Industrial Real Estate Developer Soon Hock Enterprise Lodges Preliminary Prospectus Mas Upcoming Ipo

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Soon Hock Enterprise Holdings has submitted its preliminary prospectus to the Monetary Authority of Singapore (MAS) for the proposed listing of the company on the Mainboard of the Singapore Exchange Securities Trading (SGX-ST).The company, which specializes in developing and selling industrial properties, has played a key role in the launch of over 1,200 units of strata-titled industrial properties in Singapore to date. Its revenue strategy is based on recognizing income once control of the property has been transferred to the customer.Soon Hock is currently focused on developing projects in Singapore, but it is actively seeking to expand its portfolio through the acquisition of land sites and properties through tenders or direct purchase. The company’s competitive strength is built on its in-depth understanding of industrial space end-user requirements. One example of this is its ongoing development at Skye@Tuas, designed specifically for heavy-duty logistics and transport users.Through strategic partnerships with firms that offer strong design and build capabilities and a careful selection of locations, Soon Hock is able to deliver tailored industrial spaces to meet the needs of its clients.For the period under review, which includes the financial years 2022 to 2024 and the first quarters of 2024 and 2025, the company derived the majority of its revenue from property development income, accounting for 0%, 99.5%, 82.6%, 2.3%, and 0% of revenue, respectively. Rental income from the leasing of investment properties also contributed significantly to the company’s total revenue, making up 100.0%, 0.5%, 17.4%, 97.7%, and 100.0% of its total revenue in FY2022, FY2023, FY2024, 1QFY2024, and 1QFY2025, respectively.In FY2024, the company’s revenue totaled $7.9 million, a significant decrease of 97% from the $264.7 million reported in FY2023. This was due to the absence of any development property sales during the financial year, as none of the company’s projects received temporary occupation permits (TOP). In contrast, rental income from investment properties remained stable at $1.3 million in FY2023 and $1.4 million in FY2024, primarily from leases at 13 Tuas South Street 6 and four leasehold strata-titled industrial properties at Premier @ Kaki Bukit.Gross profit in FY2024 totaled $3.8 million, a 94.3% decrease from the $66.4 million reported in FY2023. This decrease was primarily due to the absence of revenue from development property sales in FY2024.For the first quarter of FY2025, the company’s revenue was $700,000, entirely from rental income from its investment properties. This change was a result of the commencement of the master lease at its newly completed 300-bed workers’ dormitory, canteen, and minimart.Soon Hock’s current assets as of December 31, 2024 totaled $316.5 million, representing approximately 87.7% of its total assets. This includes development properties valued at $281.6 million, cash and cash equivalents of $18.6 million, and trade and other receivables totaling $16.4 million.The company plans to use net proceeds from its initial public offering (IPO) to acquire new land sites or buildings for development and redevelopment, finance part of the development costs for 20 Shaw Road, and fund other property development projects in the pipeline, including a portion of the redevelopment costs for properties at Senang Crescent.The founder and executive chairman of Soon Hock is Tan Yeow Khoon. The company’s cornerstone investors include Amova Asset Management, ICHAM Master Fund VCC, Maybank Asset Management, Maybank Trading Representatives, Maybank Securities, Gay Soon Watt, chairman of Goodrich Global Holdings, Ong Soon Liong, Von Lee Yong Miang, and UOB Kay Hian.Maybank Securities and United Overseas Bank will serve as the joint issue managers, joint global coordinators, and joint bookrunners for the proposed IPO.