News: SingHaiyi net profit rose 47.6% in Q4

May 23, 2019

The real estate group’s board has proposed a final dividend of 0.15 Singapore cent per share, subject to shareholders’ approval at an upcoming annual general meeting. 

SingHaiyi saw its net profit jump 47.6 percent to $9.7 million for the three months ended 31 March 2019 (Q4 FY2019).

Revenue, however, dropped 67.6 percent to $9.8 million in Q4 2019 from $30.4 million over the same period last year, mainly due to the decrease in revenue recognition from the group’s completed executive condominium project, The Vales, and private condominium, City Suites.

For the whole financial year ended 31 March 2019, net profit fell 20.3 percent to $22.6 million, while revenue plunged 83.5 percent to $75.9 million.

With this, the board proposed a final dividend of 0.15 Singapore cent per share, subject to shareholders’ approval at an upcoming annual general meeting.

The group’s twin freehold development – The Gazania and The Lilium – attracted positive interest during their launch on 1 May.

In fact, the projects sold a total of 24 units, which works out to 15 percent of the 165 units released in phase one.

“We are delighted with the positive response received for our two freehold residential projects, The Gazania and The Lilium, which demonstrates the market’s appreciation of our value propositions and confidence in our quality developments,” said SingHaiyi group managing director Celine Tang.

“Having started 2019 on a solid footing, we are excited to bring to market our third pipeline project, Parc Clematis, in the coming months, which will feature new communal concepts catered specifically to homebuyers’ unique needs. These three residential developments are expected to progressively contribute to the group’s financials.”

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

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