Soon Hock receives TOP for Stellar@Tampines, eyes more multi-strata industrial developments

Atiqah Mokhtar

/ EdgeProp Singapore

February 24, 2026 3:38 PM SGT

propertyeditor@edgeprop.sg

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Artist's impression of Stellar@Tampines (Picture: Soon Hock Group)

Soon Hock Enterprise Holdings has completed Stellar@Tampines, its strata-titled B2 industrial development on Tampines North Drive. The group received a partial temporary occupation permit (TOP) for the first eight storeys at the development last December, with the full TOP received on Feb 10.

Stellar@Tampines is a nine-storey multi-user ramp-up B2 industrial factory with 307 units, along with 4 industrial canteen units and a basement carpark. In November 2025, Soon Hock announced that it had pre-sold 222 units at the development.

The project’s partial TOP in December gave a significant boost to Soon Hock’s latest financial results – its first since listing on the Mainboard of the Singapore Exchange last October. The group reported property development revenue of $224.7 million for FY2025 ended Dec 31, 2025. This is 33.5 times higher than the $6.5 million recorded in FY2024.

Overall revenue, which includes leasing income from Soon Hock’s investment properties, clocked in at $227.9 million in FY2025, 27.9 times higher compared to the year before. However, the better topline performance was partially offset by higher expenses during the year, which the company attributes to sales commissions paid in relation to Stellar@Tampines, as well as listing expenses.

Still, earnings for FY2025 were 10.6 times higher y-o-y, at $37.9 million. Earnings per share stood at 14.59 cents, over 10 times the 1.33 cents for FY2024. The group has proposed a final tax-exempt dividend of 3.05 cents per share.

Looking ahead, Soon Hock says the group will continue to focus on the industrial and mixed-use multi-strata property development sector, with an emphasis on developing and selling multi-strata industrial buildings. It will also continue developing investment properties to generate recurring rental income.

This comes despite a challenging operating environment due to elevated construction and labour costs. “The multi-strata industrial building segment is highly competitive, but I believe Soon Hock Enterprise is in a strong position to secure tenders through the Industrial Government Land Sales program, collective sales and secondary market land purchase,” comments Walter Tan Min Loon, executive director and CEO of Soon Hock Enterprise Holdings.

Soon Hock’s current development projects include Skye@Tuas, a B2 industrial development with ancillary commercial units in Tuas, next to the Tuas Link MRT Station. The project is expected to obtain partial TOP in December this year.

The group also plans to develop a worker dormitory on its freehold property at 20 Shaw Road, subject to regulatory approvals. Completion of the project is targeted for 2028.

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Soon Hock receives TOP for Stellar@Tampines, eyes more multi-strata industrial developments

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