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Property sales slowdown hit Tuan Sing's Q2 earnings

Published on Jul 30, 2014 6:25 PM
 
Property developer Tuan Sing's profits and revenue for the three months to June 30 mainly came from progressive revenue recognition of unit sales at Seletar Park Residence and Sennett Residence (pictured), as well as the initial recognition of new bookings at Cluny Park Residence. -- PHOTO: TUAN SING

SINGAPORE - A slowdown in the private housing market has weighed down second-quarter earnings for property developer Tuan Sing.

Net profit at the firm fell 24 per cent to $11.6 million for the three months to June 30, it said in a Singapore Exchange filing on Wednesday.

Revenue dropped 31 per cent to $81.6 million for the period, which Tuan Sing said was partly due to lower property sales.

It said that its profits and revenue for the period mainly came from progressive revenue recognition of unit sales at Seletar Park Residence and Sennett Residence, as well as the initial recognition of new bookings at Cluny Park Residence.

 
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