TEE Land’s 1Q marred by slower construction but all should be well by 3Q

SINGAPORE (Oct 20): TEE Land’s 1Q17 results may be disappointing but NRA Capital expects other projects to boost earnings by as soon as 3Q as progress at its Third Avenue project catches up by year end.

In a Thursday note, NRA Capital analyst Liu Jinshu blames “slower than expected construction at Third Avenue” for 1Q earnings and revenue of $0.45 million and $13.8 million respectively which came below forecasts.

According to Liu, the property is TEE Land’s largest majority owned project which has seen pre-sales of 90% and gross development value of $116.1 million.

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