Singapore-based property developer SC Global Developments has posted a full-year profit of S$144.2 million in 2010, an increase of nearly three times the S$56.9 million in the previous year.
Revenue for the fiscal year also increased nine percent to S$878.3 million from S$804.7 million, while gross profit surged 58 percent to S$305.6 million from S$193.7 million a year ago.
“We are very pleased that the Group has achieved yet another year of strong performance in 2010,” said Mr. Simon Cheong, Chairman and Chief Executive of SC Global, which specialises in developing exclusive high-end luxury residences.
The strong revenue for the year was attributed to the positive recognition of its property projects, including Martin No. 38, Hilltops and The Marq on Paterson Hill, as well as its development projects in Shenyang, China and its Australian subsidiary, AVJennings Limited (AVJ).
Meanwhile, the company’s revenue for the fourth quarter fell 17 percent to S$228.3 million, attributed mainly to the decline in revenue shares from AVJ.
However, construction works of its development projects such as Seven Palms and Sentosa Cove had also progressed to the stage where its maiden revenue recognition was included in the fourth quarter results.
SC Global “continues to focus on the execution and delivery of all its projects to ensure that it not only exceeds expectations but also sets new benchmarks in the high-end residential market,” said Cheong.
“With a valuable landbank of over 1.1 mil sq ft of developable gross floor area (GFA) in the prime areas of Orchard Road and Sentosa Cove in Singapore and a strong operational presence through our subsidiaries in China and Australia, the Group is well-positioned to grow its real estate businesses and portfolio both locally and regionally in the years ahead.”