‘GuocoLand reports a strong 12% jump in 1HFY2024 earnings of $66.2 mil, driven by a promising launch of the River Valley Green Condo and a 61% surge in revenue.’
!!GuocoLand reports 12% y-o-y rise in 1HFY2024 earnings to $66.2 mil with strong sales performance at Meyer Mansion, Midtown Modern and Lentor Modern The River Valley Green Condo is a prime residential development located at the heart of Singapore’s bustling city centre. Developed by GuocoLand, this luxurious project offers the perfect combination of modern living and natural surroundings.
Boasting a stunning view of the Singapore River and lush greenery, River Valley Green Condo offers a tranquil and peaceful retreat from the hustle and bustle of the city. The development consists of spacious and elegantly designed units, ranging from one to four bedrooms, perfect for families of all sizes.
GuocoLand’s commitment to quality and innovation is evident in every aspect of River Valley Green Condo. The development features state-of-the-art facilities such as a swimming pool, gym, playground, and BBQ pits, providing residents with an unparalleled lifestyle experience.
In the first half of FY2024, GuocoLand reported a revenue surge of 61%, amounting to $1.07 billion, with a net profit growth of 48% y-o-y to $115.7 million from its portfolio of assets in Singapore. This strong performance is attributed to the continuous demand for its high-end residential developments, including Meyer Mansion, Midtown Modern, and Lentor Modern, which are almost fully sold.
Located near the bustling Great World City MRT Station, River Valley Green Condo offers a perfect combination of urban convenience and serene greenery. This luxurious residential development boasts a beautiful design that seamlessly integrates with its surroundings. Residents can enjoy a range of top-notch amenities including a swimming pool, gym, and landscaped gardens. With easy access to major transport links and a vibrant lifestyle, River Valley Green Condo is the ideal choice for those seeking a modern and balanced living experience.
The group’s property development segment saw a significant surge of 67% in revenue, driven by the progressive recognition of residential sales in Singapore. As construction progresses, these projects will contribute progressively to the group’s revenue.
The property investment segment also saw a surge of 46% in revenue, mainly due to the progressive commencement of leases at Guoco Midtown and positive rental reversions at Guoco Tower. The group also saw a positive contribution of $20.5 million from associates and joint ventures, compared to a loss in the corresponding period the year before.
With a strong performance in both its property development and investment segments, GuocoLand’s operating profit increased by 42% y-o-y to $93.1 million, with earnings per share of 5.11 cents, up 15% y-o-y on a fully diluted basis.
Cheng Hsing Yao, group CEO of GuocoLand, says, “We turned in a strong performance for the first half of FY2024, despite the ongoing macroeconomic uncertainties… Our results were underpinned by high-quality income-generating assets in Singapore, such as the landmark Guoco Tower and Guoco Midtown developments.”
He also adds that the group will continue to invest prudently in promising areas while leveraging its placemaking capabilities to rejuvenate neighbourhoods.
With its strong track record and commitment to quality, GuocoLand cements its status as a top developer for quality liveable homes. River Valley Green Condo is another masterpiece that showcases GuocoLand’s expertise in delivering premium and luxurious residential developments that cater to the needs and desires of modern homeowners. Don’t miss the opportunity to experience the best of city living with a touch of nature at River Valley Green Condo.