Market observers expect Sing Holdings to report an operating profit of around $170 million to $180 million from North Gaia. In 1HFY2025, Sing Holdings announced a net profit of $4.1 million while net profit in FY2024 was $9.8 million. Net asset value as of June 30 was 79.1 cents. Sing Holdings’ share has risen from 52 cents as of Jan 16 to around 60 cents on Jan 23.
Sing Holdings has announced that it is expecting a significant increase in net profit because of the recognition of revenue from the completion of an Executive Condominium (EC) development, North Gaia. According to a presentation in its AGM in April last year, 99.5% of North Gaia had been sold, with sales value of $834.9 million. The revenue was to be recognised upon purchasers meeting eligibility conditions at TOP stage. Hence, the group said it anticipated a substantial increase in profit upon revenue recognition. Revenue and profit from ECs are recognised fully only on TOP.
North Gaia obtained TOP in July last year and units were handed over to eligible purchasers during the year. “With this, proceeds from sales of the development have been recognised as revenue in the financial statements for FY2025, and a substantial increase in consolidated net profit will be reported,” Sing Holdings says in its statement.
