Soon Hock Enterprise Holding Limited turned in a net profit of S$19.3 million for the six months ended Jun 30 2026, swinging from a net loss of S$1.4 million a year earlier, after booking the bulk of sales from its completed Stellar@Tampines industrial project.

Revenue surged 87.7-fold year-on-year to S$142.6 million, lifting earnings per share to 6.22 Singapore cents from a loss of 0.58 cent previously. The board did not declare any dividend.

The property-development division contributed S$140.7 million, underpinned by the final Temporary Occupation Permit and subsequent Notice of Vacant Possession for Stellar@Tampines. Revenue from property investments inched up to S$1.9 million from S$1.6 million, reflecting a full six-month rental contribution from the Group’s 300-bed workers’ dormitory and ancillary facilities at 2F Jalan Papan.

Gross profit climbed to S$44.6 million from S$0.6 million, although gross margin narrowed to 31.3 per cent from 36.8 per cent as sales of development units—typically lower-margin—replaced rental income as the main revenue source. Selling commissions linked to Stellar@Tampines added S$18.6 million to expenses, while centralised payroll functions lifted administrative costs by S$2.2 million. These were partly offset by lower finance charges and a S$0.4 million gain on the divestment of an investment unit at 8 Kaki Bukit Avenue 4.

Cash and cash equivalents stood at S$72.3 million on Jun 30, down from S$160.0 million at end-December, after payments to suppliers and subsidy disbursements. Net assets rose to S$166.8 million from S$156.8 million.

Looking ahead, the Group said construction of Skye@Tuas is on schedule, with partial temporary occupation targeted for late 2026 or early 2027 and full completion in the first half of 2027. Additional revenue triggers in the pipeline include the redevelopment of 56-62 Senang Crescent and a workers’ dormitory at 20 Shaw Road, while longer-term projects at 680 Upper Thomson Road and Kewalram House provide further visibility.

Chief executive Walter Tan Min Loon noted that the Stellar@Tampines completion demonstrates the firm’s execution capability and said management will apply the same discipline to upcoming projects, citing resilient demand for high-specification industrial space despite broader macroeconomic uncertainty.