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COMMERCIAL PROPERTY | Staff Reporter, Singapore

CSH is back in the black with RMB7m in FY15 profits

Thanks to its complete board, management overhaul.

Cedar Strategic Holdings (CSH) has steered back into the black as it posted net profits of RMB7m in FY15 from its RMB252.9m net loss in FY14.

According to the company’s announcement, turnaround is thanks to the implementation of a ground up restructuring by the company’s new management and board.

The group’s key asset, Daya Bay project in China, comprises a total of 1,099 apartments. Of these, 700 are earmarked for sale, while the rest will be leased as holiday apartments derive revenue streams.

Meanwhile, about RMB323.4m of gross development value comprising 572 units of CSH’s Daya Bay project have been sold. Only 317 at the project level and post-acquisition sales of 48 units or around RMB 25.5m, have been recognised in FY2015 with the remaining units expected to be recognised progressively by the first half of 2016 upon handover to buyers.

CSH also recorded investment and development properties respectively worth RMB265.5m and RMB169.1m following the consolidation of Daya Bay’s financial position.

CSH notes that it will continue to focus on development properties, investment properties, and other related businesses in emerging markets.

Moving forward, CSH will continue to enjoy favourable governmental intervention with policies like lowered minimum required mortgage down payment, tapered interest rates by the central bank, and easing property purchase restrictions. The group expressed it is cautiously optimistic about its outlook, and is vigilant to market risks.

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