SingHaiyi Group

SingHaiyi reports 48% rise in 4Q earnings to $9.7 mil on higher margins from US development

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.

DBS keeps Suntec REIT at 'buy' on securing UBS as sole tenant for 9 Penang Road

SINGAPORE (Apr 18): DBS Group Research continues to rate Suntec REIT a “buy” with a target price of $2.12.

This came on the back of the REIT (30%) along with its JV partners – SingHaiYi Group (35%) and Haiyi Holdings (35%) – securing UBS as a sole tenant for 9 Penang Road. Haiyi Holdings is a private vehicle of Gordon and Celine Tang who own a majority stake in SingHaiyi Group.

UBS has fully pre-leased the 381,000 sq ft of net lettable area (NLA), with fit out expected to commence after TOP in 4Q19. It expects to move in the premises in 2H20.

SingHaiyi 3Q earnings more than double to $4 mil on projects with higher margins

SINGAPORE (Feb 1): Property group SingHaiyi reported 3Q19 earnings more than doubled to $4 million from a year ago as cost of sales fell more than revenue. This brings earnings for 1H19 ended Dec to $13 million, 54% lower than a year ago.  

Revenue for 3Q19 came in at $15.8 million from a year ago, a decrease of 62% mainly due to the decrease of revenue recognised for the group’s completed EC project, The Vales and group’s completed private condominium, City Suites.

SingHaiyi reports 71% fall in 4Q18 earnings to $6.5 mil on lower other income

SINGAPORE (May 24): SingHaiyi Group, diversified real estate company, reported a 70.7% fall in 4Q18 earnings of $6.5 million from a year ago on lower other income.

For the full FY18, earnings came in 3.7% higher to $32.3 million.

In 4Q18, revenue soared to $27.5 million compared to $8.2 million a year ago, arising mainly from the revenue recognised for the group’s completed EC and private condo project, The Vales and City Suites.

The lower rental income was mainly attributable to ongoing Asset Enhancement Initiative (AEI) programme underwent by TCM in US.

SingHaiyi posts 12.8% increase in 3Q earnings to $1.4 mil even as revenue trebles

SINGAPORE (Feb 7): Property developer SingHaiyi Group saw its earnings grow 12.8% to $1.4 million for the 3Q ended December, from $1.2 million a year ago.

Group revenue more than trebled to $41.7 million in 3Q18, from $12.0 million a year ago.

This was mainly due to revenue recognised for the group’s completed executive condominium (EC) project, The Vales.

Property development income quadrupled to $39.2 million in 3Q18, from $8.9 million a year ago.

CIMB thinks these 5 small developers with exposure to Gaobeidian are 'beautiful'

SINGAPORE (Jan 18): CIMB likes five unrated developers with market caps ranging from $140-$470 million and property development activities in Singapore and China, in the Gaobeidian area.

See: KSH, Lian Beng, Heeton, Oxley shares on a tear after site of China’s latest SEZ revealed

See: KSH sets its sights on Gaobeidian bonanza

SingHaiyi scoops up Park West condo in en bloc sale for $841 mil

SINGAPORE (Jan 11): SingHaiyi Group’s joint-venture firm, SingHaiyi Gold, is acquiring Park West condominium along Jalan Lempeng in Clementi in a collective purchase at a price of $840.9 million.

Owners of the property accepted SingHaiyi’s bid on Thursday, the group says in a filing to SGX.

This is Park West’s third collective sale attempt, after an earlier attempt in 2007 attempt failed to achieve the requisite 80% consensus among owners, and an en bloc tender in 2011 at an indicative price of $803 million did not receive any bids.

SingHaiyi undertakes rights issue to raise $143 mil in net proceeds

SINGAPORE (Dec 27): SingHaiyi Group is selling up to 1.435 billion new shares at 10 cents each.

The issue price of 10 cents represents a discount of 11.8% to the theoretical ex-rights price of 11.3 cents each, says the property group in a Tuesday night filing.

As at 10.50am, shares in SingHaiyi are trading at 12 cents.

The rights issue is to raise proceeds to pursue property investments and for general corporate and working capital purposes.

Shareholders will be entitled to one rights share for every two existing shares held.

SingHaiyi in bulk sale of commercial condominium development in California for $128.3 mil

SINGAPORE (Dec 19): Mainboard-listed real estate company SingHaiyi Group has entered into a purchase and sale agreement and initial escrow instructions for the bulk sale of its entire Vietnam Town Phase II units in San Jose, California for US$95.3 million ($128.3 million).

The Vietnam Town commercial condominium development project comprises nine blocks of commercial condominium units and a four-storey parking structure.

SingHaiyi submits winning bid of $81.1 mil in en bloc purchase of How Sun Park

SINGAPORE (Nov 28): SingHaiyi Group has emerged as the winning buyer in the collective purchase for the property at How Sun Park, a freehold property with a site area of 5,104.3 sqm.

The winning bid of $81.1 million was submitted by SingHaiyi Huajiang Amber, a subsidiary of SingHaiyi, was duly accepted by the owners of the property on Tuesday.

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