81% of Popular's Balestier condo unsold

PropertyGuru

12 December 2014 at 12:15 am

For the three months ended 31 October 2014, Popular Holdings turnover dropped by eight percent from $136.5 million to $125.5 million.

This was largely due to less revenue achieved in its Property and Retail & Distribution Divisions.

Only one unit of its freehold condominium in Balestier, Ei8ht Raja (pictured) was sold for $2.5 million in the said quarter, compared to two units of 18 Shelford for a total consideration of $8.8 million in the previous corresponding quarter.

18 Shelford is Populars freehold condominium in District 11.

In a statement, the group said there are still 21 unsold units in Ei8ht Raja as at 31 October 2014, and only five units were sold since obtaining the Temporary Occupation Permit in May 2013.

According to media reports, its Permai Residences project in District 4 is slated be completed by end of next year.

Populars core business lies in retail and book publishing, but the group ventured into the property market in 2006 to shore up the capital needed for retail and publishing expansion.

Image source: popularworld.com

Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories emailmuneerah@propertyguru.com.sg

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