Top Global back in the black in Q1

Top Global on Wednesday posted a net profit of S$2.45 million for its first quarter ended March 31, 2015, reversing net losses of S$677,000 from a year ago.

The real estate group posted a more than six-fold increase in revenue to S$32.15 million, mainly due to the sales of its development properties of about S$20.4 million from the Braddell and Bartley projects, and contribution from its Indonesia subsidiary of about S$10.7 million on the sales of development properties, as well as the goods and services rendered in its golf and country club and hotel operation.

Hano Maeloa, CEO and executive director of Top Global, said: "Despite the current challenges faced by Singapore property developers, we have begun 2015 with good Q1 2015 results... Moving forward, we will continue to market our developments in Singapore while leveraging on our sizeable land banks in Indonesia."

The group believes that the property market in Singapore is likely to stay challenging for developers as the government's stringent property cooling measures are likely to remain for an indefinite period of time. It also sees a further slowdown in sales with the recent launch of a few large-scale projects in the market.

"Despite these challenges, the group believes that its Singapore projects are value-for-money in terms of design and location and will continue to market them at competitive prices.

"In Indonesia, the group intends to capitalise on its existing land banks to grow... Beyond the primary markets of Singapore and Indonesia, the group is also on the lookout for good opportunities to expand its footprint into other emerging markets such as China, to tap on its growth potential when the timely opportunity arises."