MAINBOARD-LISTED property development and investment group Sing Holdings made a net profit of S$45.4 million last year, up 305 per cent from S$11.2 million in 2018.
Revenue in the 12 months ended Dec 31, 2019 was S$316.4 million, up 315 per cent from S$76.2 million in 2018.
Sing Holdings said: "Property development activities in Singapore contributed significantly to the group's turnover and earnings, with additional units sold and higher percentage of revenue recognition as construction progressed."
Meanwhile, turnover arising from property investment activities in Australia decreased due to a drop in occupancy rate. Property investment activities did not contribute to the group's earnings as a result of loss on fair-value adjustment of investment property.
Sing Holdings has an ongoing private condominium development at Fernvale Road known as Parc Botannia, which is a 70:30 joint venture between the group and Wee Hur Development. Approximately 99 per cent of Parc Botannia units have been issued options to purchase, amounting to sales value of about S$722.1 million. Revenue from sales will continue to be recognised progressively over time based on construction progress, the group said.
The group also owns 43 strata units with a saleable area of 44,275 square feet in an industrial building, BizTech Centre. Of this, around 87 per cent is tenanted.
In Melbourne, Sing Holdings owns a limited-service hotel known as Travelodge Docklands. Its average occupancy rate has been above 90 per cent and the hotel's income provides a stable stream of recurring income to the group, it said.
"However, faced with keen competition from new and upcoming hotels, coupled with the negative impact of the bushfires and coronavirus, room revenue is expected to decline due to drop in occupancy rates and compression of room rates," it added.
Sing Holdings said it will closely monitor market developments like the potential effects of the coronavirus outbreak on the property market.
"Whilst keen to replenish its land bank, it will remain cautious in its land bids in view of the uncertainties in the overall environment," the group said.
Full-year earnings per share was 11.31 Singapore cents, up from 2.78 cents for the 2018 financial year.
A final dividend of 1.85 Singapore cents was recommended, up from a final dividend of 1.2 cents in the same period last year. The dividend and its pay date are subject to shareholders' approval.
Net asset value per share was 73.70 Singapore cents as at Dec 31, 2019, up from 63.98 cents as at Dec 31, 2018.
Sing Holdings shares rose 1.5 Singapore cents or 3.75 per cent to S$0.415 on Tuesday before the results were announced.