Between Feb 27 and 28, GuocoLand chairman and non-independent non-executive director Quek Leng Chan increased his deemed interest via acquisitions by GuoLine Group Management Company. He purchased 40,500 shares at an average price of S$1.45 apiece.

 

Quek maintains a 71.86 per cent deemed interest in the leading real estate group that offers comprehensive capabilities across the entire real estate value chain.

 

On Feb 10, GuocoLand reported a 13 per cent year-on-year growth in attributable net profit for the first half of FY2025 to S$74.6 million. This was due to the construction progress of substantially sold development properties in Singapore, and higher contributions from investment properties.

 

Marco Polo Marine

On Mar 4, Marco Polo Marine non-executive director Darren Teo bought one million shares at S$0.049 apiece. This increased his direct interest in the integrated marine logistics group from 0.23 per cent to 0.26 per cent.

 

Additionally, he has deemed interest through Apricot Capital, which holds 607,142,857 shares in Marco Polo Marine. He indirectly owns 20 per cent of the company&rsquo s issued and paid-up share capital, bringing his total interest in Marco Polo Marine to 16.43 per cent.

This is the first Johor-Singapore Special Economic Zone agreement between Malaysian and Singaporean private-sector companies 

 

GUOCOLAND will partner Malaysia&rsquo s UEM Sunrise to develop selected freehold land parcels in Iskandar Puteri, within the Johor-Singapore Special Economic Zone (JS-SEZ). This is under a memorandum of understanding (MOU) signed by the two property developers on Thursday (Feb 27), marking the first JS-SEZ MOU between Singaporean and Malaysian private-sector companies.

 

The partnership aims to enhance infrastructure, nurture talent and create a business-friendly ecosystem to attract high-value investments to the region, said the two parties in a media statement.

 

It also underscores their commitment to &ldquo forging strategic partnerships to catalyse development&rdquo in the JS-SEZ, and reinforcing Iskandar Puteri&rsquo s position as a key economic hub, they said.

 

Iskandar Puteri is one of nine flagship zones in the JS-SEZ, which aims to strengthen the value proposition of Johor and Singapore in competing for global investments. The planned business and media district focuses on manufacturing, business services, digital economy, education, health and tourism.

 

Under the partnership, GuocoLand and UEM Sunrise will review and &ldquo activate Iskandar Puteri&rsquo s potential&rdquo , enhancing the district&rsquo s investment attractiveness in turn.

 

&ldquo It will focus on improving connectivity, fostering talent development and creating a business-friendly ecosystem, acting as a driving force for sustainable economic benefits in the state of Johor and Malaysia,&rdquo they said. The selected sites, which are part of UEM Sunrise&rsquo s existing land bank, are located in Gerbang Nusajaya and Puteri Harbour &ndash two key master plans within Iskandar Puteri, they added.

 

Hafizuddin Sulaiman, UEM Sunrise&rsquo s officer in charge and chief financial officer, noted that both developers have extensive experience in large-scale integrated development, making their collaboration &ldquo a synergy of industry leaders&rdquo . For instance, UEM Sunrise has &ldquo strong local expertise&rdquo in master planning, with several choice sites in its land bank, said Cheng Hsing Yao, group chief executive officer of GuocoLand. Meanwhile, the Singapore property developer brings to the partnership its expertise in real estate development and asset management, he added.

 

He also cited GuocoLand&rsquo s understanding of the needs companies &ndash especially those from Singapore, Malaysia and China &ndash have in establishing a presence in the JS-SEZ.

 

&ldquo By leveraging our combined expertise and client networks, we aim to deliver a transformative vision for Iskandar Puteri,&rdquo said Hafizuddin.

 

GuocoLand and UEM Sunrise noted that on top of existing incentives from the Malaysian Investment Development Authority, there are support schemes and other programmes spurring investments for the JS-SEZ, including those targeted at Iskandar Puteri. These include special tax rates, stamp duty exemptions and capital allowances.

