KUALA LUMPUR: Singapore-listed construction company cum property developer, KSH Holdings Ltd announced that its revenue declined 15.7% to S$246.1 million (RM685.17 million), while earnings were down 7% year-on-year to S$41.7 million for the financial year ended March 2015. Lower construction revenue was the main reason for the decline in turnover. Meanwhile, a 38.6% rise in other operating incomes to S$13 million helped mitigate the bottom line decline, noted Lim & Tan in its report on June 4.
Most of the residential and mixed development projects, such as SkyGreen (25% stake) on MacPherson Road, The Palacio (32%) at Telok Kurau, NEWest (12.25%) in West Coast, as well as KAP & KAP Residences (12.6%) at King Albert Park, have already been substantially sold. KSH owns a 28% stake in the consortium that purchased a 92.8% stake in Prudential Tower for S$512 million or about S$2,316 psf in May last year. In Beijing, KSH has a 45% stake in Liang Jing Ming Ju Phase 4 — Sequoia Mansion, a development where construction is expected to be completed later this year.
According to the group, it will continue to focus on “asset and geographical rebalancing”, with an eye on opportunities in China, Australia and Malaysia. In April, KSH announced its maiden venture in the United Kingdom by taking a 10% stake in a consortium that acquired a 25,700 sq ft site near Hammersmith Underground Station in London. — theedgeproperty.com
This article first appeared in The Edge Financial Daily, on June 10, 2015.