Property developer Sing Holdings has issued an earnings warning, as it expects to post a net loss in its Q1 results ending March.
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In a filing to the Singapore Exchange, the developer says that the loss is attributed to showflat and marketing expenses for "The Laurels" development, which comprises 229 units.
The 36-percent sale of units at "The Laurels", which had been finalized by the end of the first quarter, amounted to about S$218 million in revenue, said the company.
However, none of the proceeds was recognized as revenue for the quarter, as construction had not begun yet. This resulted in the net loss after expenses.
So far, Sing Holdings has sold 77 percent of “The Laurels”, generating about S$519.7 million from the sales proceeds.