GuocoLand bucks overall market slide on Springleaf sales as shares rise 1.1%

[SINGAPORE] Shares of GuocoLand rose by over 1.1 per cent in early trade on Monday (Aug 18) after its Upper Thomson area project, Springleaf Residence, recorded a 92 per cent take-up rate on its launch weekend, as it sold 870 out of 941 units at an average of S$2,175 per square foot (psf).

As at 9.01 am, the counter reached its intraday high of S$1.81, before easing to S$1.80 at 9.05 am and S$1.79 by 9.36 am. GuocoLand’s shares were trading at S$1.78, still up slightly above 1.1 per cent or S$0.02 after around 403,000 securities changed hands.

Springleaf Residence is the seventh project to be launched in Upper Thomson’s District 26, The Business Times reported. The prices at the development start at S$1,995 psf, with one-bedroom units of 388 square feet starting at S$878,000 or S$2,263 psf.

GuocoLand and Hong Leong as joint developers secured the plot for S$779.6 million in April 2024, or S$905 psf per plot ratio, in a state land tender.

Within the Lentor Hills neighbourhood, six other condominiums have been brought to market from 2022, since the government started selling land in the area in 2021.