The homegrown developer plans to launch three freehold developments in Holland Village this year, including the former Toho Mansion en bloc site. The projects will focus on lifestyle-themed developments, capitalising on the rejuvenation of the Holland Village vicinity.
Homegrown property developer Koh Brothers saw its net profit for the fourth quarter of 2018 drop to $2.2 million from $12.1 million over the same period last year, while revenue held steady at $131.5 million, down slightly from $131.9 million previously.
For the whole of 2018, net profit fell to $6.6 million from $20.6 million in 2017, while revenue marginally declined to $403.6 million from $403.8 million in the year before.
“Our geographical diversification has paid off and we have started to see profit recognition of our Nonhyeon I’PARK mixed-development project in Seoul. At the same time, we are focused on launching three freehold developments in the prime Holland Village district this year where we see good potential,” said Koh Brothers managing director and group CEO Francis Koh.
“We will differentiate our projects through our unique focus on lifestyle-themed developments, capitalising on the rejuvenation of the Holland Village vicinity.”
To know more about the master plan for Holland Village in 2019, check out PropertyGuru AreaInsider
In June, Koh Brothers revealed that it had sold 96 percent of its first development project in Gangnam, South Korea – Nonhyeon I’PARK. The group owns a 45 percent stake in the mixed-use development which was warmly welcomed during its launch, with 75 percent of all units sold within a week.
In Singapore, the group’s development land bank includes the fully-owned Toho Mansion as well as the 20 percent-owned joint-venture development sites, Estoril and Hollandia. All three freehold sites are situated within the Holland Village vicinity, which has been earmarked for expansion and refurbishment by the government.
Latest flash estimates from the Urban Redevelopment Authority showed a 0.1 point decrease in private residential properties prices in Q4 2018 from the previous quarter. For the whole of 2018, prices rose 7.9 percent versus the 1.1 percent increase seen in 2017.
“Looking ahead, we will monitor the market closely to time our launches in Singapore prudently. Meanwhile, we look forward to the TOP of our Gangnam development in 2020 and will continue to prudently look for opportunities to expand our presence overseas,” noted Koh.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com