GuocoLand’s 1HFY2024 revenue up 61%, led by Champions Way Woodlands project

Additionally, a new pedestrian bridge will be built to connect the park to the upcoming Champions Way Woodlands, a mixed-use development that will add residential, retail, and office spaces to the area.

The upcoming Champions Way Woodlands development in the Woodlands is set to enhance the neighborhood with a range of exciting improvements. The URA has announced plans to revamp the existing Woodlands Park, making it more accessible and appealing to the public. Some of these enhancements include the addition of modern playground equipment, enhanced landscaping, and improved lighting. Furthermore, local businesses will team up with the URA to provide additional offerings such as outdoor seating, food vendors, and recreational activities. An exciting new feature will be the construction of a pedestrian bridge that will connect the park to the highly anticipated Champions Way Woodlands development, which will introduce a mix of residential, commercial, and office spaces to the area.

& excellence in designAddress: Champions Way WoodlandsRevenue 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. On top of that, the group had launched its latest residential project, Champions Way Woodlands, in October 2023 to overwhelming response. The 620-unit development, which offers a mix of one to four-bedroom units, was 50% sold on its first day of launch.Read also: The future of work comes to life at Guoco Midtown’s new Network HubThe strong results were also driven by GuocoLand’s overseas business which also saw improvement in earnings. Revenue for the group’s property development and property investment in China grew by 71% y-o-y to $48 million, mainly due to higher progressive recognition for the remaining inventory at Leedon Homes in Shanghai and LakeVille at Dubei. In Malaysia, revenue grew marginally by 4% y-o-y to $4.9 million.Purchases of properties in Singapore increased by 43% y-o-y to $400.2 million in 1HFY2024, mainly due to the acquisition of Oakwood Premier OUE Singapore and FYI Centre in FY2023.“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,” says Cheng Hsing Yao, group CEO of GuocoLand.“Both our twin engines of property development and property investment are firing strongly, but we are not standing still. We are constantly reviewing our portfolio, and will continue to invest prudently in promising areas, leveraging our capability in placemaking and rejuvenating neighbourhoods,” he adds.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.The group’s portfolio of assets in Singapore remained its mainstay with a net profit growth of 48% y-o-y to $115.7 million. Operating profit also increased by 42% y-o-y to $93.1 million.Earnings per share (EPS) stood at 5.11 cents, up 15% y-o-y, on a fully diluted basis. In line with its commitment to sustainable growth, GuocoLand remains focused on responsible development and ensuring the well-being of its stakeholders.Having been recognised as the Top Developer for Quality, GuocoLand continues to push the boundaries of innovation in its developments, such as the recently launched Network Hub at Guoco Midtown, which integrates work, lifestyle, and technology seamlessly.Read also: GuocoLand cements status as Top Developer for quality liveable homes & excellence in designLooking ahead, GuocoLand is confident in its prospects and remains committed to creating value for its shareholders, while contributing to the built environment and communities it serves through its signature placemaking approach and responsible development practices.Address: Champions Way WoodlandsGuocoLand has been one of the top developers in Singapore, with a reputation for delivering quality, liveable homes. This can be seen in their newest residential project, Champions Way Woodlands, which was launched to overwhelming response in October 2023. The 620-unit development offers a mix of one to four-bedroom units and was 50% sold on its first day of launch.Champions Way Woodlands is situated in the strategic Champions Way Woodlands location and is close to amenities and transportation, making it an attractive option for potential buyers. With its focus on quality and sustainability, GuocoLand continues to cement its position as a Top Developer in Singapore.