Guocoland profit attributable triples to $67.5m for H1 FY21/22

Revenue for the period also increased by 42% for the period, hitting a total of $452.7m.

Profit attributable to equity holders grew almost threefold to reach $67.5m for the first half of the financial year 2021/2022, according to the latest financial results posted by Guocoland.

Revenue for the same period also grew by 42% to reach $452.7m, a 42% year-on-year (YoY) increase compared to last year’s $319.6m. This was due to higher sales from residential developments owned by the group, which includes Meyer Mansion, Midtown Bay, and Midtown Modern. Martin Modern, another one of the group’s luxury developments, was fully sold out with 450 units being handed over to buyers.

Meanwhile, investment properties owned by the group also report a stable base of recurring income, with Guoco Tower predominantly contributing. The same mixed-use development also saw an increase of 10% over previous rents.

Total assets of the group also saw the same performance with an increase to $12.1b due to the acquisition of 17,279.9 square metre Government Land Sales site at Lentor Central. Despite this, the gearing of the group remained at one time due to the ongoing repayment of debts from its projects.

“Our long-term goal of transforming into a multi-faceted real estate company is progressing steadily. In addition to a strong pipeline of residential homes for sale in all three core markets of Singapore, China, and Malaysia, we have also built up a strong portfolio of investment assets providing growing recurring income. These set the stage for future strategies to unlock the value of our assets, as well as to pursue growth,” said Cheng Hsing Yao, CEO, Guocoland Group.

The group also reported strong performances along commercial properties owned, with Guoco Tower recording occupancy rates for its office and retail units at 100% and 99%, respectively. Guoco Midtown, meanwhile, is set to add another 710,000 square feet of office space to the Group’s investment portfolio.

Residential developments owned by the group in Singapore also reported strong sales: Wallich Residence (77%), Midtown Modern (72%), Meyer Mansion (41%), and Midtown Bay (32%).