PropNex reports lower FY2024 earnings but expects significant pick-up for 1HFY2025
Regardless of the reduced earnings for the year, PropNex has noticed a pick up in activities in the final quarter of 2024, led by a rise in new exclusive home units that it helped to offer.
Still, to mark its 25th anniversary, PropNex intends to pay a special returns of 2.5 cents per share, in addition to a final reward of 3 cents. This will deliver its total dividend payout for FY2024 to a document of 7.75 cents, representing a payment ratio of 140.1% and a turnout of 8.2%.
“Demand will be sustained by the relentless price gap between brand-new and non-landed resale properties, a choice for larger, move-in-ready homes and the effect of fewer brand-new supply finishes,” states PropNex.
The private resale market, meanwhile, is readied to continue to be active, with transaction quantities expected to range between 14,000 and 15,000 units.
Singapore’s biggest property agency PropNex has actually reported earnings of $21.9 million for its 2HFY2024 ended Dec 31, 2024, lower 14.9% y-o-y. This carries its full-year earnings to $40.9 million, 14.4% lower compared to the preceding FY2023.
“In view of this, and expectations of a good property market outlook in 2025, the team is certain of a solid productivity in FY2025, barring unexpected events,” specifies PropNex.
“Less five-year minimum occupation duration flats entering the market, coupled with continual demand from immediate homebuyers, unsuccessful Build-To-Order applicants, and budget-conscious families, will certainly continue to support this sector,” claims PropNex.
Tembusu Grand Jalan Tembusu Road
The business clarifies that the financial results of these sales will just be reserved three to 4 months later on, suggesting a significant pick-up when it declares its current 1HFY2025 numbers.
Ismail observes that newly-launched projects including The Orie, Bagnall Haus, Parktown Residence and ELTA have actually created solid market interest.
This is underpinned by an approximated 13,000 new unit launches (including ECs)– almost double the supply recorded in 2024.
Revenue plunged 6.6% in FY2024 over FY2023, because of the “fairly controlled real estate market”.
“We anticipate a favorable demand for developers’ sales in 2025, including a compelling line-up of tasks. Additionally, a favorable economic outlook and lower mortgage rates could better boost market assurance, developing possibilities for both homebuyers and financiers,” he incorporates.
HDB resale, the various other crucial market, will likely see price growth of 5% to 7%, with volumes reaching 29,000 to 30,000 units.
