Strong performance from Chip Eng Seng's property arm
by Tan Liang Tuan Gigi
11 Nov 2014
Chip Eng Seng’s group revenue climbed 363 percent year-on-year to $415.7 million in Q3 2014, due to stronger contribution from its Property Development division.
Net profit also increased by 167.6 percent year-on-year to $72.9 million in Q3 2014.
Revenue from its Property Developments division leaped from $21.8 million in Q3 2013 to $313.8 million in Q3 2014, following the completion of the DBSS project Belvia (pictured) in August.
“Other factors that contributed to the increase include the progressive recognition of earnings from on-going projects such as Junction Nine and Nine Residences as well as the sale of remaining units in other completed projects,” the group said in a statement.
The group bought two land parcels in Fernvale in August following a tie up with two listed developers, and works are currently underway to prepare the project for launch in 2015.
Chip Eng Seng also plans to relaunch the Fulcrum next year. Located in Tanjong Rhu, the project is near one of the entrances of the upcoming Katong Park Station on the Thomson-East Coast MRT Line.
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