GuocoLand Limited (GuocoLand) has reported a 13% increase in earnings for the 1HFY2025 ended Dec 31, 2024, of $74.6 million. 

 

The property giant says that this is due to construction progress of the substantially sold development properties in Singapore and higher contributions from investment properties. 

 

The company reported a lower revenue of $1.01 billion for the 1HFY2025 period, 5% lower y-o-y due to the timing of the progressive revenue recognition from the property development business in Singapore, and lower sales from China. 

 

Its gross profit for the period grew 16% y-o-y to $247.9 million, while operating profit grew 35% y-o-y to $214.5 million. 

 

Earnings per share came in 15% higher y-o-y at 5.88 cents. 

 

The group&rsquo s total loans and borrowings decreased to $4.93 billion as at Dec 31, 2024, from $5.27 billion as at June 30, 2024, mainly due to progressive repayment of debt from sales proceeds received as the substantially sold development projects in Singapore are progressively completed. 

 

As at Dec 31, 2024, the group&rsquo s debt-to-assets ratio remained unchanged at 0.4 times. 

 

The company adds that in January, it secured two green club facilities including a $1.135 billion green facility for the refinancing of Guoco Midtown. 

 

By sector, the group&rsquo s property development business continued to be a stable contributor in 1HFY2025. Midtown Modern was fully sold as at Dec 31, 2024, while Lentor Modern, Lentor Hills Residences and Lentor Mansion were " substantially sold&rdquo &mdash at 99%, 99% and 91% respectively. 

 

Meanwhile, its property investment arm saw a 19% growth in investment revenue, driven mainly by higher recurring rental revenue from the group&rsquo s investment properties Guoco Tower and Guoco Midtown. These two assets achieved a 100% occupancy rate as at Dec 31, 2024, while 20 Collyer Quay maintained a high occupancy rate of 96%. 

 

The property giant says that its China property, the South Tower of Guoco Changfeng City in Shanghai was close to a 95% occupancy rate, while leasing activity at the North Tower is in progress.

 

The sale of residential units at Guoco 18T in Chongqing also &ldquo progressed albeit at a slower pace&rdquo . China continues to be a challenging market due to ongoing economic challenges, which GuocoLand says it will continue to monetise its inventories. 

 

&ldquo Over the years we have built up two strong business engines &ndash Property Investment and Property Development &ndash and both are performing well. Our development properties in Singapore continue to see steady sales, driven by sustained demand for well-located and high-quality projects,&rdquo says Cheng Hsing Yeo, group CEO of GuocoLand. &ldquo On the foundation of GuocoLand&rsquo s twin engines of growth, we will continue to seek growth opportunities in our three core markets of Singapore, Malaysia and China.&rdquo

This works out to S$1,420 per square foot per plot ratio state tender draws four other bids for the site

 

THE tender for a plum 99-year leasehold private housing site in the River Valley area next to Great World MRT station has drawn a better than forecast result.

 

GuocoLand&rsquo s top bid of S$627.8 million for River Valley Green (Parcel B) works out to S$1,420 per square foot per plot ratio (psf ppr). This is higher than the S$1,150 psf ppr to S$1,350 psf ppr that property consultants polled by The Business Times earlier this week had forecast. The total of five bids received for the plot is also higher than expectations of up to three bids.

 

Market watchers pointed to the site&rsquo s attractions, including its proximity to the Great World station on the Thomson-East Coast Line and the retail offerings at the Great World City mall. The site also has a long frontage along Kim Seng Park and faces the Singapore River.

 

&ldquo There are also several schools in the area including River Valley Primary School, Alexandra Primary School, Zhangde Primary, Outram Secondary School and Gan Eng Seng School,&rdquo said Wong Siew Ying, head of research and content at PropNex.

 

&ldquo We will hesitate to say sentiment has revived.&rdquo

&mdash

TRICIA SONG OF CBRE

OrangeTee & Tie chief executive officer, Justin Quek, said: &ldquo It is relatively rare to find a prime riverside land parcel along the park connector with immediate access to the MRT.&rdquo

 

GuocoLand&rsquo s top bid for River Valley Green (Parcel B) was about 9 per cent higher than second highest bid of about S1,303.5 psf ppr from Sing Holdings.

