{"id":107126,"date":"2019-05-15T11:51:09","date_gmt":"2019-05-15T04:51:09","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-profit-down-66-6-in-q1\/"},"modified":"2019-05-15T12:03:50","modified_gmt":"2019-05-15T05:03:50","slug":"propnex-profit-down-66-6-in-q1","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-profit-down-66-6-in-q1\/","title":{"rendered":"PropNex profit down 66.6% in Q1"},"content":{"rendered":"


\nDespite the drop in profit, the group\u2019s balance sheet continued to be healthy.
\nReal estate agency PropNex posted a net profit of $2.3 million in the first quarter of 2019, down 66.6 percent from $7 million in Q1 2018.
\nRevenue also fell 27.8 percent to $74.2 million from $102.7 million previously, mainly due to a 60.6 percent drop in commission income from project marketing services.
\nThe decline in commission income came as a significant number of option-to-purchase have yet to be completed as at end-March.
\n\u201cThe first quarter is traditionally a subdued period for us, as new launches and buying activity tend to taper off during the Lunar New Year period. The reduced number of new launches in the first two months of the year, compounded by the effects of the property cooling measures and increase in interest rates have inevitably impacted our financial performance,\u201d said Ismail Gafoor, co-founder, executive chairman and CEO of PropNex.
\n\u201cIn March, however, we observed developer sales rebounding strongly, signifying that buyers and investors are starting to feel more confident in entering the market again with developers continuing to price their developments sensitively. The transactions in March will be recognised in the following quarters.\u201d
\nDespite the drop in profit, the group\u2019s balance sheet continued to be healthy with cash and cash equivalents of $79.7 million as at 31 March and no gearing.
\nLooking ahead, the group expects new project launches that are sensitively priced and strategically positioned to remain as a pull factor for investors and upgraders.
\nThe secondary private property market is also forecasted to gain momentum towards the second half of the year, as en bloc owners look \u201cfor replacement homes that allow for immediate occupation\u201d.
\n\u201cOn the public housing front, the HDB resale market is reflecting continuous demand and price stabilisation. This can be attributed to the estimated 30,000 HDB flats (comprising HDB and DBSS flats) reaching MOP this year, coupled with the lower number of BTO flats offered this year at an estimated 15,000 units,\u201d it said.
\nHome buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Senior Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…PropNex profit down 66.6% in Q1<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite the drop in profit, the group\u2019s balance sheet continued to be healthy. Real estate...<\/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-107126","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-rRQ","jetpack-related-posts":[{"id":86792,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-rose-at-faster-pace-in-q1\/","url_meta":{"origin":107126,"position":0},"title":"Private home prices rose at faster pace in Q1","date":"April 30, 2018","format":false,"excerpt":"\r Non-landed home prices across Singapore grew by 4.4 percent compared to a marginal increase of 0.8 percent previously.\u00a0 Private home across Singapore rose by 3.9 percent quarter-on-quarter in Q1 2018, faster than the 0.8 percent increase in the preceding three-month period, according to an updated Property Price Index released\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":125906,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-hdb-resale-prices-rise-at-slower-pace-in-q1-and-more\/","url_meta":{"origin":107126,"position":1},"title":"Private home prices, HDB resale prices rise at slower pace in Q1 and more","date":"April 25, 2022","format":false,"excerpt":"\r 19th April to 25th April 2022 Despite the property cooling measures, private home prices continued to increase in the first quarter of 2022, albeit at a much slower pace of 0.7%. HDB resale prices also increased at a slower pace of 2.4% in Q1 2022. \u00a0 1) Private home\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/04\/singapore-ann-siang-hill.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":90386,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-realty-aims-to-raise-40m-in-ipo\/","url_meta":{"origin":107126,"position":2},"title":"PropNex Realty aims to raise $40m in IPO","date":"June 4, 2018","format":false,"excerpt":"\r PropNex Realty\u2019s CEO, Ismail Gafoor. In a bid to replicate the success of its rival APAC Realty, Singapore\u2019s largest property agency PropNex Realty plans to launch an initial public offering (IPO) that will raise about $40 million, reported Bloomberg recently citing anonymous sources. 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Meanwhile, private home prices in Singapore grew at a faster pace in the first quarter\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/04\/hdb-flats-in-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":107763,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-among-top-two-agencies-for-new-launches\/","url_meta":{"origin":107126,"position":4},"title":"PropNex among top two agencies for new launches","date":"June 4, 2019","format":false,"excerpt":"\r It is currently Singapore\u2019s biggest real estate agency, in terms of the number of agents. Although it has not been among the first port-of-calls among property developers for new launches, PropNex is recently gradually earning market share in this particular segment, revealed a Phillip Securities report. 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