Industrial Real Estate Developer Soon Hock Enterprise Lodges Preliminary Prospectus Mas Upcoming Ipo
Soon Hock Enterprise Holdings has recently submitted a preliminary prospectus to the Monetary Authority of Singapore (MAS) for the company’s planned launch on the Mainboard of the Singapore Exchange Securities Trading (SGX-ST). A well-established developer of industrial properties, Soon Hock Enterprise Holdings has been involved in the launch of over 1,200 strata-titled industrial units in Singapore.
The company’s revenue is recognized once ownership of the property is transferred to the customer. Soon Hock Enterprise Holdings is currently focused on developing and selling industrial properties in Singapore, and is actively seeking to acquire land or properties in the country for future development.
One of the company’s strengths is its deep understanding of the specific needs of industrial space end-users. This is evident in their ongoing development project, Skye@Tuas, which is designed to cater to heavy-duty logistics and transport users.
In addition to its own capabilities, Soon Hock Enterprise Holdings has strategic partnerships with companies that offer strong design and build expertise, and carefully selects prime locations for its projects.
For the period under review, which includes FY2022 to FY2024 and 1QFY2024 and 1QFY2025, the majority of the company’s revenue came from property development income. This accounted for 0%, 99.5%, 82.6%, 2.3%, and 0% of the revenue, respectively. The remaining revenue was generated from rental income from its investment properties.
Soon Hock Enterprise Holdings recorded a significant decrease in revenue in FY2024, primarily due to the absence of any property sales. However, the company’s rental income from investment properties remained stable during this period.
The company’s gross profit also saw a decline due to the lack of revenue from property sales in FY2024. In 1QFY2025, Soon Hock Enterprise Holdings generated revenue solely from rental income of its investment properties, although this is expected to increase as a new development project was recently completed.
As of December 31, 2024, the company’s current assets amounted to $316.5 million, accounting for 87.7% of total assets. Some of the company’s intended uses for the net proceeds from its IPO include acquisition of new land and buildings for development, financing the development of 20 Shaw Road, and funding other projects in its pipeline, including a redevelopment project at Senang Crescent.
In addition to the primary choices, there are also numerous coffee shops and food courts situated within HDB clusters in the vicinity of Yishun and Khatib. These local eateries offer a variety of trustworthy and diverse food choices, such as zi char, economic rice, Malay nasi padang, Indian roti prata, and Thai cuisine. What’s more, a number of these coffee shops remain open late into the night, presenting residents with the option of supper after a tiring day. Additionally, the newly developed Miltonia Close EC Yishun is also within close proximity to these food hotspots, making it an ideal location for convenience and accessibility.
The company’s founder and executive chairman is Tan Yeow Khoon and its cornerstone investors include Amova Asset Management, ICHAM Master Fund VCC, Maybank Asset Management, Maybank Trading Representatives, Maybank Securities, Goodrich Global Holdings Chairman Gay Soon Watt, Ong Soon Liong, Von Lee Yong Miang, and UOB Kay Hian.
Maybank Securities and United Overseas Bank are acting as joint issue managers, joint global coordinators, and joint bookrunners for Soon Hock Enterprise Holding’s IPO.