Singapore-based property developer SC Global Developments has posted a net profit of S$72.8 million in the first quarter, a 15-fold increase from the S$4.78 million net profit recorded over the same period last year.
This was mainly attributed to higher revenue and gross margins, as well as the effects of accounting changes.
The company’s revenue in the first quarter increased 29 percent to S$221.2 million, from S$171.9 million in Q1 last year. Turnover for the quarter included strong revenue contributions from its property projects like Martin No 38, Seven Palms at Sentosa Cove, Hilltops and The Marq on Paterson Hill.
Going forward, the company said that demand from long-term investors and genuine home buyers will continue this year, as sub-sale activity and speculative buying may remain subdued due to the property cooling measures announced by the government in January this year.
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