Roxy-Pacific bought Harbour View Gardens for $33.25 million in 2016. (Photo: Colliers International)
Roxy-Pacific Holdings reported a revenue of $43.3 million during the fourth quarter of 2017, down 53 percent from $93.1 million over the same period in 2016. Net profit also fell 39 percent to $7.3 million from $11.9 million in Q4 2016.
For the full-year 2017, revenue fell 36 percent to $246.8 million, while net profit dropped 41 percent to $29.4 million.
The property development segment remained the key revenue driver of the group, accounting for 78 percent of total group revenue in FY2017.
Roxy-Pacific noted that the segment’s comparatively lower revenue in FY2017 of $191.8 million from 2016’s $326.6 million was “mainly due to the absence of revenue recognised in FY2016 on projects that had completed in 2016 and early 2017”.
Meanwhile, Roxy-Pacific revealed that it currently counts 10 development sites in Singapore as its land bank. Of these, it plans to launch six development sites for sale this year, including The Navian and development sites at Grange Road, Upper Bukit Timah Road, Guillemard Lane as well as Harbour View Gardens at Pasir Panjang and River Valley.
Comprising a total of 440 units, these projects are expected to positively contribute to the earnings of the group progressively from the first quarter of 2019.
“Over the last couple of years, we’ve progressively accumulated predominantly freehold sites at attractive prices amidst the property downturn,” said Roxy-Pacific executive chairman and CEO Teo Hong Lim.
“Now that prices and sales volumes are picking up, we are well positioned to ride on this turnaround with six property launches planned for this year. We’ll continue to prudently strengthen our land bank while focusing on execution to ensure sustainable long-term growth.”