SINGAPORE - Tuan Sing Holdings said it will launch its 130-unit condominium, Kandis Residence, this quarter.
The development along Jalan Kandis, off Sembawang Road, will offer units ranging from one-bedder to three bedroom plus a study.
Tuan Sing completed the purchase of a freehold site at Jalan Remaja in June. It plans to develop it into a 100-unit condominium and set a target of second quarter of 2018 for launch.
It said this on unveiling a 64 per cent drop in second-quarter earnings to S$1.8 million.
Revenue for the three months to June 30 fell by 21 per cent to S$84.1 million.
For the first half year, net profit shrank by 51 per cent to S$7.2 million on the back of a 25 per cent decline in revenue to S$158.9 million.
These were due to the decrease in sales of the residential development projects.
As its three development property projects - Seletar Park Residence, Sennett Residence and Cluny Park Residence- had been completed and substantially sold in the previous quarters, property revenue for the first half year slumped by 55 per cent to S$48.7 million, while profit after tax more than halved to S$5.4 million from S$13 million in the same period a year ago.
Hotels investment recorded revenue of A$55 million in the first half year, dipping slightly from A$57.4 million previously. Net income from hotel operations fell by 3 per cent to A$11.1 million as both Grand Hyatt Melbourne and Hyatt Regency Perth registered a combined 2.7 per cent drop in revenue per available room despite higher occupancy rate.
Quarterly earnings per share slipped to 0.1 cent from 0.4 cent previously while net asset value per share fell to 77 cents compared with 77.7 cents as at Dec 31, 2016.
Aside from its residential development plans, the group is currently looking into repositioning Sime Darby Centre, which it purchased in June, into a hub of activities that can meet the needs of the residential community in the vicinity.
The construction of 18 Robinson (formerly known as Robinson Towers) has been progressing well and is expected to be completed before end 2018 upon which it will provide a steady stream of income to the group.
Tuan Sing shares ended half a cent higher at 33 cents. The results were announced after market close.