SingHaiyi reports robust financial results

Romesh Navaratnarajah4 Feb 2019

The Group acquired the Sun Rosier condominium off Bartley Road for $271 million in 2017. According to the developer, the project will be redeveloped into a 250-unit condominium known as The Gazania and is expected to be completed by the first half of 2022. (Photo: Google Maps)

The value of SingHaiyi Group’s development properties nearly doubled from $268.5 million as of 31 March to $525.8 million as at 31 December last year, according to the developer’s latest financial statement.

The stellar growth is credited to the completion of the en bloc purchase of the former Sun Rosier condo in 5A How Sun Drive during the financial period.

Its subsidiary SingHaiyi Properties and joint venture partner Huajiang International acquired the 78-unit freehold condo for $271 million in September 2017.

According to SingHaiyi Group, they intend to redevelop the project into a 250-unit condominium known as The Gazania. Located near Bartley MRT station, the new condo is expected to be completed by the first half of 2022.

Meanwhile, an SGX filing on Friday (1 Feb) showed that the group’s revenue declined significantly by 62 percent to $15.81 million in the third quarter ended 31 December 2018 compared to about $41.65 million during the same period a year ago.

The huge drop is mainly attributed to lower contributions from completed private condo City Suites, and completed executive condominium (EC) The Vales, of about $9 million and $28.7 million respectively.

“This was offset by the sales of the group’s completed commercial condominium project, Vietnam Town phase 2 units of $11.9 million,” said the Singapore-based developer.

Furthermore, the company’s net profit also increased year-on-on-year from $1.93 million to $4 million during the period under review.


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