Hiap Hoe says Q2 profit more than tripled to S$9.9m

Niche property developer Hiap Hoe said its net profit more than tripled in the second quarter from a year ago to S$9.9 million, while its turnover quadrupled to S$31.9 million.

The firm said the healthy numbers were driven by the progressive revenue recognition of its new residential developments, Cuscaden Royale and Oxford Suites.

By the end of June, 55 per cent of revenue for Cuscaden Royale and 62 per cent of revenue for Oxford Suites had been recognised.

The final two per cent of revenue for its City Edge project was also recognised in the first half of 2009.

On the back of improved buying sentiment, Hiap Hoe launched two residential projects in 2009, namely The Beverly, off Upper Bukit Timah Road, and Signature at Lewis, on Lewis Road.

Of the total units launched to date, more than half had been taken up.

Despite these early signs of recovery in the property market, Hiap Hoe said it remains cautious about its outlook.

The firm said it will continue to take a prudent approach with regard to its remaining residential developments and will continue to monitor the market closely for an opportune time to launch its projects.

Source : Channel NewsAsia – 11 Aug 2009

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