Singapore property developer Allgreen Properties has recorded robust earnings in the first quarter, despite the series of cooling measures implemented by the government.
The company has posted a 56 percent increase in revenue for the first quarter, up to S$242.8 million from S$155.9 million over the same period last year. This was attributed to higher sales recognition and better rental rates from its property projects.
Net profit, including minority interests, almost tripled to S$113.8 million from S$40.8 million last year, while net profit attributable to shareholders more than doubled to S$84.5 million.
The company said that while property deals in the residential sector have slowed in the first quarter, price levels for its developments remain “resilient”. It added that the company sold more units during the quarter, especially at The Cascadia on Bukit Timah Road.
Skysuites@Anson and phase 1D of Pavilion Park in Bukit Batok, which was launched in Q1, were all “well-received”.
In the investment property segment, Allgreen said higher occupancies and rental rates have been recorded in Great World Retail and Serviced Apartments and Traders Hotel.
Meanwhile, Allgreen’s net tax and share of losses from associated companies have increased significantly to S$2.79 million from S$671,000. This was mainly due to higher preliminary and operating expenses sustained by associated companies.