Category Archives: Developers

Mainboard-listed developer Guocoland has posted a full year net loss of S$70.2 million, reversing a S$161.8 million net profit in the previous financial year.

The net loss was mainly due to a revaluation loss of S$81million on its Tung Centre property, write-downs in values of development properties in Malaysia and foreign exchange losses.

Revenue for the financial year ended June fell 24 per cent to S$513 million, mainly because of lower contribution from development properties in Singapore and China.

Guocoland believes that property values in Singapore and China have improved in recent months.

It said buying sentiment continues to be strong in Singapore, especially in the mass market and mid-end segments.

The developer will be launching a freehold condominium project at the East Coast later this year.

Source : Channel NewsAsia – 27 Aug 2009

GUOCOLAND has posted a net loss for the fourth quarter as well as the full year, due mainly to a revaluation loss on Tung Centre, writedowns in values of development properties in Malaysia and a net foreign exchange loss.

It was $73.1 million in the red for the period ended June 30, against a net profit of $98.6 million a year ago. Revenue fell 16 per cent to $139.2 million

Full-year net loss came to $70.2 million, against a $161.8 million net profit previously.

GuocoLand said that it would launch later this year a 119-unit freehold condo on the former Palm Beach Garden site in the East Coast area. GuocoLand shareholders will receive a first and final dividend of five cents per share, down from an eight cents payout in the preceding year.

In Beijing, structural works have been completed for the residential, hotel and retail components, and two office blocks at the group’s Dongzhimen Continue reading →