Niche property developer Heeton Holdings (Heeton) has announced that revenue in the first quarter climbed 29.5 percent to S$9.9 million, on the back of higher sales recognition from property projects such as The Lumos and Juluca.
Net profit in the first quarter reached S$2.85 million, slightly lower than the S$6.71 million profit over the same period last year.
“We are pleased to kick off the new financial year with a good set of results,” said Mr Danny Low, Chief Operating Officer of Heeton, who was quoted by the Singapore Business Review.
“The strong growth in our net profit from continuing operations was made possible by the higher recognition of sales from the Group’s residential developments, Juluca and The Lumos.”
In March this year, Heeton, along with its joint-venture partners, acquired a land site currently occupied by MacPherson Green and Camay Court for S$105.00 million and S$30.50 million respectively.
Heeton’s recently launched project – The Boutiq at Killiney Road – has sold 80 percent of the total 52 units released in the first phase. Construction works for the project is expected to commence in the first quarter next year.
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