Developer Tuan Sing Holdings booked Q1 2012 net profit of $6.8 million, up 23% over the same period last year.
The quarter's revenue was $72 million, up 17% from previous year due to broad-based growth across the company's businesses and investments.
Sales from the property division with main focus on prime residential, commercial and industrial properties in Singapore and China, rose to $27.8 million.
However, distribution costs for the quarter were up 405 per cent to $4.1 million, mainly due to showflat and marketing expenses for the 276-unit Seletar Park Residences launched at the end of March 2012
Profit after tax from the property business was $3.8 million which is 45% of the group's total profit after tax for the quarter.
The board of directors is optimistic about the company's outlook as 40% of Seletar Park Residences have been sold.
Sales from other projects are expected to continue at a steady pace.
There are also two other projects in the pipeline, including The Sennett, which is next to Potong Pasir MRT station. It will be launched in the third quarter of this year.
The other project is located opposite Botanic Gardens MRT station, and will be launched in the last quarter.
Condensed from The Straits Times, 1 May 2012