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Perennial posts profit of S$21m for six months ended Dec 31

Artist's impression of the high-end apartments to be built on the Capitol site.

PERENNIAL Real Estate Holdings Ltd (PREH) posted a net profit of S$20.97 million for the six months ended Dec 31, 2014 and revenue of S$21.76 million.

This marked a turnaround from the S$2.13 million of net loss incurred from the entertainment businesses of St James Holdings Ltd, which have been divested upon completion of PREH's reverse takeover (RTO) of St James on Oct 27, 2014.

Excluding the revenue of S$6.8 million relating to the entertainment business which was recognised prior to the RTO, PREH's revenue relating to real estate business for the period from Oct 28 to Dec 31 was S$15 million.

PREH's operational profits come from assets in Singapore and assets held by Perennial China Retail Trust (PCRT), which were consolidated with effect from November 2014.

It now has interests of 20-51 per cent in integrated real estate development projects located in Beijing, Chengdu, Xi'an and Zhuhai in China. In Singapore, its stakes range from 1.46 per cent to 51.61 per cent in real estate projects Chijmes, TripleOne Somerset, Capitol Singapore, House of Tan Yeok Nee, Chinatown Point and 112 Katong. 

PREH recently announced an investment of S$117.9 million for a 31.2 per cent equity stake in AXA Tower.