Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.
Find out more at btsub.sg/promo
GUOCOLAND posted a higher first quarter net profit of S$165.55 million, up from S$25.64 million a year-ago.
Earnings per share were 14.92 Singapore cents compared to 2.31 Singapore cents.
Revenue for the first quarter ended Sep 30 jumped 79 per cent to S$361.98 million.
Gross profit surged 41 per cent to S$60.38 million mainly due to higher sales and progressive revenue recognition from its residential projects in Singapore.
It also posted S$170.54 million in share of profit of associates and joint ventures, a reversal from a loss of S$119,000 for a year-ago period.
GuocoLand pointed to two key signs of commercial and residential property markets strengthening in Singapore. Flash estimates released by the Urban Redevelopment Authority for the third quarter reflected a 0.5 per cent increase in private residential property prices after 15 consecutive quarters of decline.
Separately, several property consultants have indicated that Grade A office rents in the Central Business District may have picked up.
It highlighted its intent to develop a new iconic city-centre work-live-play destination at a prime commercial site it secured in Beach Road.