GuocoLand saw its first-quarter net profit grow more than six-fold to $165.6 million from $25.6 million over the same period last year.
Revenue soared 79 percent to $362 million from $202.8 million, mainly due to higher sales and progressive recognition from its residential projects in Singapore.
The group’s share of profit of associates and joint ventures also rose to $170.5 million from a share of loss amounting to $119,000 previously.
The increase was primarily contributed by Changfeng Residence, GuocoLand’s joint venture residential project in Shanghai. The project was completed and substantially sold during the quarter.
Looking ahead, GuocoLand said it remains committed to the Singapore market. In fact, it has acquired a prime commercial site in Beach Road for the “development of a new iconic city-centre work-live-play destination”.
This comes as the Urban Redevelopment Authority’s flash estimates showed an increase of 0.5 percent in private home prices after 15 consecutive quarters of decline, while several property consultants believe that Grade A office rents in the central business district have picked up.
The group noted that the housing market in China has shown further signs of moderation in some bigger cities, according to data from National Bureau of Statistics of China.
Shanghai saw new home prices increase 2.8 year-on-year in August, but were unchanged on a monthly basis, while home prices in Chongqing rose 12.8 percent year-on-year and 0.3 percent month-on-month.
In Malaysia, GuocoLand revealed that it remains “focused on monetising the inventory and delivery of its development projects”.
This article was edited by Keshia Faculin.