Singapore-listed Hiap Hoe Limited’s revenue grew 2.8 percent to $31.2 million in 1Q 2014, compared to $30.3 million in the same period last year.
In 1Q 2013, revenue was generated entirely from its development properties. However, this quarter saw income from rental, hotel operations and leisure business contributing $9.2 million to its total revenue.
Although the bulk of the revenue in 1Q 2014 came from properties, its figures dropped to $22 million compared to the $30.3 million recorded in 1Q 2013.
The decrease in sales income was mainly due to lesser revenue from Waterscape at Cavenagh, a freehold apartment development in District 9.
The group will continue to ramp up its marketing efforts to sell the remaining units of its residential projects in Singapore. Its residential portfolio includes Treasure on Balmoral and Skyline 360° at St Thomas Walk.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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