Soilbuild Group Holdings says it has posted a 47% fall in net profit to $10.3 million in 1Q2010 from $19.45 million in 1Q2009.

Group revenue fell by 50% y-o-y to $32.4 million in 1Q due largely to the absence of contributions from three residential property projects, The Espa, The Centrio and Leonie Parc View, which were completed in 2009.

This drop was partly offset by additional sales and further revenue recognition from the Heritage 9 conservation shophouse development (TOP received in January 2010) and the Tuas Lot business space development (TOP received in March 2010), as well as additional revenue recognition from the fully sold Montebleu residential property project (86% stage of completion) and higher recurrent rental income from the group’s business space properties.

Solibuild says it continued to harness strong business and consumer confidence in Singapore to add $110 million from new sales of 96 residential and business space units to its order book.

The new sales were led by West Point BizHub, the group’s turnkey development and marketing project with Kolette, a subsidiary of CSC Holdings. More than 50% of the units have been taken up since its initial launch in 1Q.