GuocoLand - Riding the wave of local residential demand while going global

Focused on its twin engines of growth in property investment and property development

Listed on the SGX since 1978, GuocoLand has evolved to become a prominent regional property owner and developer, with end-to-end capabilities spanning across the real estate value chain. 

GuocoLand is focused on its twin engines of growth in Property Investment and Property Development. 

It develops, invests in and manages a portfolio of quality commercial and mixed-use assets providing stable, recurring rental income with potential for capital appreciation. 

The Group prides itself on its strong track record in creating distinctive integrated mixed-use developments and premium residential properties that uplift and transform their local neighbourhoods.

Strong track record in residential development in Singapore 

The company has established itself as a major developer in Singapore's private residential market, having successfully developed and sold 34 residential developments yielding more than 9,000 homes. 

GuocoLand continues to maintain a strong residential development pipeline in Singapore, with four upcoming projects yet to be launched as of 31 December 2024: the sites at Tengah Garden Avenue, Faber Walk, Margaret Drive and Upper Thomson Road. 

More recently, the 477-unit Lentor Central Residences saw a successful launch in March 2025, 445 units or 93% of the total number of units sold at the launch weekend alone.

S$6.6 billion investment property portfolio across its key markets 

Its flagship developments with ~1.6 million sq ft of premium Grade A office space, Guoco Tower and Guoco Midtown exemplifies this success, achieving strong rental rates and high committed occupancy. 

The upcoming completion of Guoco Midtown II in 1H 2025 will further enhance this recurring income stream, with its retail spaces fully pre-committed. 

The Lentor Modern retail mall is 50% leased as at 31 December 2024 and scheduled to open in 2026. 

The commercial component of Lentor Modern, directly connected to the Lentor MRT station, is expected to be accretive to the Group's recurring income upon completion in 2026.

Partnering with UEM Sunrise to develop the Johor-Singapore SEZ 

UEM Sunrise and GuocoLand have signed the first Johor-Singapore Special Economic Zone (SEZ) MoU between private companies from Malaysia and Singapore. 

This collaboration will involve both developers reviewing and activating Iskandar Puteri’s potential to enhance its attractiveness to investors.

Reducing its debt to asset ratio over time

The company has been systematically reducing its debt to asset ratio over time, decreasing from 0.47x in FY2020 to 0.41x in 1HFY25. 

This improvement is attributed to the progressive repayment of debt from sales proceeds received as the substantially sold development projects in Singapore reach completion. 

Furthermore, the Group’s investment debt is supported by stable and recurring cash flows from its portfolio of high investment properties.

Key risks

Key risks include a high interest rate environment, China exposure, risk of Singapore property cooling measures, execution risk and high geographic concentration in Singapore.

Trading at 0.36x P/B

GuocoLand trades at 0.36x P/B, in line with the Singapore property developers’ average of 0.37x. 

Chairman Quek Leng Chan, who owns approximately 71.86% of GuocoLand, has been buying shares in the company, with his most recent purchase on 11 March 2025 at S$1.45. 

Related links:

• GuocoLand Limited share price and share price target
• GuocoLand Limited dividend history and forecast

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