Revenue for the group’s property development surged by 67% y-o-y to $918 million driven by higher progressive recognition of residential sales in Singapore. The group also continues to see strong demand for its Singapore residential developments with its high-end projects, Meyer Mansion, Midtown Modern and Lentor Modern, almost fully sold. As construction progresses, these projects will progressively contribute to the group’s revenue.
GuocoLand has reported earnings of $66.2 million for the 1HFY2024 ended Dec 31, 2023, 12% higher y-o-y, backed by a strong performance in the group’s Singapore business.
The earnings came about as the group’s 1HFY2024 revenue surged by 61% y-o-y to $1.07 billion due to strong growth in its property development and property investment segments.
