Singapore Land reports 2021 net profit more than quadrupled

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Singapore Land reported Tuesday its 2021 net profit jumped 316 percent on-year to S$329.85 million, largely on fair value gains. 

Revenue for the 12 months ended 31 December dropped 10 percent on-year to S$607.14 million, the developer said in a filing to SGX.

“This was mainly due to lower revenue from property trading by S$50.3 million (55 percent) as there were fewer units sold for the V on Shenton residential project and lower revenue recorded by technology operations by S$28.4 million (13 percent) due to the global supply chain constraint,” Singapore Land said.

Hotel operations revenue rose 19 percent on-year in 2021, mainly on the full year of operations of the ParkRoyal Collection Marina Bay hotel, the filing said.

The fair value gain on subsidiaries’ investment properties was S$105.24 million for 2021, swinging from a 2020 fair value loss of S$112.12 million, the filing said.


Singapore Land issued a mixed outlook across its different segments. 

“Office demand is expected to gain momentum with greater clarity on return-to-work strategies and flexible working arrangements. Despite an increasing adoption of hybrid work arrangements, office space is likely to remain the primary workplace,” SingLand said. 

“The retail sector is likely to continue to be divergent in terms of performance. Suburban retail malls will continue to show their defensive quality while the performance of city-fringe malls, which are primarily reliant on the office catchment and tourists’ expenditure, will remain challenging,” the company said.

“The Singapore hospitality sector continues to face significant headwinds, given the reliance on easing of international travel restrictions, with much volatility in revenue throughout 2022,” SingLand said.

SingLand said it expected Singapore’s residential market to remain stable in 2022. 

“With strong underlying demand from owner occupiers and first time home buyers, we remain cautiously optimistic regarding sales for new private residential homes,” the company said. 

Singapore Land, formerly known as United Industrial Corp., or UIC, has S$6.2 billion in assets under management, with a property portfolio including commercial offices, residential, hospitality and retail.