GuocoLand's revenue for 1HFY2026 is down 22% y-o-y to $791.9 million, due to the timing of progressive recognition of revenue from its residential developments in Singapore.
However, with a bigger share of contributions from its associates and joint ventures, earnings for the same half year ended Dec 2025 was up 14% to $85.4 million.
In addition, the bottom line was helped by the sale of the Thistle Johor Bahru hotel in Malaysia, and also lower financing costs.
Cheng Hsing Yao, group CEO of the company, says that the "twin engines" of property development and property investment have both delivered.
Springleaf Residence, Faber Residence and Penrith, the residential developments launched in 1H FY2026, have already been substantially sold. Also, its portfolio of investment properties has been boosted with the addition of the mall that's part of the Lentor Modern development.
Down the road, GuocoLand expects to launch the River Modern project, which is at River Valley Green, by March this year. Wholly-owned by GuocoLand, River Modern will comprise 455 units across two towers, along with some commercial shops.
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The company's other upcoming project, located at Tengah Garden Avenue, is jointly developed with Hong Leong Holdings and CSC Land Group (Singapore). The mixed development will comprise 860 residential units and retail shops on the first storey and is slated for launch in the second quarter this year.
GuocoLand's other engine, of investment properties, is purring along too. As at Dec 31 2025, Guoco Tower and Guoco Midtown maintained 100% commitment rates, and 20 Collyer Quay recorded a 93% commitment rate.
GuocoLand’s retail spaces at Guoco Tower, Guoco Midtown and Guoco Midtown II have maintained 100% commitment rates. The Lentor Modern mall, which officially opened earlier this month, has achieved a 90% commitment rate to date.
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The company expects rental revenue from the progressive commencement of leases to add to its recurring income stream.
"GuocoLand’s twin engines are designed to complement each other," says Cheng, stressing that GuocoLand aims to grow both earnings streams.
"While property development earnings are dependent on the timing of land acquisitions and project launches, as well as construction progress, the recurring rental revenue from property investment provides a stable earnings base for the group," he adds.
GuocoLand shares closed at $2.68 on Jan 29, up 2.29% for the day, extending a gain of 83.56% in the past year.
