{"id":106893,"date":"2019-05-07T10:25:13","date_gmt":"2019-05-07T03:25:13","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/chip-eng-seng-net-profit-soared-84-in-q1\/"},"modified":"2019-05-07T11:04:04","modified_gmt":"2019-05-07T04:04:04","slug":"chip-eng-seng-net-profit-soared-84-in-q1","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chip-eng-seng-net-profit-soared-84-in-q1\/","title":{"rendered":"Chip Eng Seng Net Profit Soared 84% in Q1 \u00a0"},"content":{"rendered":"


\nThe 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).
\nChip Eng Seng Corp was off to a good start as net profit surged 84 percent to $11.25 million in the first quarter of 2019 from $6.12 million over the same period last year.
\nGross revenue jumped 34.2 percent to $267.3 million, mainly due to robust contribution from its property developments and hospitality divisions.
\nThe company\u2019s property developments division posted a 48.9 percent hike in revenue to $204.3 million in Q1 2019, on the back of higher percentage of completion of Park Colonial and Grandeur Park Residences.
\nIts hospitality division registered a 19.7 percent increase in revenue to $21.7 million due to full quarter contribution from Mercure & Ibis Styles Grosvenor Hotel in Adelaide, South Australia.
\nALSO READ: PropertyGuru\u2019s Review On Grandeur Park Residences
\nRevenue from its construction division, on the other hand, dropped 10.3 percent to $37.7 million, while revenue from its property investment division remained stable from the previous quarter at $1.8 million.
\nLooking ahead, the group intends to exercise caution in bidding for new land parcels in Singapore, considering the slowdown in property sales and increasing supply of private homes.
\nURA data showed that private home prices slipped 0.7 percent in Q1 2019.
\n\u201cAs for total supply, there were 53,284 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals as at the end of Q1 2019, as compared with 51,498 units in Q4 2018. Of these, 36,839 units remained unsold as at the end of Q1 2019, up from 34,824 units in Q4 2018,\u201d it noted.
\nChip Eng Seng also revealed plans to launch its Changi Garden project, called Parc Komo, for sale in the second quarter of 2019.
\nHome buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nFiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email\u00a0fiona@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Chip Eng Seng Net Profit Soared 84% in Q1 \u00a0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The company\u2019s property developments division posted a 48.9 percent hike in revenue Q1 2019, on...<\/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-106893","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-rO5","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":106893,"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":104375,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chip-eng-seng-posts-strong-financials-for-2018\/","url_meta":{"origin":106893,"position":1},"title":"Chip Eng Seng posts strong financials for 2018","date":"February 25, 2019","format":false,"excerpt":"\r The company believes the cooling measures are expected to continue to weigh on the Singapore property market. Chip 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":107083,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/oue-profit-up-0-3-in-q1-2019\/","url_meta":{"origin":106893,"position":2},"title":"OUE Profit Up 0.3% In Q1 2019","date":"May 13, 2019","format":false,"excerpt":"\r Its development property division contributed $7.2 million in revenue, due to the completion of certain OUE Twin Peaks units sold under deferred payment schemes. Mainboard-listed OUE\u2019s profit for the first quarter of 2019 increased 0.3 percent year-on-year to $1 million, while revenue rose 1.2 percent year-on-year to $147.3 million.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":58072,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/low-keng-huat-net-profit-up-65-in-q1\/","url_meta":{"origin":106893,"position":3},"title":"Low Keng Huat net profit up 65% in Q1","date":"June 16, 2017","format":false,"excerpt":"\r Increase in share of profits from AXA Tower offset by net loss in construction business is one of the main factors attributed to the increase in Low Keng Huat\u2019s Q1 revenue. 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