SINGAPORE – Tuan Sing Holdings said it will launch its 130-unit condominium, Kandis Residence, this quarter.
Kandis Residence along Jalan Kandis, off Sembawang Road, will offer units ranging from 1 bedroom to 3+study.
Tuan Sing bought a freehold land parcel at Jalan Remaja off Hillview avenue in June. It plans to develop it into a 100-unit condominium and set a target to launch in second quarter of 2018.
They have balance developer sales unit in Sennett Residences at Potong Pasir. It is located door step to Potong Pasir MRT. It said to have ground floor unit and penthouse unit available.
For the first half year, net profit shrank by 51 per cent to S$7.2 million which work out to be 25 pre cent decrease in revenue to S$158.9 million.
The reason for the results were due to the decrease in sales of the residential development projects.
The property revenue for the first half year dropped by 55 per cent to S$48.7 million, as its three development property projects – Seletar Park Residence, Sennett Residence and Cluny Park Residence- had been completed and substantially sold in the last quarters, the profit after tax more than halved to S$5.4 million from S$13 million in the same period a year ago.
Aside from its residential development plans, Tuan Sing is looking into repositioning Sime Darby Centre into a hub of activities that can meet the needs of the residential community in the vicinity.
The construction of 18 Robinson (formerly known as Robinson Towers) which is expected to completed by end 2018, is progressing well, which it will provide a steady stream of income to the group.
Tuan Sing shares ended half a cent higher at 33 cents. The results were announced after market close.
Source : Straits Times
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