Singapore Property | TEE Land, one of the biggest names in real estate industry in Singapore, has reported that their revenue went downhill by as much as 47.9 percent. They gained $6.4 million during the first quarter of FY2015. On the other hand, TEE Land only gained $3.4 million during their first quarter according to their 2016 financial year report.
One of the main reasons for this decline is because of the fewer acknowledgements for their development projects. During the said period, TEE Land’s gross profit remains steady at $1.8 million.
According to the CEO and Executive Director of TEE Land, they are expecting to get the T.O.P. or Temporary Occupation Permits for their two development projects in Singapore having well-sold units. Other than that, Jonathan Phua also said they regardless of the decline, TEE Land will still continue to develop more residential and even commercial projects that would generate them income in the long run. This is essential for them in order to create balance with their property projects as well as prevent the possible threats due to the volatility of the market.
On the other hand, Chewathai Limited recently signed an agreement that allows the company to acquire more than 265,000 square feet of land to develop a housing project in Bangkok. This freehold acquisition will cover a landed development in the country. Chewathai is currently the associated company of TEE Land.
TEE Land collaborated with various developers as well with their other projects such as NeWest @ West Coast, Hilbre 28 @ Hillside Drive, Rezi 3Two @ Geylang, Hexacube and Floravista, Floraview Floraville.
The group is expecting more challenges ahead. This expectation doesn’t merely cover their property market in Singapore but in Malaysia at the same time. For now, they will focus more on looking for new land to develop further while completing their current projects at the same time.