The growth in the group’s revenue came from the higher progressive revenue recognition of $80.5 million from the sale of units at its residential projects: Signature at Lewis, Skyline 360° and Waterscape at Cavenagh. Hiap Hoe’s The Beverly is fully sold, and its remaining units at The Cavenagh are also expected to see higher take-up as the development approaches its TOP in 1Q2014.
Construction of the company’s nine-storey light industrial freehold development on Kallang Pudding Road, HH@ Kallang, has commenced, and it is scheduled to be launched in 2014. The developer’s Zhongshan Park Integrated Development is also fully operational and expected to contribute to the group’s recurring income stream from 4Q2013. Zhongshan Park Integrated Development’s office block is 100% leased, while its retail mall is more than 90% leased. Its two hotels with a total of 700 keys — Days Hotel Singapore and Ramada Singapore — are said to have steady occupancy rates.