Recovering from a S$12 million loss in Q3 last year, property developer GuocoLand has reported S$9 million in net profit for Q3 2012, thanks to its Singapore projects, according to The Straits Times.
Revenue during the period jumped 67 percent to S$181.6 million, on the back of higher revenue recognition from residential developments. For instance, the 381-unit Leedon Residence (pictured) launched in August continues to see decent sales, with 61 of the 90 units launched already sold.
Based on data from the Urban Redevelopment Authority (URA), 27 units were sold in August at a median price of S$1,970 psf.
Meanwhile, other expenses declined 66 percent to S$6.1 million, given that there was no fair value loss on interest rate and foreign exchange hedges during the period. At the same time, GuocoLand achieved a fair value gain of S$4.5 million.
Moving forward, GuocoLand will “remain cautious and vigilant in managing its businesses”, considering the uncertain global economic outlook.
“While the group continues to focus on strong execution of its current projects, it will also evaluate and explore investment opportunities in the current market environment,” said the developer in a statement.
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