Allgreen Properties, a mainboard-listed developer revealed its net earnings of $74 million in the third quarter. The amount is more than double the company’s net profit from the previous year.
The revenue of the developer for three months that ended in September increased by 159 percent to about S$293 million.
The strong profits earned this quarter were primarily credited to its property development segment’s higher contribution, said Allgreen.
Viva and One Devonshire condominiums were the two major projects that contributed to the strong sales in the third quarter.
With the property market’s improved sentiment, Allgreen expects a much better 2009 over 2008, barring unforeseen circumstances and excluding fair value adjustments.