Bukit Sembawang FY2026: Net Profit Up 12.6% to S$128.6M as Gross Margin Nearly Doubles on Landed Mix — 22-Cent Dividend, Pollen Collection II 52% Sold at First Phase

Bukit Sembawang Estates closed FY2026 (ended 31 March 2026) with net profit of S$128.6 million, up 12.6% from S$114.3 million — on revenue that fell 37.2% to S$345.6 million. The divergence is the story: with all 298 units at LIV @ MB delivered and its revenue recognition complete, the year's earnings were carried by the group's landed portfolio, and gross margin nearly doubled from 24.0% to 47.6%. Gross profit rose 24.8% to S$164.6 million. The Board has proposed a 22-cent dividend — 4 cents final plus an 18-cent special — returning S$57.0 million to shareholders, up from 20 cents in FY2025.

The numbers

Development revenue came in at S$331.1 million (FY2025: S$535.2 million), with hospitality contributing S$13.8 million from Fraser Residence Orchard, Singapore. Profit from operations rose 26.6% to S$155.6 million on the sharply higher margin mix. Net finance income narrowed to S$0.9 million (FY2025: S$14.5 million) as finance costs rose alongside a larger liability position — non-current liabilities expanded to S$263.7 million from S$20.5 million. Basic earnings per share reached 49.69 cents (FY2025: 44.14 cents). Total equity stands at S$1.67 billion, with net return on equity improving to 7.7% from 7.2%. The proposed dividends carry a payout ratio of 0.44 and are subject to approval at the 60th AGM on 31 July 2026, with the record date on 6 August and payment on 20 August 2026.

Pollen Collection II: the new engine

In December 2025 the group launched Pollen Collection II — formerly Nim Collection Phase 4 — a 99-year leasehold development of 186 landed homes in the Seletar Hills enclave (District 28), the newest addition to its master-planned precinct along Ang Mo Kio Avenue 5. Of the 52 units released in the first phase, 27 (52%) were sold as of 31 March 2026. Designed by W Architects, each 4- to 5-level terrace or corner terrace offers more than 4,200 sq ft of living space, five ensuite bedrooms plus a study, a private glass-door lift, rooftop solar panels and EV-ready infrastructure; selected corner terraces carry private pools. Estimated TOP is the fourth quarter of 2028.

Sales momentum across the book

The first Pollen Collection is now 94% sold — 124 of 132 units as of 22 June 2026, with the remaining 8 comprising 6 corner terraces and 2 semi-detached homes expected to clear in the coming financial year. 8@BT in Bukit Timah stands at 70% of its 158 units, with the remaining 47 expected to move gradually amid a heavy pipeline of competing residential launches. The Atelier obtained its Certificate of Statutory Completion on 23 April 2026. Next up is Luxus Hills Phase 10, a 999-year leasehold development of 156 landed homes — terraced, semi-detached and detached — scheduled for launch in the third quarter of 2026. Management expects Pollen Collection II to benefit from spillover demand once Phase 10 launches at its rarer, and pricier, 999-year tenure.

Hospitality: FROS occupancy climbs

Fraser Residence Orchard, the group's luxury serviced apartments on Paterson Road, lifted average occupancy to 84% in FY2026 from 79%, on sustained corporate and long-stay demand from relocating professionals and expatriates, supported by Singapore's continued recovery in business travel.

Board transition: Koh Poh Tiong retires

Chairman Koh Poh Tiong retires at the 31 July AGM after nine and a half years on the Board, stepping down voluntarily to facilitate board renewal — ceasing as Chairman of the Board, Nominating and Remuneration Committees and as a member of the Audit and Risk Management and Project Development Committees. Tan Swee Yiow, retiring by rotation and standing for re-election, will assume the Chairman role upon re-election. Ong Sim Ho also stands for re-election, remaining Chairman of the Audit and Risk Management Committee. Directors' fees of S$491,750 are proposed for FY2026 (FY2025: S$520,250).

The read

Bukit Sembawang is one of the few developers still building landed housing estates at scale in Singapore, and it heads into FY2027 running two landed launches in parallel off the same Seletar land bank: the 99-year Pollen Collection II and the 999-year Luxus Hills Phase 10. The take-up spread between the two will price the market's tenure premium in real time — against a landed segment where prices dipped 0.4% in the first quarter of 2026 after four consecutive quarters of gains, a move some analysts read as transitory given the limited supply of landed homes. With S$1.86 billion in current assets and a book still weighted to unrecognised landed inventory, the margin profile that defined FY2026 has room to run — calibrated, as management puts it, to prevailing market conditions.