Malaysian property developer Aspen Group Holdings, which listed on the SGX earlier this year, on Friday reported a surge in third-quarter profit, powered by higher revenue from ongoing property development projects .

Net profit attributable to shareholders jumped to 24.9 million Malaysian ringgit in the three months ended September 30 compared to 1.1 million Malaysian ringgit in the corresponding period last year.

Revenue advanced 504 percent to 137.9 million Malaysian ringgit, the company said in a regulatory filing.

Aspen said it completed the sale of a piece of land for the development of a private medical centre and commenced construction of its Vertu Resort project.

Sales of ongoing projects remained strong in the quarter, with Vervéa, the commercial property project, achieving 88.51 percent of units sold and Vertu Resort, the 5 blocks residential project in Batu Kawan, recording 64.61 percent of units sold as at September 30.

The Group continues to operate under favourable business conditions underpinned by Malaysia's improved economic performance and lower unemployment rate which bolster demand for properties, the company said in a statement.

Shares in Aspen Group Holdings ended down 2.3 percent at S$0.21 on the Singapore Exchange on Friday.