http://www.businesstimes.com.sg/arch...broad-20140220

Published February 20, 2014

Sing Holdings posts Q4 loss, looks abroad

By Kenneth Lim [email protected]


SING Holdings plans to look for overseas opportunities amid challenging conditions in Singapore as the property developer fell into a fourth-quarter loss.

The company posted a net loss of $533,000, or 0.13 cents per share, for the three months ended Dec 31, with zero revenue recognised. In the corresponding quarter a year ago, net profit was $13.8 million on revenue of $103.4 million.

For the full year, net profit was 29.9 per cent lower at $28.9 million, or 7.19 cents per share, as revenue slid 21.9 per cent to $226.8 million.

Sing Holdings has proposed a total dividend of 1.5 cents per share, comprising a one-cent final dividend and a half-cent special payout.

Sing Holdings was caught between projects in the fourth quarter. Sales of the Cairnhill Road project The Laurels, launched in 2010, were fully recognised by the third quarter of 2013.

Meanwhile, sales at the Punggol executive condominium Waterwoods will not be recognised until after obtaining the temporary occupation permit (TOP) even though sales are ongoing. Waterwoods was launched for sale in November, and about 42 per cent of the units, or about $157.4 million in sales value, have been issued an option to purchase.

Sing Holdings' other pipeline project is Robin Residences at Robin Road. Construction began in the second quarter of 2013 and the company expects the project to be ready for launch by mid-2014.

The year ahead is expected to be tough.

"With several rounds of cooling measures being introduced by the government, the group expects the Singapore property market to be increasingly challenging," Sing Holdings said.

The company added that it will look for opportunities overseas.

The stock closed at 36.5 cents yesterday, down 1.4 per cent or half a cent, before the results were announced.