Besides property development in Singapore, Keong Hong’s business comprises building construction services, additions and alterations and Design and Build projects in Singapore and the Maldives.
Image source: Keong Hong’s website
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
