SINGAPORE (May 22): Property developer SingHaiyi Group reported a 47.6% rise in 4Q19 earnings to $9.7 million from a year ago, bringing FY19 earnings to $22.6 million, 20.3% lower than a year ago.

4Q19 revenue declined 67.6% to $9.8 million from a year ago mainly due to the decrease in revenue recognised for the group’s completed Executive Condominium project, The Vales, and the group’s completed private condominium, City Suites.

The lower topline was partially offset by the sales of the group’s completed commercial condominium project in the United States – Vietnam Town Phase II, which recorded a $5.8 million revenue.

Revenue for the FY19 came in 83.5% lower at $75.9 million.

Correspondingly, the group’s gross profit margin recorded a 16.6 percentage point rise to 45% in 4Q19 compared to a year ago, due to higher profit margin recognised from the US property development.

The board has proposed a final, one-tier tax exempt dividend of 0.15 cent per share.

Despite the soft property market, SingHaiyi says it attracted positive interest for its twin freehold properties – 250-unit The Gazania and 80-unit The Lilium, which were officially launched on May 1.

A total of 24 units were sold, representing a total of 15% of the 165 units released in Phase one. The properties are located in close proximity to Bartley MRT station.

Shares in SingHaiyi closed 0.1 cent higher at 9.4 cents on Wednesday.