GuocoLand Developer Review: A Detailed Look And Analysis

Sections

1. Developer Profile
2. History
3. GuocoLand Vs Singapore
4. List of GuocoLand Projects
5. Top 10 Past Projects
6. Key Upcoming Projects

Developer Profile

Founded: 1976

CEO Rating: Raymond Choong Yee How - Appointed Sept 2015 

Current P/E ratio: 5.76

Number of Employees: ~5000

GuocoLand Share Price: 

Key En Bloc Clinch

Acquisition	Transacted Price	To Be Developed Into
Pacific Mansion (2018)	S$980 million	The Avenir
Casa Meyfort (2018)	S$319.88 million	Meyer Mansion

A Brief History

A daughter company of the Guoco Group, GuocoLand Ltd has been a major player in the Asian real estate development scene for some time now. 

The company is Singapore-based, but their range of operations extend beyond our borders to neighbouring countries like Malaysia, Vietnam and China.

In 2017, GuocoLand joined forces with fellow developer, Eco World International Berhad, and further expanded into the markets of the United Kingdom and Australia. A true testament of their fiscal strength and ambitious (yet wholly credible) nature. 

Look a little closer to home, and I’m sure that most (if not all) of you would have heard of Singapore’s Guoco Tower. 

Situated by the Singapore river, it is a hotel, shopping centre, luxury condominium and office sprawl stacked into one development - a feat second only to the fact that the Guoco Tower is also the tallest building in the country!

Besides achieving great heights (forgive me), GuocoLand has also been a prominent figure on the Main Board of the Singapore Exchange for years.

It was listed almost immediately on the Singapore Exchange Securities Trading Ltd back in 1978 - barely two years after the company was founded on 31 March 1976.

As for GuocoLand's mighty growth in assets post 20th century, well, that would mostly be attributed to its Former-CEO, Mr Quek Chee Hoon. 

From his takeover in 1999 till his retirement in early 2014, he spearheaded a bulk of ventures that resulted in the company’s asset base growing from just under $2.9 billion to an astounding $9.2 billion.

Things are also looking good under the leadership of current-CEO, Mr Raymond Choong Yee How.

Just last year, the company’s revenue increased from S178.5 million (2018) to $323.5 million, an impressive growth of 81%!

With that in mind, I believe that Guocoland does have a bright future going forward.

GuocoLand vs Singapore (Value of Projects)

Let’s now take a look at GuocoLand’s property values versus that of Singapore’s over the past decades.

As you’d observe, the company’s projects had been lagging behind in average property valuation from the get-go.

That was, up till 2012 when GuocoLand’s prices eventually caught up - and gradually surpassed the market average.

How did that happen?

Cooling measures, Wallich Residences and Luxury condos.

Let me break it down for you. 

(For those who are familiar with the following scenario that played out, please feel free to skip ahead!) 

The Cooling Measures that Slowed Property Price Growth 

Back in 2010, the Global Metro Monitor Report revealed Singapore to be the fourth fastest recovering city from the ‘08 and ‘09 Global Recession, with our GDP rising 17.9% (H1 2010) from 2009. 

In short, economic growth meant better employment rates and bigger wages (IRAS reported a 13% increase in income tax collected from individual taxpayers in fiscal year 2009/2010).

Adding to that, the foreign growth of Singaporeans PRs and non-residents between 2004 and 2009 far exceeded that of local citizen growth.

From Q1 2009 to Q2 2010 alone, the percentage of foreigners purchasing private homes increased from 15.5% to 23.7%. This rose to 19% in the second half of 2011!

In essence, our growing population, with an ever-increasing demand for foreign talent - coupled with limited land space and a ‘booming/safe’ economy led to massive pent-up demand for property.

This demand then fueled the rise in property prices which had been dulled in previous quarters post 2006/2007 price peaks.

Soon after, the government stepped in with cooling measures to prevent further price surges (in fear of a housing bubble and a subsequent price crash). 

One of them would be the introduction of Additional Buyers’ Stamp Duty (ABSD). Effective Dec 2011, ABSD essentially discouraged property investment opportunities by setting a hefty fee for every additional property one would own in Singapore, encouraging both locals and foreigners to focus on ownstay purchases. 

This, along with an accumulation of other factors like restricted home-loan maturities that ultimately contributed to slowdown in property-price growth. 

Yes, just at that point when cooling measures were pouring in, this CBD-based residential (part of Guoco Tower) had just commenced construction, and was a massive hit amongst the elite in Singapore.  

With units starting on the 41st level, and a location that smacked it right in the middle of Singapore’s key financial district, it was no surprise that prices here were going for at least $3000 psf per unit. 

Naturally, this drove up Guocoland’s total project valuation.

But how did Guocoland manage to maintain its ‘value-form’ and exceed the national average even till today?

Following the measures, we saw a period of weakened property market sentiment from 2013 to 2017 (and hence a gradual dip in prices). 

