Koh Brothers Group, an established construction and property development firm, posted a revenue increase of five percent to $222 million for the six months ended 30 June 2015.
Group profit after tax dipped slightly to $15.3 million compared to a year ago.
In a statement, the group acknowledged ongoing challenges in the Singapore property market.
Recent flash estimates released by the Urban Redevelopment Authority (URA) show that prices of private residential properties were down 0.9 percent in Q2 2015 from the previous quarter, marking the seventh consecutive quarter of decline.
Despite the challenging operating environment, Koh Brothers Managing Director and Group CEO Francis Koh said: “We are encouraged by the response to our latest Westwood Residences executive condominium project and will continue to drive sales. We believe its unique positioning, strategic location and attractive price will continue to resonate with home buyers. Meanwhile, we seek to prudently participate in land tenders where we can demonstrate our expertise in launching strategically-located developments with differentiating features.”
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
