{"id":62402,"date":"2017-08-01T09:49:39","date_gmt":"2017-08-01T02:49:39","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/roxy-pacific-net-profit-down-26-in-q2\/"},"modified":"2017-08-01T09:59:59","modified_gmt":"2017-08-01T02:59:59","slug":"roxy-pacific-net-profit-down-26-in-q2","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/roxy-pacific-net-profit-down-26-in-q2\/","title":{"rendered":"Roxy-Pacific net profit down 26% in Q2"},"content":{"rendered":"


\nArtist\u2019s impression of LIV on Sophia, an apartment project that is expected to be completed in 2018.
\nRoxy-Pacific Holdings saw its net profit drop 26 percent to $14.7 million in Q2 2017 from $19.9 million over the same period last year.
\nRevenue also declined 21 percent from $98.4 million to $77.8 million.
\nThe group attributed the decrease in revenue to lower revenue recognition from Whitehaven, Jade Residences and the absence of revenue recognition from LIV on Sophia.
\nNonetheless, Roxy Pacific revealed that its recent launches in Singapore and Australia were warmly received, with Straits Mansions in Singapore fully sold, while Australia\u2019s Octavia and The Hensley were 95 percent and 93 percent sold, respectively.
\nIts latest launch in West End, Glebe, Australia also received robust response, with 70 percent of the launched units sold within a few hours. To date, 84 percent of the project\u2019s first phase, known as The Foundry, is 84 percent sold, while phase two is slated for launch in H2 2017.
\n\u201cWhile the three Australian projects will only contribute positively to the group upon their expected completions in 2018 \/ 2019, Roxy-Pacific will progressively recognise percentage-of-completion earnings from Straits Mansions,\u201d the company said in a release.
\nIncluding Straits Mansions, total attributable pre-sale revenue of the group stood at $469.3 million.
\n\u201cRecognising the market downcycle, we exercised prudence and took the opportunity to invest in our future growth by replenishing our land bank \u2013 freehold sites from the secondary market \u2013 at reasonable prices to protect our margins,\u201d said Roxy-Pacific executive chairman and CEO Teo Hong Lim.
\nThe group completed its acquisitions of 211-223A Pasir Panjang Road and 120 Grange Road in Singapore in Q1 2017.
\n\u201cWe remain focused to execute these pipeline projects this year and in FY2018,\u201d he noted.
\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…Roxy-Pacific net profit down 26% in Q2<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Artist\u2019s impression of LIV on Sophia, an apartment project that is expected to be completed...<\/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-62402","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-geu","jetpack-related-posts":[{"id":79844,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/roxy-pacific-to-launch-six-sites-for-sale-in-2018\/","url_meta":{"origin":62402,"position":0},"title":"Roxy-Pacific to launch six sites for sale in 2018","date":"February 14, 2018","format":false,"excerpt":"\r Roxy-Pacific bought Harbour View Gardens for $33.25 million in 2016. (Photo: Colliers International) Roxy-Pacific Holdings reported a revenue of $43.3 million during the fourth quarter of 2017, down 53 percent from $93.1 million over the same period in 2016. Net profit also fell 39 percent to $7.3 million from\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62970,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-up-59-in-q2\/","url_meta":{"origin":62402,"position":1},"title":"UOL net profit up 59% in Q2","date":"August 7, 2017","format":false,"excerpt":"\r Mainly due to higher revenue recognition from its Singapore condominium project, Principal Garden, UOL saw its net profit increase from\u00a0S$68.8 million in Q2 2016 to S$109.4 million in the second quarter of 2017. (Image: UOL Group Limited) Despite a 59 percent increase in net profit in Q2 2017, UOL\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63048,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/roxy-pacific-buys-freehold-river-valley-site-for-110m\/","url_meta":{"origin":62402,"position":2},"title":"Roxy-Pacific buys freehold River Valley site for $110m","date":"August 8, 2017","format":false,"excerpt":"\r View of the vacant lot, which is expected to be developed into an apartment project comprising over 100 units. (Photo: Roxy-Pacific Holdings)\u00a0 Roxy-Pacific Holdings subsidiary RH Capital Two has signed an agreement to acquire a freehold residential site along River Valley Road for $110 million, the group announced on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":79456,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/roxy-pacific-has-big-plans-for-kismis-view-site\/","url_meta":{"origin":62402,"position":3},"title":"Roxy-Pacific has big plans for Kismis View site","date":"February 9, 2018","format":false,"excerpt":"\r A Roxy-Pacific led joint venture intends to combine the Kismis View site with an adjacent plot to create a huge residential redevelopment measuring 100,336 sq ft. (Photo: JLL) Following their $102.75 million en bloc purchase of the 90,863 sq ft Kismis View site last month, Roxy-Pacific Holdings and its\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":91214,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/roxy-pacific-set-to-redevelop-kismis-view-en-bloc-site\/","url_meta":{"origin":62402,"position":4},"title":"Roxy-Pacific set to redevelop Kismis View en bloc site","date":"June 12, 2018","format":false,"excerpt":"\r A Roxy-Pacific led joint venture intends to combine the Kismis View site with an adjacent plot to create a huge residential redevelopment measuring 100,336 sq ft. (Photo: JLL) Singapore-listed property developer Roxy-Pacific Holdings is poised to redevelop the Kismis View en bloc site after obtaining the necessary approvals, revealed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":78747,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-q2-revenue-grows-60\/","url_meta":{"origin":62402,"position":5},"title":"GuocoLand Q2 revenue grows 60%","date":"February 2, 2018","format":false,"excerpt":"\r The strong financial results was due mainly to good sales and higher revenue recognition from Singapore residential projects. GuocoLand\u2019s revenue surged by 60 percent year-on-year to $370.56 million in the second quarter ended 31 December 2017, due mainly to higher sales and contributions from its housing developments in Singapore,\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\/62402"}],"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=62402"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/62402\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=62402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=62402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=62402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}