Niche property developer Hiap Hoe has reported a 319.5% jump in net profit to a record $34.3 million for the financial year ended 31 December 2009 (FY09), compared to $8.2 million in 2008 (FY08). Revenue surged 271.6% to $110.5 million, from $29.7 million recorded in FY08.

For the three months ended 31 December 2009 (4Q09), net profit rose to $9 million from $0.3 million achieved in the corresponding period a year ago (4Q08). The boost in 4Q09 profit came on the back of a robust 162.4% growth in revenue to $26.4 million, compared to $10.1 million in 4Q08.

For the financial year 2009, Hiap Hoe has proposed a first and final cash dividend of 0.25 cent per ordinary share. On the back of strong results, and subject to the approval of the Singapore Exchange, the company is also proposing a bonus issue of one bonus share for every four existing ordinary shares.

Hiap Hoe says the revenue growth for the group was mainly driven by progressive revenue recognition from the development of the group’s Cuscaden Royale and Oxford Suites residential projects. To date, about 90% of revenue from each of these developments has been recognised.

In the middle of 2009, the group also launched two residential projects The Beverly and Signature at Lewis. Of these, more than 70% of each development has been sold, and about 9% of revenue from Signature at Lewis has been recognised with the start of its construction.

In addition, the group also managed to sell some units at its soon-to-be-launched Skyline 3600, and has recognised about 2% of revenue from this development.

The group ended the year with total shareholder’s equity standing at $174.8 million, an increase of 23.6% over the previous financial year. Net asset value per share increased 23.6% to 46.21 cents, from 37.38 cents the year before. At the close of FY09, cash and cash equivalents stood at $3.5 million.