Bukit Sembawang Estates B61 0.56% has posted earnings of $25.2 million for its 1HFY2024 ended September, doubling its earnings of $12.6 million recorded in the previous corresponding period.

 

Revenue for the first half of FY2024 similarly increased by 119% y-o-y to to $264.3 million, while cost of sales increased by 132% to $232.5 million.

 

Gross profit for the period increased by 57% y-o-y to $31.8 million mainly due to higher profit recognised on development projects. In 1HFY2024, profits were recognised for The Atelier, LIV@MB and Fraser Residence Orchard, Singapore.

 

Bukit Sembawang&rsquo s earnings per share for 1HFY2024 came in at 9.74 cents, compared to 4.86 cents in 1HFY2023.

 

As at Sept 30, Bukit Sembawang B61 0.56% &rsquo s total assets decreased by 2.2% y-o-y to $1.54 billion mainly   due to a decrease in deferred tax assets and development properties offset against the increase in contract costs, contract assets, trade and other receivables, and cash and cash equivalents

 

Meanwhile, the company&rsquo s liabilities decreased by 32.8% y-o-y to $69.6 million as at end-September.

 

Bukit Sembawang&rsquo s cash and cash equivalents stood at $356.6 million as at Sept 30.

 

THE Urban Redevelopment Authority (URA) on Tuesday (Nov 15) awarded the tender for a 99-year leasehold site in Bukit Timah Link to Bukit One, a wholly-owned subsidiary of Bukit Sembawang Estates.

 

Of the five bids, Bukit One&rsquo s was the highest &ndash S$200 million or S$14,457 per square metre (sq m) of gross floor area (GFA), said a URA document. The site was launched for tender on Aug 31 and closed on Nov 3.

 

The Bukit Timah Link land parcel is 4,611.1 sq m in size and can have a maximum GFA of 13,834 sq m. The building is to have a maximum of 20 storeys.

 

In a bourse filing on Tuesday, Bukit Sembawang Estate said it intends to develop the land parcel into a 20-storey development comprising 160 residential apartments with communal facilities, and to &ldquo curate a cosmopolitan village lifestyle&rdquo which it believes will appeal to young families and investors.

 

&ldquo This lifestyle concept would fit well into this location with its village vibe, and would provide an attractive option for buyers looking for a unique lifestyle, as they enjoy the gentrification and transformation of the Beauty World precinct,&rdquo the group added.

 

The transaction will be funded by the group&rsquo s internal resources and bank borrowings. It is not expected to have a material impact on the net tangible assets or earnings per share of the group for the financial year ending Mar 31, 2023.

PROPERTY development and investment group Bukit Sembawang Estates on Friday (May 27) posted a 75 per cent fall in net profit to S$29.6 million for the second half ended March 31, 2022.

 

Revenue decreased 75 per cent to S$89.4 million.

 

Gross profit was lower by 79 per cent to S$30 million mainly due to lower profit recognised on development projects. In H2, profits were recognised for 8 St Thomas, Luxus Hills (Signature Collection), The Atelier and Fraser Residence Orchard, Singapore.

 

The group&rsquo s results translated to earnings per share of 11.42 cents, compared with 44.72 cents a year ago.

 

For the full year, net profit fell 56 per cent to S$82.9 million while revenue was down 50 per cent to S$288.2 million.

 

Bukit Sembawang is proposing a final dividend of 4 cents per share and a special dividend of 12 cents per share, compared with a final dividend of 4 cents per share and a special dividend of 29 cents per share a year ago.

 

The group has fully sold Luxus Hills Contemporary Collection (Phase 16) and Nim Collection (Phase 1) as of Q1 2022.

 

It relaunched The Atelier for sale about six months ago and conducted the preview of LIV @ MB on May 6, with sales beginning May 21. Bukit Sembawang said Liv @ MB sold over 75 per cent of units on its launch weekend at an average selling price of S$2,387 per square foot.

BUKIT Sembawang Estates' s Bukit Sembawang: B61 -0.77% net profit for the first half ending Sep 30 fell 28 per cent to S$53.4 million, from S$73.7 million the year before.

 

The group' s earnings per share dropped to 20.61 Singapore cents from 28.45 cents last year. Revenue also fell 11 per cent to S$198.8 million, while cost of sales inched upwards by 3 per cent to S$128.5 million. This, along with lower profit recognised on development projects, led gross profit to fall 29 per cent to S$70.3 million from the previous year' s S$98.4 million.

 

Bukit Sembawang' s other income decreased by 18 per cent to S$722,000, mainly due to less government grant income which came as relief measures during the pandemic.

 

Other operating expenses decreased by 44 per cent to S$2.8 million for the period, due to lower maintenance charges and property tax arising from there having been fewer unsold units of completed development properties.

 

For the period under review, Bukit Sembawang said profits were recognised for 8 St Thomas, Luxus Hills (Signature Collection) and Luxus Hills (Contemporary Collection), Nim Collection Phases 1 and 2, The Atelier as well as Fraser Residence Orchard, Singapore. In the same period last year, profits were recognised for all of the above except The Atellier, which was only launched this year.

 

Bukit Sembawang recorded a net cash outflow of S$26.4 million for the half year, after last year' s net inflow of S$174.7 million. Net cash used in financing activities amounted to S$175.8 million, mainly for dividend payments and full repayment of borrowings relating to The Atelier.

Net cash generated from operating activities also came in lower at S$149.5 million, due to working capital movements.

 

The group added that it will continue to monitor the health of the overall economy and residential property market, and calibrate its approach and timing of the launches of new residential projects.