Sing Holdings FY2025: North Gaia TOP Jul 2025 Delivers S$878M Revenue, PAT +14x to S$142M, Chuan Grove Next

Sing Holdings FY2025 Annual Report (year ended 31 December 2025) is the company's standout year in its 61-year history: North Gaia EC obtained TOP in July 2025, triggering S$878.4M in revenue recognition (FY2024: S$15.0M) and driving profit attributable to shareholders up more than 14 times to S$142.3M.

All 616 units were sold (1 unit subsequently returned); vacant possession successfully delivered to purchasers. Total sales value ~S$863M+. This single project drove essentially all of FY2025's revenue and profitability. Contract assets of S$130.2M (post-TOP receivables) remain on the balance sheet at Dec 2025. The Group is now pursuing the next stage of regulatory approvals.

Two abutting land parcels at Chuan Grove acquired during FY2025, via Chuan Grove Pte. Ltd. (65% Sing Holdings). Combined site area 30,345.8sqm; GFA 91,038sqm; 99-year leasehold. Proposed development: 1 block 24-storey + 4 blocks 27-storey, 1,000+ apartment units, 7 retail shops, 1,000sqm ECDC. In-principle approvals received for amalgamation. Planning permission application in progress. Target construction start: 2H 2026. Completion: 2030. Revenue recognised progressively over construction. Acquisition funded by capital + shareholder loans + bank loans (NCI shareholder loan S$167.2M; total bank loans S$1,055.9M at Dec 2025).

Proposed dividends: 1.0¢ first and final + 4.0¢ special = 5.0¢ total per share (FY2024: 1.0¢). Additionally, a bonus issue of 1 bonus share for every 4 existing shares held (1:4) — in-principle SGX approval received.

• ▸BizTech Centre: 5 units sold in FY2025; 13 remaining (12 tenanted, 1 vacant). Carrying value S$8.1M.
• ▸Travelodge Docklands Melbourne: FV S$79.3M (FY2024: S$79.7M). FY2025 FV loss S$1.7M (FY2024: gain S$2.4M). Occupancy ~69% — impacted by Melbourne hotel supply surge; expected to moderate in 2026. Rental income S$4.6M (FY2024: S$5.8M). Valuation assumptions unchanged (cap rate 6.25%, DR 8.00%, TY 6.50%).

Revenue: S$878.4M (FY2024: S$15.0M). Profit before tax: S$173.4M. PAT to shareholders: S$142.3M. EPS: 35.49¢ (FY2024: 2.44¢). NAV/share: 114.78¢ (+45%; FY2024: 79.33¢). Total assets: S$1,748.4M. Shareholders equity: S$460.3M. Bank loans: S$1,055.9M. Cash: S$26.7M.

Lee Sze Hao: S$8,080,901 FY2025 (FY2024: S$1,293,267; +525%). Mix: 10% salary / 89% performance bonus / 1% other benefits. The 89% bonus weighting reflects the Group's performance-linked structure — the bonus was directly driven by North Gaia's successful completion. Chairman Lee Sze Leong: S$307,000 director fees (FY2024: S$257,000).

Sing Holdings' FY2025 is a classic EC completion year: a conservative family-controlled developer that banks revenue in one explosive quarter when TOP is granted. The real question is Chuan Grove — a 1,000+ unit project with a 2030 completion horizon and no revenue until construction is well underway. With S$1.06B in bank loans and cash down to S$26.7M, the balance sheet is leveraged; the 5.0¢ dividend + bonus issue signals confidence but the next 3 years will be a build phase.