SINGAPORE (Nov 7): Property group SingHaiyi saw 2Q earnings more than quadruple to $3.9 million from $0.9 million a year ago.

The group recorded total revenue of $13.3 million, flat compared to a year ago.

Property development income rose to $10.7 million, thanks to $8.3 million in sales of completed units from Vietnam Town in the US.

Rental income fell to $2.5 million as Tri-County Mall (TCM) in the US underwent an Asset Enhancement Initiative (AEI) programme.

Management fee income came in at $0.9 million.

SingHaiyi says outlook for the Singapore residential property market is expected to remain muted amidst weak market sentiments and oversupply of private residential units.

Over in the US, the real-estate market is expected to remain reasonably stable.

Shares of SingHaiyi closed at 10 cents.