It plans to use the proceeds to acquire new land sites and buildings, and to partially finance existing projects
[SINGAPORE] Industrial property developer Soon Hock Enterprise has lodged a preliminary prospectus for a listing on the Singapore Exchange (SGX), the company said on Monday (Sep 29).
It submitted the documents to the Monetary Authority of Singapore on the same day, in connection with a proposed initial public offering (IPO) and listing of ordinary shares on the SGX mainboard, it added.
Maybank Securities and UOB are the joint issue managers, joint global coordinators and joint bookrunners for the proposed IPO.
Soon Hock, together with its subsidiaries, has launched more than 1,200 strata-titled industrial properties in Singapore across its projects, it said in its prospectus.
The company was founded by Tan Yeow Khoon, who serves as executive chairman. Its chief executive officer is Tan Min Loon.
Soon Hock’s property development projects are located in Singapore, and it is “constantly looking to acquire land sites or properties” in the city-state for development or redevelopment through tenders or direct purchase.
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Its projects include Platinum@Pioneer along Tuas Avenue 11, Bartley Biz Centre and Tuas Cove. The company also owns various properties for investment and recurring income in Kaki Bukit and Jalan Papan.
Soon Hock believes the long-term outlook for Singapore’s industrial market is “likely to stay positive” despite global geopolitical uncertainties.
This is in part due to the city-state’s “sound economic fundamentals” and the government’s plans to solidify Singapore’s position as a global business hub, which it quoted Cushman & Wakefield as saying “translates to higher demand for industrial space”.
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“We aim to capitalise on the positive long-term industry outlook to expand our business,” Soon Hock said.
The company plans to use its IPO proceeds to acquire new land sites and buildings, to partly finance the cost of redeveloping 20 Shaw Road, as well as to partially fund existing property development projects, including those at Senang Crescent, among others.
Financial standing
Soon Hock’s selected financial documents in its prospectus indicate fluctuating revenue and profit, depending on the sale of its projects.
For the financial year ended Dec 31, 2024, the company reported S$7.9 million in revenue, with profit for the year close to S$3.3 million.
For FY2023, its revenue was S$264.7 million, with profit for the year standing at S$29.4 million.
This was a large jump from FY2022, when revenue came in at S$1.3 million and profit was S$2.6 million, helped by more than S$3 million in income tax benefit due to its loss position for the period.
First-quarter revenue for the current financial year is S$651,000, with a loss of S$578,000.
The revenue boost in FY2023 was due to the recognised sales from Polaris@Woodlands. In FY2022, FY2024 and Q1 FY2025, Soon Hock did not obtain a temporary occupation permit (TOP) for any of its properties.
Property development income accounted for 99.5 per cent of total revenue in FY2023 and 82.6 per cent in FY2024.
Rental income, however, accounted for all of its revenue in FY2022 and Q1 2025.
“Being a property development company, our revenue from the sale of development properties is project-based and may fluctuate from year to year,” Soon Hock said.
It added that its revenue is dependent on when TOP is obtained for its development properties, the overall performance of Singapore’s property market, and the group’s ability to identify and acquire suitable plots of land, among other factors.
