SINGAPORE - Developer Bukit Sembawang Estates has chalked up a 54.9 per cent rise in second quarter net profit to $39.3 million.

Revenue for the three months to Sept 30 soared by 74.7 per cent to $153.3 million.

The increase in gross profit was mainly due to higher profit recognition on development projects based on the percentage of completion method and profit recognition on additional units of The Vermont sold during the quarter.

Earnings per share climbed to 15.17 cents from 9.79 cents in the same period last year.

Net asset value per share rose by four cents to $4.80 over the past six months.

Bukit Sembawang said the operating environment in the Singapore residential property market will remain challenging and this will affect the group's sales performance in the year ahead.