{"id":103567,"date":"2019-02-01T11:28:29","date_gmt":"2019-02-01T04:28:29","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-starts-construction-of-guoco-midtown-despite-84-earnings-plunge\/"},"modified":"2019-02-01T12:02:50","modified_gmt":"2019-02-01T05:02:50","slug":"guocoland-starts-construction-of-guoco-midtown-despite-84-earnings-plunge","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-starts-construction-of-guoco-midtown-despite-84-earnings-plunge\/","title":{"rendered":"GuocoLand starts construction of Guoco Midtown despite 84% earnings plunge"},"content":{"rendered":"


\nThe Group recently broke ground for the integrated mixed-use development Guoco Midtown in Singapore.
\nGuocoLand\u2019s earnings plunged by 84 percent to $10.85 million in the second quarter ended 31 December compared to about $66.01 million during the same period a year ago, according to an SGX filing on Thursday (31 Jan).
\nAt the same time, the Singapore-based home builder\u2019s revenue more than halved (61 percent) to $142.95 million from $370.56 million previously.
\n\u201cThis was mainly due to higher progressive revenue recognition in the previous corresponding quarter as Sims Urban Oasis obtained its Temporary Occupation Permit (TOP) in October 2017,\u201d said GuocoLand in its latest financial statement.
\nAnother reason for the weaker revenue is the lower sales of completed homes during the quarter under review, as the group\u2019s inventory of completed unsold units significantly declined over the past quarters.
\nAs a result, revenue for the six-month period ended 31 December fell by 58 percent year-on-year to around $310.96 million from $732.54 million. Net profit also slumped by 84 percent to $37.01 million from $237.8 million previously.
\nMeanwhile, GuocoLand said it has started the construction of a mixed-use project in the Core Central Region (CCR) during the past quarter. This is despite URA data showing that prices of private non-landed homes in the area dipped by 1.0 percent in Q4 2018 following a 1.3 percent uptick in the prior quarter.
\n\u201cThe group has a balanced pipeline of mixed-use, commercial and residential projects, including the integrated mixed-use development Guoco Midtown, which had its ground-breaking in November 2018.\u201d
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…GuocoLand starts construction of Guoco Midtown despite 84% earnings plunge<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Group recently broke ground for the integrated mixed-use development Guoco Midtown in Singapore. GuocoLand\u2019s...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-103567","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-qWr","jetpack-related-posts":[{"id":120416,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-brings-largest-garden-collection-in-cbd\/","url_meta":{"origin":103567,"position":0},"title":"Guocoland brings largest garden collection in CBD","date":"February 16, 2021","format":false,"excerpt":"\r Guocoland brings largest garden collection in CBDGuoco Midtown Gardens will consist of 30 thematic gardens and landscaped spaces spanning\u00a03.8 hectare.\u00a0Ten of the gardens will be made publicly accessible. Image:\u00a0Guocoland\u00a0 GuocoLand is set to weave 30 thematic gardens and landscaped spaces at its second flagship integrated mixed-use development, Guoco Midtown.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/02\/Guoco-Midtown.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":101706,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/guoco-midtown-project-in-beach-road-to-feature-200-homes\/","url_meta":{"origin":103567,"position":1},"title":"Guoco Midtown project in Beach Road to feature 200 homes","date":"November 27, 2018","format":false,"excerpt":"\r View of the Guoco Midtown site along Beach Road in the CBD. (Photo: URA) Singapore developer GuocoLand recently said it has started construction work on its mixed-use development along Beach Road. Dubbed Guoco Midtown, the integrated project will have a total gross floor area (GFA) of around 950,500 sq\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118321,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-unveils-expansion-plan-for-guoco-midtown-master-project-to-include-a-second-residential-project\/","url_meta":{"origin":103567,"position":2},"title":"GuocoLand unveils expansion plan for Guoco Midtown Master Project, to include a second residential project","date":"August 21, 2020","format":false,"excerpt":"\r Known as Midtown Modern, the condominium will come with 500 apartment units. Photo: Midtown Bay GuocoLand has unveiled plans for Guoco Midtown II, an expansion of Guoco Midtown. The\u00a0mega mixed-use development along Beach Road will also come with the inclusion of a second residential project known as Midtown Modern\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123959,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-unveils-two-new-senior-appointments\/","url_meta":{"origin":103567,"position":3},"title":"Guocoland unveils two new senior appointments","date":"December 24, 2021","format":false,"excerpt":"\r Andrew Chew will serve as Group Chief Financial Officer for GuocoLand and Valerie Wong as Group General Manager, Asset Management. GuocoLand has announced two new senior appointments, naming Andrew Chew as its new Group Chief Financial Officer and Valerie Wong as Group General Manager, Asset Management. Chew will succeed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/GUOCOLAND.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":111273,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-to-launch-midtown-bay-for-sale-this-saturday\/","url_meta":{"origin":103567,"position":4},"title":"GuocoLand to launch Midtown Bay for sale this Saturday","date":"October 2, 2019","format":false,"excerpt":"\r The only residential launch within an integrated development in the central business district (CBD) in the coming year, it will also have 40 duplex units, that can be adapted from a 2+1 apartment into two one-bedroom units, each on different floors. Midtown Bay, GuocoLand\u2019s 33-storey residential tower, is set\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116527,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-obtains-730mil-green-loan-for-tan-que-lan-street-mixed-development-project\/","url_meta":{"origin":103567,"position":5},"title":"Guocoland obtains $730mil green loan for Tan Que Lan Street mixed-development project","date":"May 20, 2020","format":false,"excerpt":"\r The new mixed-development project at Tan Que Lan Street will be situated right above the Bugis MRT interchange station. Photo: Midtown Bay GuocoLand via its indirect subsidiaries, MTG Apartments and MTG Retail, has secured a $730 million green club loan from DBS Bank, OCBC Bank and ICBC Singapore Branch\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/103567"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=103567"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/103567\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=103567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=103567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=103567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}