Realty developer Perennial Real Estate Holdings reported a 96 percent jump in second-quarter net profit, powered by a fair value gain of S$16.6 million.
This gain came from the revaluation of Xi'an North High Speed Railway Integrated Development Plot 4.
Net profit rose to S$17.1 million in the three months ended June 30 compared to S$0.6 million in the corresponding period last year.
Revenue declined 26 percent to S$17.9 million in the quarter, largely due to lower project management fees as well as the absence of revenue from TripleOne Somerset.
"With the growing demand for quality medical, healthcare and eldercare services, our signature developments are opening up significant growth opportunities in both the real estate and healthcare fronts which we can pursue to deliver long-term growth to shareholders," Chief Executive Officer Pua Seck Guan said in a statement.
Last month, a consortium led by property developers Perennial Real Estate Holdings and Yanlord Land Group made a bid for United Engineers, triggering a mandatory general offer for the company that will close on August 29.
Shares in the company fell 1.6 percent at S$0.895 as of 0450 GMT on the Singapore Exchange. The stock has gained 11 percent so far this year.