Singapore Land posts 90% higher H1 net profit of S$211.7 million

[SINGAPORE] Property developer Singapore Land (SingLand) posted a net profit of S$211.7 million for the first half ended Jun 30, a surge of 90 per cent from S$111.4 million a year earlier.

The jump in earnings was mainly boosted by higher fair-value gains on investment properties and stronger contributions from associates, the mainboard-listed company said in a regulatory filing on Tuesday (Aug 11).

Revenue in H1 rose 2 per cent year on year to S$376.8 million, from S$368.3 million.

The growth in turnover was driven by property investments, which increased 8 per cent year on year to S$173 million from S$159.4 million. This was in turn supported by improved performance from the group’s Singapore assets, particularly Singapore Land Tower and West Mall.

Technology operations also contributed to the higher top line, with revenue climbing 12 per cent to S$72.9 million from S$65.3 million previously. This came on the back of higher computer hardware sales to government agencies.

These gains were partially offset by a 6 per cent drop in hotel operations revenue to S$129.6 million from S$137.7 million a year earlier, weighed down by weaker operating performance at Pan Pacific Singapore and Parkroyal Collection Marina Bay, and the absence of property redevelopment revenue.

Earnings per share came in at S$0.148, up from S$0.078 for the previous corresponding period.

Net asset value per share grew to S$6.12 as at Jun 30, from S$6.01 as at Dec 31, 2025.

SingLand’s share of results of associates jumped more than 400 per cent to S$48.1 million, from S$9.6 million a year earlier.

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Singapore Land posts 7% higher earnings of S$111.4 million for H1

This was led by higher contributions from residential projects including Parktown Residence, Skye at Holland and Pinetree Hill, as well as a higher share of results from Novena Square after the group raised its stake to 40 per cent from 20 per cent in May.

Net gearing ratio rose to 8.9 per cent as at Jun 30, from 4.7 per cent as at Dec 31, 2025, after loan drawdowns to fund the Novena Square acquisition and ongoing redevelopment works at The Clifford at Raffles Place.

The group expects Singapore’s private residential and office markets to remain resilient, with the retail sector stable despite softer visitor spending.

Shares of SingLand ended 0.6 per cent or S$0.02 lower at S$3.45 on Tuesday, before the results release.