Property group GuocoLand said it has recorded profits of S$134.3 million for the full year ended June.
This overturns a loss of S$70.2 million in the previous financial year.
Meanwhile the company posted its group revenue of S$732.7 million for the same period.
This is a 43 per cent increase on-year.
The company said the increase was mainly due to recognition of profit from strong sales in China.
Nanjing’s Ascot Park, a 1,112-unit development was fully sold.
GuocoLand said Singapore also recorded robust sales following the launch of its residential developments such as Sophia Residence, Elliot at the East Coast and Goodwood Residence.
Going forward, the company said that it remains positive on the outlook of Singapore’s residential property market.
Meanwhile in China, despite government measures to cool the Chinese property market, the group said its residential properties continued to receive positive response from buyers.
As such, the company said it will continue to pursue attractive opportunities to acquire new land bank and time the launches of its development projects in line with the market.
Source : Channel NewsAsia – 27 Aug 2010