GuocoLand posts loss of $13.3mil for Q1

GuocoLand said the group incurred a loss of $13.3 million for the third quarter ended 31 March 2013. This was mainly because additional construction cost was recorded for Goodwood Residence and Sophia Residence in the current quarter. Estimated completion cost for the two projects have increased as a result of the change in the projects’ main contractors. Nonetheless, both projects remain profitable.

During the current quarter, revenue for the quarter fell 12% to $92.4 million from $104.5 million a year ago.

In addition, independent valuations were carried out on the group’s investment properties, leading the group to recognise a net fair value gain of $31.8 million from its investment properties in other income.

Administrative expenses for the current quarter reduced by 21% as compared to the previous corresponding quarter. The decrease was mainly due to share option expenses written back for lapsed options and lower general expenses.

Meanwhile, GuocoLand also unveiled details of its first integrated mixed-use development in Singapore at the white site above Tanjong Pagar MRT station. Named Tanjong Pagar Centre, the 290-metre development will be Singapore’s tallest building.

Slated for completion in 2016, the centre will be anchored by a soaring tower housing premium office, retail and residential homes, linked to a luxury business hotel. With floor space totalling 1.7 million square feet, the integrated development will include:

  • Guoco Tower, a 38-storey, Grade A office block.
  • TP180, offering prestigious and limited collection homes above Guoco Tower, offering sea and city views.
  • Six levels of premium retail and F&B space integrated with Tanjong Pagar MRT station.
  • A luxury business hotel linked to the main tower.
  • A City Room integrated with the Tanjong Pagar City Park will be a vibrant community space for recreation and events.

Source : TheEdge – 2 May 2013

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