 

However, Tricia Song, head of research for Singapore and South-east Asia at CBRE, noted that GuocoLand&rsquo s bid is still 18 per cent below the Jiak Kim Street plot (Riviere) that drew 10 bids and a top bid of S$1,733 psf ppr in December 2017.

 

Moreover, Song noted that the other four bids at Friday&rsquo s tender closing were between S$1,251 psf ppf and S$1,303 psf ppr &ndash well within market expectations. &ldquo Hence, we will hesitate to say sentiment has revived,&rdquo she added.

 

Nevertheless, market players said, the participation rate at the latest state tender is healthier after months of generally muted interest.

 

Nicholas Mak, chief research officer of Mogul.sg, said the higher participation by developers in the tender shows that the major developers are looking to replenish their land bank in light of the recent spike in new home sales since last November.

 

High-end waterfront project

GuocoLand&rsquo s residential director Dora Chng said that if awarded the River Valley Green (Parcel B), the group plans to build a high-end waterfront residential development with two towers. &ldquo There will be some commercial shops that will form part of the common property owned by the residents, that will provide additional income to the MCST (Management Corporation Strata Title) in the long run,&rdquo she added.

 

Residents of the future development will have Kim Seng Park and the Singapore River promenade at their doorstep, said Chng.

 

Property consultants generally expect the new homes on the site to sell for around S$3,000 psf.

 

The 126,325 square foot site, zoned residential with commercial at first storey, can yield about 475 private homes. Serviced apartment and long-stay serviced apartment uses are permitted for the site, subject to approval from technical agencies.

 

Long-stay serviced apartments, with a minimum stay duration of three months, are a rental concept unveiled by the government in November 2023. They differ from regular serviced apartments, which have a seven-day minimum stay.

 

GuocoLand&rsquo s bid price is about 7 per cert higher than the S$1,325 psf ppr that Wing Tai paid for a neighouring site, River Valley Green (Parcel A), at a state tender that closed in June last year. It fetched two bids.

 

In the following month, Zion Road (Parcel B) &ndash further away across the Singapore River &ndash also received two bids, with the top bid from Allgreen Properties at S$1,304 psf ppr. Both these plots are zoned for residential use.

 

Last April, Zion Road (Parcel A), zoned residential with commercial at first storey and which includes a mandatory long-stay serviced apartment component, drew just one bid &ndash which worked out to S$1,202 psf ppr &ndash from a City Developments Limited and Mitsui Fudosan (Asia) tie-up. The site was awarded.

Lentor Modern&rsquo s residential units are sold out Lentor Hills Residences and Lentor Mansion almost fully taken up

 

GUOCOLAND, along with partners Hong Leong and CSC Land, is set to market Lentor Central Residences in the first quarter of 2025.

 

The 477-unit development will be GuocoLand&rsquo s fourth project in the new Lentor Hills estate.

 

Pricing details are not yet available.

 

Lentor Central Residences follows three other projects that were earlier marketed by GuocoLand &ndash with various partners &ndash in the area, where six plots of land have been sold under the Government Land Sales programme for residential redevelopment.

 

A seventh site at Lentor Gardens was released for sale in October 2024 the tender closes this April.

 

Most of the sites sold so far in the Lentor area are being developed by GuocoLand, Hong Leong and TID.

 

The first project to be launched was Lentor Modern two-and-a-half years ago all 605 residential units have since been sold, GuocoLand announced on Monday (Jan 27).

 

The developer also sold out its 558-unit Midtown Modern in the Bugis area in December 2024.

 

Over its launch weekend in September 2022, Lentor Modern sold 84 per cent of its residential units, with prices ranging from S$1,856 per square foot (psf) to S$2,538 psf. Slated for completion in the first half of 2026, the integrated and mixed-use development will be directly connected to Lentor MRT Station on the Thomson-East Coast Line.

