Artist’s impression of The Essence, a new condominium that’s close to the upcoming Springleaf MRT station. Set to be launched in March, The Essence is a 99-year leasehold residential project that is “located near the new Springleaf MRT station and is within the government’s designated rejuvenated region”.
OKP Holdings plans to launch two residential developments this year: the 84-unit The Essence and another 79-unit project at Phoenix Heights.
Set to be launched in March, The Essence is a 99-year leasehold residential project that is “located near the new Springleaf MRT station and is within the government’s designated rejuvenated region”.
OKP group managing director Or Toh Wat noted that the project is also “strategically nestled in a private residential enclave, with four major water bodies surrounding its perimeter, park connectors and green corridors”.
“Well-designed with attractive price points, we believe that the development will be attractive to home buyers,” he noted.
He also revealed that the group’s Phoenix Heights residential project in Bukit Panjang has “received the necessary regulatory approvals, including the grant of a fresh 99-year lease”.
“We will be focused on the smooth execution of the launch of these two developments.”
OKP saw its net profit for the fourth quarter of 2018 increase 38.6 percent to $2.7 million, even as revenue fell 29.9 percent to $18.4 million.
For the whole of 2018, net profit and revenue dropped 49 percent and 23 percent to $6.5 million and $90.4 million respectively.
“The lower FY2018 revenue was due mainly to a decrease in revenue contribution from the group’s construction segment,” the company said in an SGX filing.
“However, this decrease was partially offset by an increase in revenue from the maintenance segment to $40.4 million, with a few major maintenance projects which were in full swing. In addition, there was a significant increase in rental income from the newly-purchased office property at 6-8 Bennett Street, East Perth, Western Australia.”
OKP holds a 51 percent stake in freehold office complex 6-8 Bennett Street, which is expected to provide recurrent rental income to the group.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com