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Tuan Sing Holdings reports a 5% increase in FY2023 earnings to $4.8 mil

EdgeProp Singapore
·2-min read


Artist's impression of the 90-unit Peak Residence which is fully completed and expect to TOP in 2024 (Picture: Tuan Sing)

Singapore-listed real estate company Tuan Sing Holdings reported earnings of $4.8 million in FY2023 (ended Dec 31, 2023), a 5% increase y-o-y from $4.6 million the previous year on Feb 23. Revenue rose 35% to $303.7 million in FY2023 from $225.3 million in FY2022. This was largely due to higher revenue from all three segments of the group's business: real estate development, investment and hospitality.

Progressive recognition of units sold in the Peak Residences on Thomson Road contributed to higher revenue from real estate development last year. It partly offset the lower contribution from the 108-unit Mont Botanik Residence at Jalan Ramaja in Bukit Batok, which obtained its Temporary Occupation Permit (TOP) in February 2023. Meanwhile, the 90-unit Peak Residence is entirely sold, and the project is expected to obtain TOP in 2024.

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Higher revenue contribution from investments came from commercial properties such as 18 Robinson in the CBD and Link@896 (former Sime Darby Centre) along Dunearn Road. 18 Robinson is expected to enjoy improving occupancies and recurring income.

Read also: Woodlands Memorial: Funeral parlours as an alternative real estate investment


Hyatt Regency Perth, where the conversion of 42 rooms into serviced apartments is near completion and is expected to be operational by 1H2024 (Photo: Tuan Sing)

Higher revenue also came from the group's hospitality business, such as the Grand Hyatt Melbourne. FY2023 operations in Perth were affected by the ongoing asset enhancement works at the Hyatt Regency Perth, where the conversion of 42 rooms into serviced apartments is near completion. It is expected to be operational by 1H2024.

Equity-accounted investees saw revenue decrease marginally to $29.3 million in FY2023, due mainly to the initial operating losses in The Grand Outlet-East Jakarta. This international luxury outlet mall opened last December. About 75% of the mall has been leased to several international brands, with PT Mitra Adiperkasa as the anchor tenant.

The 125-ha Opus Bay mixed-use township project in Batam, Indonesia, is being developed in phases, with the construction of Balmoral Tower and Cluny Villas progressing on schedule. "Sales of both projects align with expectations," says Tuan Sing.


The 125-ha Opus Bay mixed-use township project in Batam, Indonesia, is being developed in phases, with the construction of Balmoral Tower and Cluny Villas progressing on schedule (Picture: Tuan Sing)

Meanwhile, the mixed-use development on Hainan Island, China, by Sanya Summer Real Estate, in which Tuan Sing holds a 7.8% stake, was completed in December 2023. Sanya Summer Palace, the project's retail portion, has commenced operations and is expected to contribute to the recurring income stream from 2024 onwards.

The company's 44.5% stake in Gul Technologies Singapore boosted earnings despite weaker demand for printed circuit boards and lower selling prices. In China, GulTech continues to record a positive performance in FY2023.

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