SINGAPORE (May 9): Property group Hiap Hoe has announced a loss of $1.3 million for 1Q18, reversing into the red from earnings of $7.1 million a year ago on higher expenses and foreign exchange losses.

This comes despite a near doubling of revenue to $49.2 million over the quarter compared to $25.3 million in 1Q17 on an increase in contributions across all segments, particularly development properties and hotel operations.

Development properties revenue grew 45.1% to $22.2 million due to the increased sale of units at Marina Tower, Melbourne.

Read more on The Edge Singapore.