- Following Soon Hock (SGX:SHE)’s analyst briefing on 4 March, we see greater clarity in its pipeline of projects, with its Skye@Tuas development property slated for sales launch in 2Q26, enabling revenue recognition.
- - Read this at SGinvestors.io -
All eyes on Skye@Tuas development.
- Following completion of its Stellar@Tampines development, Soon Hock is moving on to its Skye@Tuas development property, with management targeting a partial temporary occupation permit (TOP) between 4Q26-1Q27 and full TOP in 1H27. Sales launch is expected to begin in 2Q26.
- - Read this at SGinvestors.io -
Greater clarity on pipeline ahead.
- Greater clarity has emerged for Soon Hock’s FY27–28E development projects. For Senang Crescent, management targets final TOP by end- FY27E, implying an early FY27E sales launch, contributing an estimated S$54m in development revenue. Together with remaining unit sales at Skye@Tuas, we forecast FY27E NPAT of S$49.1m.
- Meanwhile, management also guided for plans to develop a larger 700–800 bed worker dormitory as part of its 20 Shaw Road property, compared to the current 300-bed Jalan Papan property, with monthly rents of S$550–600 per bed. As such, we estimate this to contribute rental revenue of ~S$4.95m, on the lower end, in FY28E upon completion.
Increase in RNAV lifts our target price to S$0.78.
- Read more at SGinvestors.io.
