Sing Holdings Q1 loss widens to S$949,000, dragged by uncompleted project

SING Holdings' first-quarter net loss widened to S$949,000 from S$308,000 as the company remained unable to recognise sales of the uncompleted Waterwoods executive condominium project, the developer announced on Friday.

Per-share net loss was 0.24 Singapore cents for the three months ended March 31. Sing Holdings shares last traded at 31 Singapore cents before the results were announced.

Revenue gained by 5.8 per cent to S$6.8 million as the company recognised an additional 8 per cent of sales of Robin Residences on a percentage-of-completion basis.

Sales at Waterwoods cannot be recognised until completion, in accordance with accounting policies, even though about 91 per cent of the units have been issued an option to purchase, the company said. That represents contracted sales of about S$338.4 million. Sales and marketing-related expenses, however, are incurred immediately, "resulting in tax losses and the recognition of deferred tax asset" during the quarter, Sing Holdings said.

At Robin Residences, a private condominium project, about 28 per cent of the units have been issued an option to purchase, equal to contracted sales of about S$76.5 million. About 40 per cent of that has been recognised so far.

The Singapore property market will "continue to be lacklustre with weak purchasing sentiments", the company said.