Industrial Real Estate Developer Soon Hock Enterprise Lodges Preliminary Prospectus Mas Upcoming Ipo
Tags: SGMoney MattersWith strong expertise in developing and selling industrial properties, Soon Hock Enterprise Holdings is set to make its debut on the Singapore Exchange Securities Trading (SGX-ST) Mainboard.After submitting its preliminary prospectus to the Monetary Authority of Singapore (MAS), the real estate developer is looking to expand its portfolio by acquiring land sites or properties in the country for development or redevelopment through tenders or direct purchase.Soon Hock’s competitive strength lies in its deep understanding of the specific requirements of industrial space end-users. One of its notable projects is Skye@Tuas, a development that caters to heavy-duty logistics and transport users.AdvertisementAdditionally, the group has formed strategic partnerships with companies that have strong design and build capabilities and has a selective choice of locations for its projects.The company’s revenue is primarily generated from property development income and rental income from its investment properties. For the period of FY2022 to 1QFY2025, property development income accounted for most of the revenue, while rental income from investment properties remained stable.AdvertisementHowever, in FY2024, Soon Hock’s revenue experienced a significant decline of 97% year-on-year (y-o-y) due to the absence of the sale of development property as there was no issuance of Temporary Occupation Permit (TOP) for any new development project during that period.Gross profit also saw a 94.3% y-o-y decrease for FY2024 due to the lack of revenue from the sale of development properties. However, the company’s current assets as of Dec 31, 2024, amounted to $316.5 million, with development properties taking up $281.6 million, and cash and cash equivalents at $18.6 million.To further fuel its growth, Soon Hock intends to use the net proceeds from its initial public offering (IPO) to acquire new land sites and buildings, finance the development of 20 Shaw Road, and partially fund existing property development projects in the pipeline.The company’s founder and executive chairman is Tan Yeow Khoon, while its cornerstone investors include Amova Asset Management, ICHAM Master Fund VCC, and Maybank Asset Management among others.Maybank Securities and United Overseas Bank are the joint issue managers, global coordinators, and bookrunners for the proposed IPO.
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