Bukit Sembawang Estates has reported a 33.1 per cent drop in second quarter net profit to $25.4 million.

Revenue for the three months to Sept 30 fell by 28.5 per cent to $87.8 million.

Earnings per share slipped to 9.79 cents from 14.64 cents previously while net asset value per share climbed to $4.62 compared to $4.48 as of March 31.

Commenting on the state of the market, Bukit Sembawang noted that the successive cooling measures implemented by the Government, in particular, the introduction of total debt servicing ratio for housing loans, have dampened the demand for residential properties.

The group expects the residential market conditions to be challenging and this will negatively affect its sales performance in the year ahead.