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Chip Eng Seng 4QFY2014 revenue more than doubles

By hockmeng.tay@bizedge.com

March 1, 2015 12:00 AM SGT

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Listed property and construction group Chip Eng Seng Corp reported 4QFY2014 revenue of $368.6 million, which more than doubled from $173.2 million in the previous year. Revenue for FY2014 ended Dec 31 was $1.1 billion, which was 2.2 times higher than FY2013’s revenue of $502.5 million. The bulk of revenue contribution for FY2014 came from property development, which accounted for $765.6 million, while construction made up $334.2 million.

The three projects that contributed to the bulk of revenue last year were 100 Pasir Panjang, a freehold commercial property; Belvia DBSS (design, build and sell public housing scheme) in Bedok Reservoir; Alexandra Central, a mixed-use scheme with a strata retail mall, and the connecting Park Hotel Alexandra, which received their Temporary Occupation Permit (TOP) in 2014. When Alexandra Central was launched in January 2013 (above), 114 of the 116 units were sold in a day, with many units sold by balloting. The company also recognised progressive contribution from mixed-use development Junction 9 and Nine Residences in Yishun.

Chip Eng Seng intends to relaunch its residential project, Fulcrum at Fort Road, a 128-unit, freehold condo, in 2H2015. In Australia, the group launched a project in the suburb of Doncaster in Melbourne in January. It intends to divest its development site in Victoria Street. As for its 581-unit Tower Melbourne apartment development on Victoria Street, the developer announced that it was “still handling the court proceedings” brought on by the owner of an adjoining building. The developer has another mixed-use development site at West Coast Highway in Perth.

This article appeared in the City & Country of Issue 666 (Mar 02) of The Edge Singapore.

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