Property developer Tuan Sing Holdings has posted a strong set of results, with net earnings jumping 53 percent to S$68.2 million for the year ended 31 December 2010, while full-year revenue rose 24 percent to S$274 million, from S$220.2 million a year ago.
The strong full-year results were largely attributed to strong revaluations of its several key property assets, said Tuan Sing.
However, its property division reported a 21percent decline in revenue, due to lower rental contributions after the divestment of Harrison Industrial Building and Katong Mall. Property has generated a total post-tax profit of S$52.3 million for the full-year ended 31 December 2010, boosted by strong sales and profit recognition from Lakeside Ville Phase III in Shanghai, as well as a fair value gain of S$28.6 million from investment portfolios in Singapore.
In terms of the company’s Hotels Investment portfolio, the company registered a profit of A$18.5 million, including an exceptional gain of A$15.4 million from the revaluation of hotel properties and financial instruments, as Hyatt Regency Perth and Grand Hyatt Melbourne recorded higher occupancy rates.
Looking forward, the company said it will continue to expand its property businesses to spearhead future growth. It plans to soft launch the Mont Timah development in the first half of this year, as well as release the remaining units of Lakeside Ville Phase III in Shanghai. The company added that it also plans to market launch the 400-unit Seletar project this year.