Tee Land's net profit soared 232.6% to $2.2m

On back of higher revenue.

According to OSK, Tee Land announced its 1HFY14 results where revenues were boosted by 136% to SGD16m compared to SGD6.8m in the previous first half year contributed by revenues recognized from the development at 91 Marshall.

Net profit surged 232.6% to SGD2.2m in 1HFY2014.

Here's more:

Long- term bank loans increased to SGD81.5m as at 30 November 2013 from SGD72.7m as at 31 May 2013 due mainly to the draw-down of bank loans to finance the purchase of a building at 25 Bukit Batok Street 22 and additional draw-downs for the other developments at The Peak @ Cairnhill I and Twelve Residences.

It has also announced plans to launch Rezi3Two (Lorong 32 Geylang), Twelve Residences (Hillside Drive) and TRIO (Sam Leong Road) in Singapore as well as its maiden project in Cyberjaya, Malaysia.