GuocoLand full-year profit down 41% to $357.2m

Gains from the Tanjong Pagar Centre's Guoco Tower pulled it up.

GuocoLand reported 4QFY17 net profit of S$244.9m, thanks to fair value gains from investment properties of $254.5m from Tanjong Pagar Centre’s Guoco Tower.

According to UOB KayHian, GuocoLand's full-year profit hits S$357.2m, lower by 41% YoY. This was weighed down by the absence of a one-time gain from the disposal of Beijing Dongzhimen project in China last year.

Currently, GuocoLand has proposed an ordinary dividend of 7 cents per share.

The company is also capitalising on the momentum of its residential sales.

Its Goodwood Residence is completely sold, whilst the 381-unit freehold Leedon Residence and 1,024-unit Sims Urban Oasis are 90% and 80% sold, respectively.

The new 450-unit Martin Modern has also sold 110 out of the 120 units in just two weeks of its launch.

Meanwhile, construction of the 181-unit luxury Wallich Residence is to be completed by the end of the year.

GuocoLand is expecting private home prices to stabilise on the back of demand and decreasing unsold inventory.

Net asset value (NAV) per share grew 8% to $3.2, boosted by the fair value gain for the Guoco Tower.

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