Sing Holding Q1 2012 result is out. The following is a short summary:
Net Profit attributable to shareholder('000): S$7,127 (Up 67.4% compared to Q1 2011)
EPS: 1.78 cents
NAV: 43.27 cents
Forward statement:
Based on the Urban Redevelopment Authority’s (“URA”) real estate statistics, overall prices of private
residential properties fell marginally by 0.1% in 1Q2012, as compared to a 0.2% increase in the
previous quarter. The property price index for uncompleted non-landed private residential properties in
the Core Central Region (“CCR”), where the Group’s residential properties are located, also registered
a slight drop of 0.2%. Number of sold units of uncompleted residential properties in the CCR continued
to slide by a further 20% in 1Q2012, following four consecutive quarters of decline in 2011.
As at the date of this announcement, approximately 94% of the units in “The Laurels” at Cairnhill Road
have been sold, amounting to contracted sales value of about S$666.2 million. Of this, approximately
S$239.2 million has been recognised as revenue and
the balance S$427.0 million will be progressively
recognised as revenue from 2Q2012 to 3Q2013. The Group targets to obtain Temporary Occupation
Permit for this development by 3Q2013.
The Group has completed its acquisition of 2-8 Robin Road on 2 May 2012. The property, when
amalgamated with the Group’s adjoining plots 1 and 3 Robin Drive and 10-12 Robin Road, will have a
total land area of 8,172.0 square metres (approximately 87,962.6 square feet) and permissible gross
floor area of 12,584.9 square metres (approximately 135,462.4 square feet), including a 10 per cent
balcony area. The total purchase price of all the sites is S$176.33 million. The amalgamated plots will
form an island site flanked by Bukit Timah Road, Robin Road, Robin Drive and Robin Close.
Construction of the proposed development is expected to commence in 2013.
The Group continues to explore land acquisition and investment opportunities. However, in light of the
current uncertain global economic conditions, the Group is taking a cautious note and is closely
monitoring the property market.
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