Singapore-listed developer TEE Land has reported a 47.9 percent decline in revenue to $3.4 million in the first quarter of the 2016 financial year, compared to $6.4 million in Q1 FY2015.
This is due mainly to lesser revenue recognition for development projects. The group’s gross profit remained relatively unchanged at $1.8 million during the period.
Jonathan Phua, Executive Director and CEO of TEE Land, said: “Going into the second quarter of FY2016, we expect to obtain Temporary Occupation Permits (TOP) for two well sold projects in Singapore.
“In addition, we will continue to build our portfolio of income-generating properties to balance our property developments and mitigate risks associated with economic cycles and market volatility.”
Meanwhile, the group’s associated company, Chewathai Limited, has entered into an agreement to acquire approximately 265,911 sq ft of freehold land in Bangkok to develop a landed housing project.
Looking ahead, the group expects challenges in the Singapore and Malaysia property markets to remain, and will continue to source for new land while focusing on completing existing projects.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
