S'pore Developer Heeton Sees Overseas Projects Rise To 30%

Source : The Straits Times, July 29, 2008

HONG KONG - SMALL Singapore developer Heeton Holdings Ltd expects to do more property projects with JPMorgan, an executive with the company said on Tuesday.

Mr Danny Low, chief operating officer, said Heeton would push into overseas markets such as Thailand, Vietnam and China. He expects overseas projects to account for about a third of total revenue in 3 to 5 years times, compared to about 10 percent now.

The company's revenue was S$49.25 million in its 2007 financial year, up 6.2 per cent from the previous year.

Mr Low said a surge in Singapore property prices had allowed the company to record a growth margin of 100 per cent on its Lumos residential development in Singapore, where it had sold 19 of out its 53 units.

The company had just signed a deal with JPMorgan to jointly build a 28 apartment buildings in Singapore, and Mr Low was hopeful of more deals with the US investment bank.

'We hope to do more with them and on a bigger scale as well,' Mr Low said. 'JPMorgan's criteria is to work with a developer with a proven track record and they will start with a small project and then come in with more.'

The Singapore developer expects its revenue growth to grow 30 to 40 per cent annually this year and next year, thanks to soaring property prices in its home market.

'It will probabaly be 30 to 40 per cent,' Mr Low said. -- REUTERS