{"id":58072,"date":"2017-06-16T11:05:00","date_gmt":"2017-06-16T04:05:00","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/low-keng-huat-net-profit-up-65-in-q1\/"},"modified":"2017-06-16T11:09:02","modified_gmt":"2017-06-16T04:09:02","slug":"low-keng-huat-net-profit-up-65-in-q1","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/low-keng-huat-net-profit-up-65-in-q1\/","title":{"rendered":"Low Keng Huat net profit up 65% in Q1"},"content":{"rendered":"


\nIncrease 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. (Image:\u00a0Perennial Real Estate Holdings Limited)
\nProperty firm Low Keng Huat saw its revenue for the first quarter ended 30 April 2017 increase by seven percent to S$16.9 million while its net profit soared 65 percent to S$5.4 million.
\nThe group attributed the increase primarily to higher profits from its investment and development segments.
\nWhile revenue fell by S$0.2 million to S$4.4 million in Q1 2017, the group\u2019s investment division posted a net profit before tax and controlling interests of S$2.7 million in Q1 2017, up S$2.2 million from the S$0.5 million registered previously.
\n\u201cThe increase was mainly due to the decrease in share of losses from Westgate Tower, increase in other income from disposal of long-term quoted equity investment, increase in share of profits from AXA Tower offset by net loss in construction business,\u201d it said in an SGX filing.
\nNotably, the Westgate Tower had an occupancy rate of 99.5 percent as at 12 June 2017.
\nIts development division, on the other hand, recorded a net profit before tax and controlling interest of S$3.7 million, up S$2.3 million from the S$4.1 million recorded in Q1 2016.
\n\u201cThe increase was due to the sale of two office units at PLS and four residential units at Parkland Residences,\u201d said the group, noting that PLS is fully sold as at 12 June 2017, while one residential unit remain unsold at Parkland residences.
\nDespite the sluggish property market, the property firm noted that the recent land sales by the government still attracted foreign developers as well as high bidding prices.
\nWith this, the group \u201cwill continue to be selective in land bidding and investment projects\u201d.
\n\u00a0
\nThis article was edited by Denise Djong.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Low Keng Huat net profit up 65% in Q1<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Increase in share of profits from AXA Tower offset by net loss in construction business...<\/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-58072","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-f6E","jetpack-related-posts":[{"id":111050,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-tales-at-recent-condo-launches\/","url_meta":{"origin":58072,"position":0},"title":"Two tales at recent condo launches","date":"September 25, 2019","format":false,"excerpt":"\r Despite the slim profit margin, the developers of Cuscaden Reserve and The Antares probably deemed it better to launch the projects now considering the significant supply.\u00a0However, both GuocoLand and Low Keng Huat had enough room to price their projects more attractively and sell more units at launch.\u00a0 Four new\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":90937,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developer-acquires-more-land-in-cairnhill-eyes-bigger-redevelopment-site\/","url_meta":{"origin":58072,"position":1},"title":"Developer acquires more land in Cairnhill, eyes bigger redevelopment site","date":"June 8, 2018","format":false,"excerpt":"\r Singapore-listed Low Keng Huat previously signed a collective sales agreement to buy Cairnhill Mansions along Cairnhill Road in District 9 for $362 million. 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