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Bukit Sembawang Estates Sees Fall in Profits, but Rise in Share Price

Jun 06, 2011 - Danny Gilchrist
A sizeable fall in profit in the fourth quarter for Bukit Sembawang Estates was attributed to write-backs from the property developer. Profits dropped 34.4 percent, with earnings coming in at S$27.5 million for the first three months of 2011. The de-valuing of foreseeable losses on property amounted to S$13 million compared to S$40 million in 2010. However, these market numbers slightly skew the performance of Bukit Sembawang Estates with revenue up for the quarter by a modest 264.9 percent. This was emblematic of the year with 12-month figures showing revenue at a healthy S$500 million, up 658 percent. The bulk of this rising performance was largely down to Paterson Suites, the luxury condominium near Orchard Road selling units and Temporary Occupation permits (the permits needed by residential developers to rent/sell the property) being allocated accordingly.


(Image courtesy of Singapore Tourism Board.)

And whilst the return per share dropped in the fourth quarter to 11.02 cents from 17.52 the previous year, the net asset value per share in fact rose to S$3.82 from S$3.21. All seemingly good news for the property company with the launch of Luxus Hills Phase 5 along with the new condominium project on Telok Blangah Road set to propel the firm to further profits for the rest of the year.

This rise in share prices is indicative of long-term trends in the Singapore private property, where governmental cooling measures for the private property, have stemmed the quantity of properties going to market, but are yet to impact on steadily climbing prices.
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Related Categories: Daily Property News and Updates, Market Reports

Tags: Bukit Sembawang, Bukit Sembawang Estates, development, property, property company, share price, Temporary Occupation Permits

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