PROPERTY company SingHaiyi Group's net profit shrank some 92 per cent year-on-year to S$1.24 million for the first quarter ended June 30.

Revenue plunged nearly 91 per cent to S$26.07 million on the back of lower property development income. This was mainly due to the decrease in revenue recognised for the group's completed Executive Condominium project, The Vales.

In 1Q2019, revenue contribution mainly arose from the sales of the group's completed private condominium project, City Suites. 

Earnings per share clocked 0.029 Singapore cent, versus 0.534 cent a year ago. 

Commenting on the recent property measures in Singapore, SingHaiyi said: "While the new measures are expected to soften demand for new homes, the effects are expected to be more moderate for first-time homebuyers and upgraders.

"However, the property market could be impacted by economic headwinds on the back of slowing exports and trade tensions between the US and China."

In the US, the group highlighted that the real estate market remains "reasonably stable".

It added: "The group is well-placed to grow with a healthy pipeline of development projects up till 2023 slated for completion in Singapore and the US."