Homegrown property and investment firm Tuan Sing Holdings has registered a net profit increase of 107 percent year-on-year to $15.9 million for the first quarter of 2015.
In a statement, the company said revenue also surged 153 percent to $155.3 million over the same period.
Earnings per share came in at 1.4 cents, up from 0.7 cent a year ago.
The property business continued to be the key driver of the group, with revenue for the segment soaring 195 percent to $89.7 million, mainly from contribution of units sold at Seletar Park Residence, Sennett Residence, Cluny Park Residence, and also rental from investment properties.
With majority of units at the three developments already sold, the group seems less affected by the government’s property cooling measures.
As at end-March 2015, its total order book stands at $767.5 million.
Tuan Sing expects the bulk of revenue and profit in 2015 to come from its development projects as construction progresses, and maintains a cautiously optimistic outlook for the year.
Image: Artist’s impression of Seletar Park Residence.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
