Singapore Property | There was a drop in earnings for Bukit Sembawang Estates by 54% to $17.2m in second quarter 2017 from $37.3m that was recorded in the same period in 2016.
Also, revenue fell by 56.2% to reach $31.9 m in comparison to $72.9 m that was recorded in the previous year.
In the same way, there was a drop in the cost of sales by 55 percent to $11.9 m from the cost recorded in 2016 of $26.4 m. This was attributed to the lower sales and lower recognition of profits on the development projects.
As a result, the gross profit was lower by 56.9% to $20.1 m from $46.5 m recorded last year.
The cash and cash equivalents for the group as at 30 September stood at $236.4 million.
In its viewpoint, the group is monitoring closely the residential property market’s changing dynamics.
Bukit Sembawang Estates is a public listed company in Singapore that deals with property development. The company has built homes in Sembawang Hills and Seletar Hills among other locations.
Under its name are properties such as Watercove Development that is located in Sembawang along Wak Hassan Drive, Lilac Park, Tampines Woods Estate, Paterson Collection, The Vermont on Cairnhill, Parc Mondrian, Straits Garden and Luxus Hills phases 1-7.
The group has been in existence for almost 50 years and it’s a holding company to subsidiaries including Sembawang Estates, Paterson Collection Ltd, Paterson One Pte, Singapore United Estates Ltd and Bukit Sembawang View Pte Ltd. However, it was established in 1911 as a rubber company before diversifying into property development.