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Hock Lian Seng Posts Strong Quarter on Property Project Completion

Vincent Chia

Hock Lian Seng Holdings Limited announced its 1Q results. 1Q revenue was up 420.8% year-on-year to $103.9 million while 1Q PAT was up 689.9% to $18.6 million. This was attributed to the successful completion of one of its industrial properties, Ark@KB. Ark@KB is a 13,027 sqm industrial development in Kaki Bukit, Singapore. It has a total of 85 detached, terrace and ramp-up units. The project obtained its TOP status in Mar 2015 and has been completely sold. Going forward, Hock Lian Seng is focused on executing its $440 million orderbook of civil engineering projects. This includes Maxwell MRT Station, development work for Changi Airport, Stabling at Gali Batu Depot and the Jalan Gali Batu MRT Depot itself. It will also continue also continue to tender for large scale civil engineering projects and explore opportunities in the property development space.

GET TO THE POINT : Property developments deliver good one-off gains but the real value lies in the stable civil engineering business and its strong orderbook. The pursuit of large scale civil enginering projects looks interesting.

(Picture from Hock Lian Seng Holdings Limited, Ark@KB Industrial Development)

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