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SG SingHaiyi boosts profit to S$4.29m for FY 2013

Property Here - Friday, May 31, 2013

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By Shabnam Muzammil:

SingHaiyi Group has achieved a significant boost in its net profit attributable to shareholders to S$4.29 million for FY 2013 ended 31 March, mainly due to fair value gain on investment properties and revenue from Charlton Residences (pictured) which was sold out in March 2012, barely four months since its launch.

Company revenue, including around S$16.20 million in sales recognition, also increased to S$17.06 million during the same period from S$0.89 million in FY2012.

Meanwhile, gross profit also rose to S$5.75 million, while other operating income increased to S$0.72 million mainly due to sales of small-size investment properties in Hong Kong.

According to Managing Director at SingHaiyi, Jason Mao, the group “is cautiously assessing property market conditions in Singapore as well as the government’s measures to curb speculation and keep prices affordable, including increasing supply and accessibility of public housing. Further policy curbs and release of new land could impact the sales of the public housing developments it has embarked on or committed to.”

Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email