Property developer Guocoland has reported a full-year net profit of S$281.9 million, up by 81 percent compared to a year ago. This came on the back of stronger revenue.
Revenue almost doubled on year to S$702.5 million.
Guocoland says this was driven by higher sales at its property development projects in Singapore and China.
The developer has been aggressively building up its landbank through acquisitions on the enbloc market.
It now has a landbank in Singapore of approximately 2.5 million square feet, in terms of saleable area.
Guocoland says it is positive that demand for private residential properties from both local and foreign homebuyers will remain sustainable in tandem with the economic growth in Singapore and Asian countries.
It plans to launch its upmarket Goodwood Residence within the next twelve months, developed from the Casa Rosita condominium site that it acquired last year.
Apart from Singapore, Guocoland has investments in other Asian countries, including Malaysia, China and Vietnam. - CNA/ms
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