The Hill @One-North site map

GuocoLand has announced an increase of 46% year-over-year increase in revenue for 1HFY2023 that ended December 2022 due to the higher all-around contributions from its investment, development and hotel operations.

The earnings for the same period fell 12% from a year ago at $59million. If the one-time disposal gain of $14.3 million recorded in the previous period’s 1HFY2022 had not been accounted for, GuocoLand would have reported an increase in earnings in the range of 11%.

The Hill @One-North site map located in the friendly neighbourhood of one-north in Singapore, The Hill @One-North property is a perfect home for people looking for an oasis away from the fast-paced city life.

The company is seeking to increase the percentage of its profits from investment income , which is more frequent in the nature.

At present, development remains the primary driver for earnings and accounted for to 83% of the total revenue, or $550.4 million, of GuocoLand’s total revenue in 1HFY203.

The GuocoLand luxurious Wallich Residence development Wallich Residence has sold 96% of the 181 units it has.

Meyer Mansion, the freehold luxury development which is scheduled to be completed by 2024, has the home of 96% sold. The project consists in excess of 200 apartments.

Midtown Modern, which is a luxury development with 558 units is 85% sold. Midtown Bay, an apartment development of 219 units has at 44% sold.

The Avenir Avenir, an initiative of a joint venture that is 90% sold. The co-owners of the joint venture include Hong Leong Holdings, GuocoLand and Hong Realty (Private). The project includes 376 units.

The company claims to have a an impressive pipeline of projects. Lentor Modern that was released in September it has sold 521 of 605 units.

The Lentor Hills Residences which has 598 homes, is expected to open in the first quarter of the year. This joint venture venture with Hong Leong Holdings, GuocoLand and TID.

The company also reported higher revenues from its investment division also which was responsible for 11% of revenue which is $74.8 million, while contributing it accounted for 35% of the profits.

GuocoLand says this is due to the greater rental income from Guoco Tower as well as Guoco Tower and Guoco Changfeng City South Tower in Shanghai.

Cheng claims that it will work to expand its reputation as an agent for real estate on multiple platforms.

Guoco Midtown, an integrated mixed-use project in Singapore’s Central Business District with 709,000 square feet in office spaces, has been scheduled in full operation by 2023.

Guoco Tower, situated just above the Tanjong Pagar MRT station, had positive rental Reversions. At the end of December the occupancy rate (including contracts that were pre-approved) at Guoco Tower’s office and retail units remained at around 100%.

Other investment properties producing recurring incomes include the 20 Collyer Quay that is 95% in use as of December 31 2022.

Guoco’s South Tower, which has had an ninety-one% occupancy rate for office. The retail portion is let to the master tenant.

“China’s ease in controls on pandemics, along with assistance measures introduced by the government, will likely result in an improvement in confidence in businesses and in the real estate industry moving forward,” says GuocoLand.

GuocoLand who manages GuocoLand, which owns the Sofitel Singapore City Centre hotel and the Sofitel Singapore City Centre hotel, has reported higher profits from this particular segment too the revenue has increased threefold to $35.3 million.

Cheng Hsing Yao, CEO of GuocoLand Cheng Hsing Yao, GuocoLand’s CEO, says the real estate sector has had to face numerous problems, from supply chain issuesto the shortage of labor, inflation and increasing costs.

“Despite the numerous headwinds, GuocoLand has been able to grow the amount of money we earn and provide a solid performance to our shareholders” the CEO says.

“Sales for our residence developments continue to be strong, as is the revenue generated from our Offices of Grade A has risen in a steady manner over the years, as we witness an increasing trend towards “flight to top quality” by the top international and regional firms expanding and even as they adopt the hybrid workplace,” adds Cheng.