MAINBOARD-LISTED property developer Chip Eng Seng Corp plans to expand its education arm with an Australian pre-school, the company said on Thursday, even as second-quarter results showed revenue declines in its core real estate and construction businesses.
Chip Eng Seng said in its financial statements that turnover from property development fell on the completion of Williamsons Estate and High Park Residences in previous quarters, while construction revenue was down from projects that were done in the second half of 2018.Meanwhile, sales for the Park Colonial residential development stood at 82.6 per cent, while 97.4 per cent of Grandeur Park Residences units have been moved, Chip Eng Seng noted.
Net profit for the six months came in lower by 17 per cent at S$15.2 million, despite a 14.8 per cent jump in revenue to S$374.1 million.Separately, Chip Eng Seng has announced a A$3.5 million agreement to buy a childcare centre in the Melbourne suburb of Tarneit in Australia.