KSH swings back into the black in FY2026 as order book hits $965 mil
Choo Chee Onn of KSH: The strong order book provides earnings visibility as the group continues to focus on timely delivery and cost management (Photo: Albert Chua/The Edge Singapore)
Ask Buddy
Listed construction, property development and investment group KSH Holdings returned to profitability in FY2026 ended March 31, posting a net profit attributable to shareholders of $6.8 million, compared to a loss of $5.9 million a year earlier.
Revenue fell 17.4% y-o-y to $149.9 million. The lower revenue was mainly due to the completion of several construction projects in 1HFY2026. Newly secured projects awarded in late 2HFY2026 remain in their early stages and have yet to contribute meaningfully to revenue, says the company.
KSH’s construction order book stood at $965 million as at March 31, 2026, and is expected to contribute positively through FY2029.
Search for the latest New Launches, to find out the transaction prices and available units
The strong order book provides earnings visibility as the group continues to focus on timely delivery and cost management, says Choo Chee Onn, executive chairman and managing director of KSH.
Bagnall Haus, a joint venture project at Upper East Coast Road, is 92% solds since its launch in January 2025 (Artist's Impression: Roxy-Pacific Holdings/SLB Development/KSH Holdings/Ho Lee Group)
Residential joint venture projects
KSH is involved in four joint venture residential projects in Singapore. These include the 172-unit freehold The Arcady at Boon Keng, which is 55.2% sold, and the 440-unit Sora in the Jurong Lake District, where 50.7% of units have been sold.
The group is also one of the joint developers of the mixed-use project, One Sophia, comprising 122 strata office units and 127 strata retail units for the commercial component. Its residential component, the 367-unit The Collective at One Sophia, is 26.7% sold.
The group’s other residential project is the 113-unit freehold Bagnall Haus along Upper East Coast Road, which has sold 92% of its units since launching in January 2025.
Sales figures are based on caveats lodged with URA Realis as at May 28, 2026.
Unrecognised attributable revenue from units sold stood at more than $187 million as at end-March 2026, and will be recognised progressively in line with construction progress.
KSH's projects in Singapore Sino Health City in Gaobeidian, China (Source: KSH website)
China project sales
KSH notes that property market conditions in China remain subdued, although government support measures are expected to aid a gradual stabilisation.
The group has two projects at Singapore Sino Health City in Gaobeidian, China: Zhong Xin Yue Lang and Zhong Xin Yue Shang.
Phase 1 construction for both projects has been completed. To date, 86% of the 812 units at Zhong Xin Yue Lang have been sold, while 98% of the 1,011 units launched at Zhong Xin Yue Shang have been taken up.
In Phase 2 of Zhong Xin Yue Lang, 45% of the 745 units launched have been sold. Meanwhile, 87% of the 204 completed units at Zhong Xin Yue Shang have been sold.
Gate+ saw 137 units (52%) sold at an average of $660 psf from May 22 to 24 (Artist's impression: SLB Development/Boustead Projects/KSH Holdings/ Ho Lee Group)
Pipeline of industrial developments
KSH is also involved in three joint venture strata-titled industrial developments in Singapore.
One of the projects is Gate+ at Tukang Innovation Drive (Plot A), which was recently launched. Another is the upcoming Tukang Innovation Drive (Plot B) development. Both are zoned Business 2 and have 33-year leases from JTC.
Also in the pipeline is the freehold Thomson Gem on Upper Thomson Road, which was acquired in a joint venture for $351 million in October 2025.
KSH says these industrial developments position the group to benefit from continued demand for industrial space.
At the launch of Gate+, 137 units, or 52% of the project’s 265 units, were sold at an average price of $660 psf from May 22 to 24.
Check out the latest listings for Bagnall Haus properties
Ask Buddy
Follow Us
Property updates, 24/7.
Subscribe to Newsletter
Market insights, delivered weekly.
Top Articles
Search