{"id":104375,"date":"2019-02-25T12:18:31","date_gmt":"2019-02-25T05:18:31","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/chip-eng-seng-posts-strong-financials-for-2018\/"},"modified":"2019-02-25T13:12:03","modified_gmt":"2019-02-25T06:12:03","slug":"chip-eng-seng-posts-strong-financials-for-2018","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chip-eng-seng-posts-strong-financials-for-2018\/","title":{"rendered":"Chip Eng Seng posts strong financials for 2018"},"content":{"rendered":"


\nThe company believes the cooling measures are expected to continue to weigh on the Singapore property market.
\nChip Eng Seng Corporation\u2019s net profit nearly doubled to $63.12 million in 2018 compared to $32.74 million in the previous year, according to the construction and property development company in an SGX filing on Friday (22 Feb).
\nAt the same time, overall revenue rose by 27 percent from $850.81 million to $1.08 billion. Of this, the group\u2019s property development business accounted for the lion\u2019s share (76.71 percent) of the overall income.
\nMore: REDAS Calls On Government To Tweak Property Cooling Measures
\n\u201cContributions rose 44.9 percent from $571.68 million to $828.64 million over 2017 to 2018. This was mainly attributed to progressive revenue recognition from High Park Residences, Grandeur Park Residences and Park Colonial, along with progressive handover of townhouses of Williamsons Estate in Doncaster, Melbourne and sales of property sites in Australia.\u201d
\nChip Eng Seng also said the cooling measures introduced last year \u201care expected to continue to weigh on the property market\u201d, with the price growth of private residential properties easing after the implementation of the curbs.
\n\u201cDespite the challenging market conditions, sales to-date for Park Colonial rose further to 70.2 percent. As for Grandeur Park Residences, sales have improved slightly to 97.1 percent, it noted, adding that it plans to launch its Changi Garden project by Q2 2019.
\nGet more details on the property market outlook for 2019 here
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Chip Eng Seng posts strong financials for 2018<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The company believes the cooling measures are expected to continue to weigh on the Singapore...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-104375","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-r9t","jetpack-related-posts":[{"id":120036,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chip-eng-seng-warns-of-a-net-loss-for-fy2020-due-to-covid-19\/","url_meta":{"origin":104375,"position":0},"title":"Chip Eng Seng warns of a net loss for FY2020 due to COVID-19","date":"January 11, 2021","format":false,"excerpt":"\r Chip Eng Seng warns of a net loss for FY2020 due to COVID-19Closure of construction sites for several months in FY2020 have expectedly impacted the\u00a0on-going developments\u2019\u00a0construction milestones, and in turn\u00a0affected revenue recognition as well as progressive payments from property buyers. Chip Eng Seng expects to report a net loss\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/Construction-of-skyscrapers-in-Singapore.jpg?fit=820%2C411&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":106893,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chip-eng-seng-net-profit-soared-84-in-q1\/","url_meta":{"origin":104375,"position":1},"title":"Chip Eng Seng Net Profit Soared 84% in Q1 \u00a0","date":"May 7, 2019","format":false,"excerpt":"\r The company\u2019s property developments division posted a 48.9 percent hike in revenue Q1 2019, on the back of higher percentage of completion of Park Colonial and\u00a0Grandeur Park Residences (shown). Chip Eng Seng Corp was off to a good start as net profit surged 84 percent to $11.25 million in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42349,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/four-project-launches-set-to-boost-home-sales\/","url_meta":{"origin":104375,"position":2},"title":"Four project launches set to boost home sales","date":"January 31, 2017","format":false,"excerpt":"\r Artist\u2019s impression of Park Place Residences at Paya Lebar Quarter. New private home sales are expected to get a boost with four project launches expected by April, reported the Straits Times. These are Clement Canopy in Clementi by Singland Homes and UOL Group; Park Place Residences at Paya Lebar\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":60430,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chip-eng-seng-unit-submits-700-7m-top-bid-for-woodleigh-lane-site\/","url_meta":{"origin":104375,"position":3},"title":"Chip Eng Seng unit submits $700.7m top bid for Woodleigh Lane site","date":"July 11, 2017","format":false,"excerpt":"\r Aerial view of the plum site at Woodleigh Lane. Image source: URA A plum residential site at Woodleigh Lane just next to Woodleigh MRT station attracted 15 bids at the close of its tender exercise on Tuesday (11 July), said the Urban Redevelopment Authority (URA). CEL Unique Development, a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43595,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-highly-anticipated-condos-to-launch-in-coming-weeks\/","url_meta":{"origin":104375,"position":4},"title":"Two highly anticipated condos to launch in coming weeks","date":"February 10, 2017","format":false,"excerpt":"\r Artist\u2019s impression of Grandeur Park Residences, a new condominium in the east. Source: CEL Development\u00a0 Following the Chinese New Year lull period, developers are gearing up to launch two private residential projects in Singapore. One of them is The Clement Canopy, the first condominium to be launched this year,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":46827,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/grandeur-park-residences-sells-420-units-at-weekend-launch\/","url_meta":{"origin":104375,"position":5},"title":"Grandeur Park Residences sells 420 units at weekend launch","date":"March 6, 2017","format":false,"excerpt":"\r Strong sales have been recorded at the first two private condo launches this year. Image source: CEL Development\u00a0 \u00a0 Grandeur Park Residences in Tanah Merah sold 58 percent, or 420 of its 720 units at an average price of $1,350 psf during its first weekend launch, reported the Straits\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/104375"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=104375"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/104375\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=104375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=104375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=104375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}