 

The Lentor Modern mall &ndash also expected to open in 2026 &ndash is currently more than 50 per cent leased, said GuocoLand. It will offer a range of food and beverage concepts, as well as medical, beauty and wellness services.

 

&ldquo The response to Lentor Modern and our other developments in the Lentor Hills estate highlights the strong demand for quality premium homes in the area,&rdquo said Dora Chng, residential director of GuocoLand.

 

The developer&rsquo s second project in the estate was Lentor Hills Residences, which sold half of its 598 units at its launch in July 2023, at an average price of S$2,080 psf. The project has sold 99 per cent of its units to date, GuocoLand said on Monday.

 

Three more projects in the area followed Lentor Hills Residences. In November 2023, Hillock Green was launched, selling 27 per cent of its 474 units at S$2,210 psf. The condominium is being developed by Forsea Holdings, United Engineers and Soilbuild Group.

 

In March 2024, GuocoLand marketed Lentor Mansion, its third project in the Lentor Hills estate. Seventy-five per cent &ndash or 400 units &ndash of the 533 units were sold at prices ranging from S$2,104 psf to S$2,478 psf. Currently, the project is 97 per cent sold, the developer said.

 

That same month, TID&rsquo s Lentoria moved 50 units &ndash or about 20 per cent of its 267 units &ndash at an average of S$2,120 psf at launch.

 

More developments are also on the way near this growing estate.

 

A 941-unit project by GuocoLand and Hong Leong in the Upper Thomson area is slated for launch in the second half of this year. Located close to the Lentor Hills estate, the development includes an adapted portion of the original Upper Thomson Secondary School.

 

One of the two facilities is the group&rsquo s largest to date, and will be used to refinance its latest integrated mixed development

 

GuocoLand has secured, under the group&rsquo s green finance framework, two green club facilities, worth about S$1.2 billion in total, from DBS and OCBC.

 

The first is a S$1.1 billion green facility for the refinancing of its latest integrated mixed development, Guoco Midtown. The other is a S$105 million loan for the refinancing of the luxury residential development Midtown Bay.

 

The facility for Guoco Midtown is GuocoLand&rsquo s largest so far, said the real estate group in a bourse filing on Wednesday (Jan 15).

 

To date, the group has secured about S$5 billion in green financing.

 

These include such loans for the commercial component of the integrated mixed development Guoco Tower, and other developments such as Lentor Mansion, Lentor Modern, Midtown Modern and an upcoming Upper Thomson Road development. 

 

The group&rsquo s chief financial officer Andrew Chew said: &ldquo This latest refinancing activity lets us optimise our capital structure while staying true to our commitment to creating thoughtfully designed spaces that balance economic, environmental and social factors.&rdquo

They were issued under its S$3 billion multicurrency medium-term note programme

 

GUOCOLAND&rsquo S wholly owned subsidiary, GLL IHT, will redeem S$400 million subordinated perpetual securities.

 

They will be redeemed at S$250,000 for every S$250,000 in nominal amount of the perpetual securities, together with distribution accrued to but excluding Jan 23, 2025, said GuocoLand on Friday (Dec 6).

 

The perpetual securities were issued by GLL IHT with a coupon of 4.6 per cent under the group&rsquo s S$3 billion multicurrency medium-term note programme.

 

On the redemption date of Jan 23, 2025, the global certificate will be presented and surrendered by the Central Depository to the issuing and paying agent.

 

&ldquo Upon the redemption of the perpetual securities, the perpetual securities will be cancelled thereafter and delisted from the Singapore Exchange Securities Trading,&rdquo the group noted.

 

GuocoLand has won the tender for a residential site at Faber Walk with a bid of nearly $349.9 million. 

 

The tender was jointly put forward by GuocoLand F17 with TID Residential, an indirect subsidiary of Hong Leong Investment Holdings (HLIH) and a deemed substantial shareholder of GuocoLand. The third joint venture party is Intrepid Investments, which is also controlled by HLIH.

