Singapore developer Ho Bee Land has reported a 92 percent plunge in net profit to $4.1 million for the first quarter of 2014 over the same period last year.
Group turnover for the period amounted to $17.1 million, 72 percent lower than the corresponding period last year.
In a statement, the company said there was no recognition of revenue for development projects during the quarter.
Ho Bee Land is a leading developer of luxury homes in Sentosa Cove, which includes the Cape Royale condominium.
Group CEO Chua Thian Poh cautioned that the residential property market in Singapore is still facing strong challenges.
Moving forward, rental income from commercial properties in Singapore and London is expected to contribute significantly to the group’s earnings for the next few years.