Property and construction company Chip Eng Seng has announced that its net profit increased 24.4 percent to S$38.8 million in the fourth quarter, from S$31.2 million over the same period the previous year
This was attributed mainly to better gross profit contribution from the sales of the Oasis@Elias residential project, as well as profits recognition from on-going and completed construction projects.
Revenue for the fourth quarter surged 10 percent to S$136.8 million, from S$124.4 million a year ago, while earnings per share climbed 5.88 cents from 4.73 cents.
For the full-year results, the company’s net profit rose 46 percent to S$109.7 million from the previous year’s S$75.3 million, while revenue for the year climbed 27 percent to S$477 million, from S$376.4 million in 2009.
Chip Eng Seng noted that it had sold 75 apartment units in its 301-unit My Manhattan condominium at an average price of between S$1,100 psf and S$1,200 psf.
Looking forward, the company plans to launch three residential projects in Singapore, a 521-flat project under the Housing Development Board’s (HDB) Design, Build and Sell Scheme (DBSS) in Bedok Reservoir, a 330-unit executive condominium (EC) project in Pasir Ris and a 130-unit condo development at Fort Road.
“We are optimistic on the longer term outlook for the Singapore property market,” said Lim Tiam Seng, Executive Chairman of Chip Eng. “We will continue to be prudent in our tenders for development land and construction projects.”