Guocoland Reports Higher Revenue of $1.11Billion in FY2017
27 August 2017
Reasons for Strong Growth
- Profit attributable to equity holders of $357.2 million in FY2017
- Proposed increase in ordinary dividend to 7 cents per share for FY2017
- Executed strategic plans for growth and diversification of income stream with a total $1.4 billion of new land acquisitions and investments
Key Highlights in FY16/17
Despite challenging market conditions, the Group achieved healthy residential sales in Singapore in FY2017.
Goodwood Residence has been completely sold. As at end June 2017, the 381-unit freehold Leedon Residence in prime District 10 is approximately 90% sold while the 1,024-unit Sims Urban Oasis located at the city fringe in Sims Drive is approximately 80% sold.
In FY2017, the Group made selective land acquisitions in three locations in District 9 in Singapore, Yuzhong District in Chongqing – a new market for the Group in China, and Cheras in Malaysia. These land sites are capable of yielding a potential combined gross floor area of nine million square feet and have added substantial land bank to the Group’s property development business.
Post FY2017 Updates
Post financial year, the Group successfully launched its luxury residential development Martin Modern located in Robertson Quay in Singapore’s prime District 9.
Within two weeks of its launch on 22 July, 110 of the 120 units released for sale have been sold. Construction of the 181-unit luxury Wallich Residence, Singapore’s tallest luxury residences, is expected to be completed by end 2017.
Address by Group President and CEO
Mr Raymond Choong, GuocoLand Group President and Chief Executive Officer said,
“GuocoLand has delivered a creditable set of results against the backdrop of a challenging operating environment. This is supported by healthy sales at our residential projects in Singapore and we are very pleased with the good leasing commitments at Tanjong Pagar Centre and Damansara City, 2 of our two flagship integrated developments in Singapore and Malaysia.
It has been an eventful year as we continued to execute our strategic plans, making a total $1.4 billion of land acquisitions and investments for sustainable growth and to diversify the income stream.
We are excited about our healthy pipeline of development projects and as at end June 2017, the Group’s existing and new development projects have a total potential gross development value of approximately $10 billion.
These projects are expected to contribute to the Group over the next few years.”