 

According to GuocoLand in its filing to the stock exchange, it owns a 50% stake in this venture. TIDR and Intrepid hold 40% and 10% respectively.

 

The 99-year, 25,795.4 sqm site can be used to build around 400 residential units. The site is within walking distance to the upcoming Jurong Town Hall MRT station on the Jurong Region Line, just one stop from the Jurong East MRT interchange station.

 

GuocoLand notes that the site is near schools such as Nan Hua Primary School, Nan Hua High School, NUS High School of Math & Science, the National University of Singapore, as well as several international schools. 

 

The site is also close to a host of amenities and nature parks, including the upcoming Old Jurong Line Nature Trail, which is part of an 18km green recreational network within the new Clementi Nature Corridor.

While this is above expectations of S$750 to S$850 psf ppr, it is almost 30% lower than winning bid for nearby Clementi plot sold last year 

 

A GUOCOLAND-led consortium placed the top bid for a private housing site for about 400 units in Faber Walk, beating two other groups at the government tender&rsquo s close on Tuesday (Nov 19).

 

The S$349.9 million bid placed by GuocoLand, TID Residential and Intrepid Investments translates to a land rate of about S$900 per square foot per plot ratio (psf ppr) for the Clementi area plot. This is at the higher end of the expectations of analysts earlier polled by The Business Times.

 

&ldquo The burst of homebuyer activity in the last fortnight, with six new launches and the near sell-out of Emerald of Katong, has changed the mood in the private residential market. However, this change among homebuyers has not yet been transferred to developers who remained cautious... with bids of S$900 psf ppr and below that can be described as conservative,&rdquo said Leonard Tay, Knight Frank Singapore&rsquo s head of research. 

 

The GuocoLand-led group&rsquo s bid is, on a psf basis, almost 30 per cent under the S$1,250 psf ppr top offer for a nearby site in Clementi Avenue, that was sold in November 2023, added Tay.

 

Consultants had earlier expected the site to draw up to three bids ranging between S$750 and S$850 psf ppr, given developers&rsquo still-conservative stance in the market, even with pent-up demand for new condominiums in the area.

 

Marcus Chu, chief executive officer of ERA Singapore, said that previous sites in the area received strong responses from developers, with an overwhelming number of 18 bidders for Waterfront @ Faber in 2014, and an average of seven bids across the sites for Parc Riviera, Twin Vew and Whistler Grand in subsequent years.

 

Ismail Gafoor, CEO of PropNex, noted: &ldquo Although market sentiment has shown signs of improvement recently following the start of the (US Federal Reserve) rate cut cycle, developers remain selective in their site acquisitions, leaning more towards sites with stronger locational attributes, such as being near to an MRT station or near amenities, that are more likely to drive end-demand.&rdquo

 

The Faber Walk site is not particularly near an MRT station currently, he added.

 

The GuocoLand-led group&rsquo s bid was around 8.9 per cent higher than the next highest one from Oasis (2024). The entity, linked to Patrick Lam&rsquo s JBE, placed a bid of S$321.3 million or S$826.6 psf ppr. 

 

Santarli Realty, Apex Asia and Soon Li Heng Civil Engineering came in third with their offer of S$282.9 million, or S$727.7 psf ppr.

 

The 25,795.4 square metre (sq m) plot in Faber Walk is expected to yield 400 residential units with a maximum gross floor area of 36,114 sq m.

 

&ldquo If awarded, we plan to build a waterfront development comprising several low-rise blocks with up to 403 residential units in this private residential enclave,&rdquo a Guocoland spokesman said in a statement sent on Tuesday night.

 

At a land price of S$900 psf ppr, analysts estimate break-even cost could range between S$1,800 psf and S$1,900 psf, with launch prices likely to be in the S$2,000 to S$2,200 psf range.

 

The last state-land site launched for sale in the Faber Walk area was West Coast Vale, where the 716-unit Whistler Grand condominium now sits. The tender drew six bids when it closed in January 2018, with the top offer of S$472.4 million or S$800 psf ppr coming from City Developments Ltd. 

