http://www.businesstimes.com.sg/arch...-158m-20130509

Published May 09, 2013

Sing Holdings' Q1 profit soars to $15.8m

By Felda Chay


PROPERTY development Sing Holdings Ltd's first-quarter net profit more than doubled to $15.8 million from $7.1 million a year ago, on higher revenue recognition from its freehold development project, The Laurels, at Cairnhill Road.

Revenue for the three months ended March 31, 2013, surged to $106.3 million from $49.6 million.

Earnings per share rose to 3.94 cents from 1.78 cents the previous year.

Sing Holdings said it had been progressively recognising proceeds from the sale of The Laurels based on its construction pro-gress.

During the quarter, an additional 15 per cent of the contracted sales of The Laurels was recognised as revenue together with the corresponding costs. It has so far recognised 85 per cent of the contracted sales and costs of The Laurels.

To date, it has sold 97 per cent of the 229 units at the development, which amounts to a contracted sales value of $688.9 million. It will progressively recognise revenue for the rest of the units it has already sold up to the third quarter of the year.

The group plans to obtain temporary occupation permit for The Laurels by Q3.

Moving forward, it plans to develop a condominium project on two parcels of land that will be joined and are located at Robin Drive and Robin Road. It also has an executive condominium project that it is working on together with UE E&C Ltd in Punggol.

Construction of both projects is expected to start in Q2.

Said Sing Holdings: "The group will continue to focus on its core business of property development and explore investment opportunities.

"It will remain vigilant in monitoring the market so as to time its acquisition plans and to identify an opportune time to launch its development projects for sale."

Net asset value per share as at March 31 was 54.65 cents, up from 50.68 cents as at end-December.

Yesterday, Sing Holdings' shares closed 1.2 per cent higher at 41.5 cents.