Sim Lian Group has more than double net earnings to $71.66 million for the first quarter ended 30 September from S$27.68 million in the same period a year ago, according to media reports.
This is due to strong revenue booking from its property development projects.
Group revenue also jumped to $379.02 million from $151.17 million, and revenue from property development rose from $107.15 million to $297.23 million. Property investment revenue, on the other hand, increased to $5.68 million from $202,000.
Sim Lian expects the operating environment for the private residential property market to continue to be challenging, with property cooling measures still in place.
Two of its condominium projects, Parc Vera (pictured) in Hougang Avenue 7 and A Treasure Trove in Punggol, are expected to receive Temporary Occupation Permit (TOP) next year.
Image source: Sim Lian Group’s website
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
