Centropod project's completion boosts Roxy's Q1 profit

Singapore

THE completion of the Centropod@Changi project on the former Changi Hotel site helped Roxy-Pacific to treble its first-quarter net earnings to S$46.45 million from S$14.97 million for the same period last year.

The office and retail project received its Temporary Occupation Permit (TOP) in January, enabling Roxy- Pacific to book all the revenue and profit from the fully-sold project in the first quarter ended March 31, 2015.

For Singapore pure residential projects as well as mixed development projects here involving a residential component, the group recognises revenue and profit on un…