Singapore Property | The net profit of Developer GuocoLand increased to $244.85 million at the end of June 2017. It rose from $39.85 million a year back around this time, while earnings increased to $407.37 million from S$214.48 million as stated on the 27th August by an SGX filling on Saturday.
The CEO and Group president of GuocoLand, Raymond Choong stated that GuccoLand has submitted results which are presentable in comparison to the tough operating environment. He also added that they were happy with the great leasing commitments at Dmansara City and Tanjong Pagar Centre which were their major integrated developments in Singapore and Malaysia.
For Example, every unit in the Goodwood Residence at Singapore has been taken up. Over 80 percent of the homes situated at the 381-unit freehold Leedon Residence has been purchased and this was the case as at June 30th while more than 70 percent of the Sims Urban Oasis flats of around 1,024 units, have also been occupied.
(Artist's Impression of Goodwood Residence)
Nonetheless, the revenue for all of FY2017 fell to $357.18 million from $606.69 million in Q4 FY2016, while earnings rose from S$1.06 billion to S$1.11 billion.
The organization recorded a profit which was lower mostly because of a reduction in other earnings to S$318.2 million in FY2017 provided that the profit from selling the subsidiary linked with the Dongzhimen project of Beijing gained recognition in FY2016, Nonetheless, the decree was partly caused by the fair value profit from investment properties worth $254.5 million majorly linked to the Guoco Tower of the Tanjong Pagar Centre.
It was also revealed by Choong that they gained an amount of $1.4 billion through the purchase of land in that year, part of these include 3 locations situated in the Yuzhong District in Chongqing, China as well as District 9 located in Singapore, and Cheras situated in Malaysia
Additionally, the total gross development value of the existing and new projects of Guocoland as at 30th June 2017 has increased to around $10 billion.
Take a look at another residential development by GuocoLand in District 9, the Martin Modern.