More revenue recognition from sale of The Laurels lifts earnings at Sing Holdings

Sing Holdings has posted a 7.3 per cent rise in second quarter net profit to $10.2 million, due mainly to higher revenue recognition from its development project.

Revenue for the three months to June 30 jumped by 39.4 per cent to $89.3 million.

The increase was largely attributed to progressive recognition of proceeds from the sale of The Laurels.

Based on construction progress, an additional 11 per cent of the contracted sales of The Laurels was recognised as revenue during the quarter, together with the corresponding costs, bringing the cumulative percentage recognised to 96 per cent.

Earnings per share firmed to 2.54 cents from 2.37 cents previously while net asset value per share climbed to 55.55 cents compared to 50.68 cents as at Dec 31.

On its upcoming projects, construction work for the land parcel at Punggol Field Walk has commenced.

This executive condominium development is a 70-30 joint venture between Sing Holdings and a subsidiary of UE E&C.

The group targets to launch this project for sale in the end of the third quarter.

Sing Holdings' other development project is a private condominium development at Robin Drive.

Construction work has also commenced and the project is expected to launch for sale in mid-2014.