GuocoLand FY2025: Investment Portfolio S$6.97B, Singapore Flagships at 100%, DPS Raised to 7 Cents

GuocoLand FY2025 Annual Report (year ended 30 June 2025) shows a resilient investment property portfolio reaching S$6.97B — up from S$6.785B in FY2024 (+2.7%) — anchored by two Singapore flagships both at 100% committed occupancy. Group attributable profit S$107M (-17% YoY) on revenue of S$1,916M (+5% YoY).

SINGAPORE INVESTMENT PROPERTIES — BOTH AT 100%

• ▸Guoco Tower (Tanjong Pagar CBD): Singapore's tallest building at 290m. 990,000 sq ft total NLA (890K office + 100K retail). 100% committed as at 30 Jun 2025 (unchanged from FY2024). Tenants: MNCs across technology, banking, finance, insurance, media. Singapore IP fair value gains doubled to S$76M in FY2025.
• ▸Guoco Midtown (Beach Road–Bugis): 3.2-hectare transit-oriented mega development. 709,000 sq ft Grade A office + 50,000 sq ft retail. 100% committed as at 30 Jun 2025. Guoco Midtown II (Tan Quee Lan St retail podium) opened May 2025 — final phase; 100% committed on opening. BCA Green Mark Platinum certified.
• ▸20 Collyer Quay: 164,000 sq ft, 24-storey CBD office above Raffles Place MRT. 98% committed.

• ▸Revenue: S$1,916M (FY2024: S$1,820M; +5%). GuocoLand Singapore S$1,521M; China S$211M; Malaysia S$115M.
• ▸Operating Profit: S$299M (FY2024: S$321M; -7%). Property Investment segment profit grew 29% to S$211M (FY2024: S$163M).
• ▸Attributable Profit: S$107M (FY2024: S$129M; -17% — lower development profit recognition).
• ▸Investment Properties: S$6.97B (FY2024: S$6.785B; +2.7%).
• ▸Total Assets: S$12.375B (FY2024: S$12.530B).
• ▸NAV per share: S$3.90 (FY2024: S$3.90).
• ▸DPS: 7.0 cents (FY2024: 6.0 cents; +16.7%).
• ▸Debt-to-Assets: 0.44x (FY2024: 0.43x).

• ▸Guoco Changfeng City (Shanghai Putuo): Investment property — premium tenants GE Aerospace, Vanderlande, ams OSRAM. China IPs faced valuation headwinds, partially offsetting SG gains.
• ▸Damansara City / Menara Guoco (KL, via GLM): 1.8M sq ft GFA; Menara Guoco 97% committed.

• ▸Lentor Modern (605 units): 100% sold; TOP achieved Aug 2025; retail mall 85% committed (expected open Jan 2026).
• ▸Lentor Hills Residences (598 units, 30% GL): 99% sold; targeted completion Q2 2026.
• ▸Lentor Mansion (533 units, 60% GL): 98% sold; targeted completion 1H 2028.
• ▸Lentor Central Residences (477 units, 30% GL): 99% sold (launched Mar 2025 at 93% on launch weekend); targeted completion end 2027.
• ▸Springleaf Residence (941 units, 100% GL): 92% sold as at 17 Aug 2025; targeted completion 2029.

Cheng Hsing Yao: S$2,715,457 (FY2025) — exact disclosure. Mix: 46.0% fixed / 21.1% variable bonus / 31.8% share grant (260,274 shares ESS) / 1.1% other. YoY: approximately +3.4% from FY2024 band midpoint (S$2.5M–S$2.75M). Top-5 KMP aggregate (excl CEO): S$3,490,504 (FY2024: S$2,173,529; +60.6% — team composition change). Total Director fees S$561,000 proposed at AGM Oct 2025.

GuocoLand's FY2025 story is twin-engine stability — investment properties (now 60% of total assets) generating recurring rental revenue at 100% committed occupancy in Singapore, while a sold-out residential pipeline in Lentor Hills contributes progressive development profits. Overall profit dipped on lower residential recognition timing; the investment segment's 29% profit jump to S$211M signals compounding recurring income strength. DPS lifted to 7 cents despite the earnings dip, reflecting confidence in cashflows.