GuocoLand's net income falls 11% to $95.2m on China property losses

Revenue fell 25% to $1.43b in FY2026 as residential projects in Singapore remained in early construction.

GuocoLand Limited’s net income has decreased 11% to $95.2m for its fiscal year (FY) 2026 due to the allowance for projected losses recognised for its China development properties.

In a regulatory filing, the company said this was partially offset by higher fair value gains from investment properties, a higher share of profits from associates and joint ventures, and gains from the disposal of the Thistle Johor Bahru hotel in Malaysia.

Revenue during the period also fell 25% to $1.43b as most of the revenue from its residential developments, including joint venture projects, had yet to be recognised as these projects were still in the early stages of construction.

Revenue from Property Development for FY 2026 was $1.07b from $1.57b a year ago, reflecting the timing of progressive revenue recognition from residential developments in Singapore. Sales from joint venture residential projects in Singapore, such as Springleaf Residence and Faber Residence, were not included in the Property Development revenue as these projects were equity accounted.

GuocoLand’s proportionate revenue from the equity-accounted projects in Singapore was about $391.0m from last year’s $211.0m. Meanwhile, share of profit of associates and joint ventures reached $32.4m, a turnaround from a share of loss in the previous year, mainly due to contributions from Springleaf Residence and Lentor Hills Residences as the construction of these projects progressed further.

Property Investment revenue grew 4% to $292.5m during the year, bolstering the group’s recurring income base. The stronger performance was underpinned by investment properties in Singapore – Guoco Tower, Guoco Midtown and 20 Collyer Quay – which accounted for 87% of the segment’s revenue.

“In the immediate term, our main focus for investment and growth remains in our twin engines in Singapore. Meanwhile, we have also made preparations for us to take advantage of opportunities that might emerge from our Malaysia and China businesses, as they arise in due course,” said Cheng Hsing Yao, group CEO of GuocoLand.

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