Renowned property developer Tee Land’s profits fell 66 % in the third quarter as its revenue almost reduce by fifty percent.
For last three months ended Feb 28, TEE Group recorded net profit of S$1.19 million, dropping from S$3.45 million, recorded a year ago.
Revenue collapsed 46.6 % to S$8.36 million, as Tee Land Group established revenue from just one project, with comparison to three in the corresponding duration a year ago.
TEE Land Group has a recognized track record in presenting well-designed and quality residential property developments. TEE Land will also continue to build up its publicity in residential, industrial and commercial projects while at the same time developing its income generating portfolio of properties.
TEE Land Group went on to complete residential projects in Singapore like Hilbre 28 @ Hillside Drive, an upcoming 999-year leasehold 5-storey residential development by Development 72 Pte. Ltd, subsidiary of TEE Land Limited.
The company is looking forward to property markets in Malaysia and Singapore to stay challenging, without rolling back its property cooling measures in the next 12 months. But Thai property market is more positive on the outlook.
