Property firm Amara Holdings achieved a net profit of S$29.4 million for FY2012, supported by a 46 percent increase in revenue to S$90.3 million during the year from S$61.8 million previously.
Of the total revenue, 61.9 percent was contributed by hotel investment and management, 34.1 percent came from property investment and development and four percent from specialty restaurants and food services.
“Our robust sale of development properties amounting to approximately S$26.0 million contributed positively to our strong revenue growth. Operationally, without fair value adjustments for both years, our bottomline has improved tremendously.This is reflective of the market’s growing demand for Amara’s property offerings, which are synonymous with value, quality and style,” said Amara CEO Albert Teo.
The developer’s much-talked about CityLife@Tampines EC (pictured) which sold a “presidential suite” for over S$2 million received overwhelming response from buyers who snapped up units immediately after its launch.
Amara’s newly-rebranded 100 AM shopping mall also underwent an extensive revamp and is now “close to full occupancy”.
Looking ahead, Amara remains optimistic about its business in 2013, amid challenging economic conditions.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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