Bukit Sembawang Estates Limited reported a net profit of S$47.15 million for the six months ended 30 September 2025, a 25 per cent year-on-year (YoY) decline that management linked to the absence of revenue from recently completed projects The Atelier and LIV@MB.

Basic and diluted earnings per share slipped to 18.21 Singapore cents from 24.30 cents a year earlier. The developer paid a tax-exempt final dividend of 4 cents a share and a special dividend of 16 cents, up from a combined 16 cents in the prior-year period. The payments, totalling S$51.78 million, were made during the half-year under review.

Revenue dropped 60 per cent YoY to S$130.24 million. Property development remained the dominant contributor at S$123.30 million, but this was 61 per cent lower than the S$316.22 million booked a year earlier because the two major projects had already achieved Temporary Occupation Permit in FY2024/25. Investment-holding revenue was steady at about S$0.32 million, while hospitality takings from Fraser Residence Orchard declined 12 per cent to S$6.63 million amid softer room rates and occupancy.

By segment, pre-tax earnings were: • Property development: S$55.63 million (-16 per cent YoY) • Investment holding: S$0.53 million (-92 per cent YoY, reflecting lower interest income) • Hospitality: S$1.02 million (-36 per cent YoY)

Gross profit contracted 15 per cent to S$61.87 million. Interest income fell 71 per cent to S$2.36 million on smaller cash balances and softer deposit rates, while finance costs surged to S$0.97 million after the group drew down a S$121 million term loan for project financing. Tax expense declined 13 per cent to S$10.03 million, mirroring reduced taxable profits.

On the balance sheet, total assets rose 8 per cent from 31 March 2025 to S$1.83 billion, lifted by higher development properties following land-betterment charge payments for upcoming projects in Nim and Luxus. Borrowings of S$120.67 million, linked to the new term loan, drove a 138 per cent jump in total liabilities to S$245.95 million. Cash and cash equivalents fell to S$283.36 million from S$582.42 million six months earlier, reflecting land-related outflows and dividend payments.

Looking ahead, the company plans to launch the landed housing project Pollen Collection II, continue marketing the 8@BT condominium and remaining Pollen Collection units, and advance planning for Luxus Hills Phase 10. Management noted that Singapore’s private residential market remains resilient, with Urban Redevelopment Authority data showing a 44.4 per cent quarter-on-quarter rise in overall transaction volumes in the third quarter of 2025 and a 0.9 per cent increase in private home prices. The group said it will monitor construction progress closely and adopt a “prudent and measured” approach to future launches in line with market conditions.