 

The condo was launched at an average selling price of S$1,380 psf in October that year. 

 

&ldquo While there appears to be a robust and healthy demand for private housing around the Clementi and West Coast areas, given their proximity to popular schools like Nan Hua Primary and tertiary institutions such as the National University of Singapore, performance has varied across specific project attributes,&rdquo noted Tricia Song, CBRE Head of Research, South-east Asia.

 

Caveats data showed that resale prices in the Faber Walk site&rsquo s vicinity ranged from S$760,000 (S$1,642 psf) to S$2.8 million (S$1,845 psf) in the last six months. The latest transaction was for a 1,733 sq ft unit in Faber Crest for S$2 million, or S$1,154 psf, in early November. The median unit price for resale flats in the area was S$1,707 psf.

 

Knight Frank&rsquo s Tay added: &ldquo While it is still early days, the change in homebuyer sentiment could hold the promise of increased activity in both the private and public land sales market in 2025 with more interested parties, putting behind a 2024 that will be remembered for the two government land sales residential sites and the two white sites that were not awarded, either because the top or sole bid was too low or there were no participants.&rdquo

GuocoLand&rsquo s wholly-owned subsidiary, GLL IHT, has priced $200 million worth of notes under its $3 billion multicurrency medium term note programme. 

 

The notes will bear an interest rate of 3.307% per annum and interest on the notes will be payable semi-annually in arrear. The notes are set to mature on Nov 15, 2027. 

 

The notes are set to be issued at an issue price of 100% of their principal amount and in denominations of $250,000

 

DBS Bank, Oversea-Chinese Banking Corporation Limited and United Overseas Bank U11 Limited have been appointed as joint lead managers and bookrunners for the offering of the notes.

 

The net proceeds from the issue of the notes are expected to go towards financing general working capital and corporate requirements of the group and its subsidiaries. 

 

The notes are expected to be issued on or about Nov 15. 

Between Oct 23 and Oct 25, GuocoLand : F17 0% chairman and non-independent non-executive director Quek Leng Chan increased his deemed interest via acquisitions by Associated Land. The 65,400 shares were bought at an average price of S$1.58 apiece.

 

This followed the acquisition of 29,600 shares between Oct 21 and Oct 22 at S$1.59 per share, and 56,000 shares purchased at S$1.50 each on Jun 10.

 

Quek maintains a 71.86 per cent deemed interest in the leading real estate group that offers comprehensive capabilities across the entire real estate value chain. GuocoLand maintains that its property investment segment generates steady rental income and capital appreciation from high-quality commercial and mixed-use assets, while the property development segment is positioned to deliver profits through the creation and sale of premium residential and integrated developments.

Between Oct 21 and 22, GuocoLand : F17 +0.63% chairman and non-independent non-executive director Quek Leng Chan increased his deemed interest, with a purchase in the open market by Associated Land Sendirian Berhad. The shares were acquired at S$1.59 per share. His preceding acquisition was on Jun 10, with 56,000 shares acquired at S$1.50 per share.

 

Quek maintains a 71.86 per cent deemed interest in the leading real estate group that offers comprehensive capabilities across the entire real estate value chain, including planning and design, property investment, development, management, and asset management.

 

The group&rsquo s investment properties, valued at S$6.56 billion as at Jun 30, 2024, are situated in its primary markets of Singapore, China and Malaysia.

 

For its FY 2024 (ended Jun 30), GuocoLand achieved a revenue of S$1.82 billion, marking an 18 per cent increase from FY23. Both the property investment and property development segments reported double-digit revenue growth. The strategy to enhance recurring income from property investment led to a 35 per cent rise in rental revenue, driven by new leases at Guoco Midtown.

 

The group has noted that the upcoming retail operations at Guoco Midtown II and Lentor Modern are also expected to further boost its recurring income base in the coming years.

 

Quek also relayed in September that with its strong core business performance and comprehensive capabilities, GuocoLand is well-positioned to navigate uncertainty, and will maintain prudent capital management to ensure resilience against unforeseen shocks.