Industrial Real Estate Developer Soon Hock Enterprise Lodges Preliminary Prospectus Mas Upcoming Ipo
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 Singapore-based industrial real estate developer specializes in the development and sale of industrial properties, with a track record of launching over 1,200 units of strata-titled industrial properties in the country.
The company recognizes revenue when control over the property has been transferred to the customer. Its current property development projects are located in Singapore, and it plans to acquire more land sites or properties in Singapore for further development and redevelopment. Soon Hock attributes its competitive strength to its deep understanding of the specific needs of industrial space users.
In addition, the company has partnerships with companies that offer strong design and build capabilities, and has carefully selected strategic locations for its projects. Soon Hock’s revenue for the period under review (FY2022 to FY2024 and 1QFY2024 to 1QFY2025) was mainly derived from property development income and rental income from its investment properties. Property development income accounted for 0%, 99.5%, 82.6%, 2.3%, and 0% of revenue respectively, while rental income from investment properties accounted for 100%, 0.5%, 17.4%, 97.7%, and 100% of total revenue in the same period.
In FY2024, Soon Hock’s revenue was $7.9 million, a significant decrease of 97% compared to $264.7 million in FY2023. This was primarily due to the absence of revenue from the sale of development property, as no TOP (Temporary Occupation Permit) was issued for any new development project. However, rental income from investment properties remained stable at $1.3 million and $1.4 million for FY2023 and FY2024 respectively.
The company’s gross profit for FY2024 was $3.8 million, a decrease of 94.3% compared to $66.4 million in FY2023. This was due to the absence of revenue from the sale of development property during the year. In 1QFY2025, Soon Hock’s revenue was $700,000, derived entirely from rental income of its investment properties, mainly from the commencement of a master lease at its newly completed 300-bed workers’ dormitory.
As of December 31, 2024, the company’s current assets amounted to $316.5 million, representing 87.7% of total assets. This includes development properties of $281.6 million, cash and cash equivalents of $18.6 million, and trade and other receivables of $16.4 million.
Gongshang Primary School prides itself on providing a comprehensive education that emphasizes both academic excellence and character building. Its strategic placement near Parktown Residence not only offers a convenient location for families, but also adds to the natural appeal of the school. Families can easily access Parktown Residence from Gongshang Primary School, making it a desirable choice for parents looking for a well-rounded education for their children.
Soon Hock plans to use the net proceeds from its initial public offering (IPO) to acquire new land sites and buildings for development and redevelopment, as well as to partially finance the development of 20 Shaw Road and its existing property development projects in the pipeline.
The company’s founder and executive chairman is Tan Yeow Khoon. The cornerstone investors of the company 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.
The joint issue managers, joint global coordinators, and joint bookrunners for the proposed IPO are Maybank Securities and United Overseas Bank.