While GuocoLand suffered a relatively similar fate, the company’s ever-growing ventures into Luxury Condominiums (some of them in key central locations) allowed it to climb ahead of the pack. 

In fact, some of their top upcoming projects, namely Midtown Bay, Meyer Mansion and The Avenir, all exceed prices of $2,700 psf and beyond!

In the meantime, Wallich Residence continues to pull its weight. 

Unit sales in its launch year (2013) averaged $3,052 psf, and have since risen by 22.6% ($691 psf) to $3,743 psf, based on the averaged prices of units sold this year.

In total, GuocoLand has exceeded the market average consistently in project values for the last 8 years of the 26 shown above.

You can check out the entire list of its projects, further appreciation trends as well as the details of its upcoming projects which have yet to be completed below.

List of GuocoLand Projects (Profitable/Unprofitable Transactions)

Project	District	TOP	Tenure	No. of Profitable Transactions	Average profit	No. of Unprofitable Transactions	Average loss
Elias Terrace	18	1994	999-Year	23	528,087	11	-289,182
Harbour View Towers	4	1994	99-Year	65	416,403	20	-201,246
Kew Bungalows	16	1994	99-Year	44	523,142	27	-342,239
The Tanamera	16	1994	99-Year	90	288,411	44	-207,495
Chiltern Park	19	1995	99-Year	229	310,621	77	-205,927
Cavendish Park	21	1996	99-Year	109	333,933	53	-231,509
Melville Park	18	1996	99-Year	680	166,959	332	-152,220
Loyang Villas	17	1997	99-Year	208	369,836	162	-265,774
Maysprings	23	1998	99-Year	409	201,378	350	-145,371
Tanglin Regency	10	1998	99-Year	235	232,098	75	-201,567
Westville	22	1998	99-Year	179	398,729	92	-149,894
Stratford Court	16	2000	99-Year	163	257,874	69	-108,277
Aquarius By The Park	16	2000	99-Year	483	243,850	143	-79,266
Sanctuary Green	15	2003	99-Year	392	390,604	38	-110,919
The Gardens At Bishan	20	2004	99-Year	604	275,926	26	-44,312
Bishan Point	20	2005	99-Year	160	299,999	11	-35,747
D’Elias	18	2005	999-Year	15	244,133	0	-
Le Crescendo	14	2006	Freehold	112	371,987	2	-72,750
Leonie Suites	9	2006	99-Year	17	183,765	9	-67,556
Nathan Place	10	2006	Freehold	37	506,446	2	-19,000
Paterson Residence	9	2008	Freehold	87	733,735	12	-309,993
The Stellar	5	2008	Freehold	129	382,806	2	-60,190
The View @ Meyer	15	2010	Freehold	30	327,305	6	-203,100
The Quartz	19	2010	99-Year	392	299,596	15	-50,161
Elliot @ The East Coast	15	2013	Freehold	32	371,679	1	-26,980
Goodwood Residence	10	2013	Freehold	25	574,740	7	-318,571
The Waterline	19	2013	Freehold	8	131,503	5	-146,878
Sophia Residence	9	2014	Freehold	56	202,711	13	-119,639
Leedon Residence	10	2015	Freehold	15	781,212	5	-364,977
Wallich Residence	2	2016	99-Year	-	-	-	-
Sims Urban Oasis	14	2020	99-Year	30	125,032	0	-
Martin Modern	9	2021	99-Year	-	-	-	-
Midtown Bay	7	2022	99-Year	-	-	-	-
Meyer Mansion	15	2024	Freehold	-	-	-	-
The Avenir	9	2025	Freehold	-	-	-

As a whole, the average transaction for a GuocoLand project made a profit of $349,150. The biggest average profits goes to Leedon Residence, at $781,212, but that's also because it has one of the higher quantum per unit on this list.

Other standouts include the Quartz - 392 profitable transactions with only 15 unprofitable transactions thus far. Bishan Point with 160 profitable and 11 unprofitable transactions. Le Crescendo with 112 profitable and only 2 unprofitable transactions. The Gardens at Bishan with 604 profitable and 26 unprofitable transactions.

On the losses front, the average loss making transaction for a GuocoLand projects currently stands at -$161,812. The biggest number of unprofitable transactions goes to Maysprings with 350 total unprofitable transactions at an average loss of $145,371.

(Note: For more information/the full list of GuocoLand Projects - both residential & commercial; as well as sale prices/in-depth appreciation trends of individual units, feel free to reach out to us at stories@stackedhomes.com!)

Top 10 Past Project List

#10 - Goodwood Residence (Freehold)

Built in 2013, the Goodwood Residence condominium is situated along Bukit Timah Road in District 10. Its residential makeup totals 210 units. 

Unit sales in its launch year averaged $2800 psf, and have since dipped by 13.1% ($368 psf) to $2432 psf, based on the averaged prices of units sold this year.

#9 - The Waterline (Freehold)

Built in 2013, The Waterline condominium is situated along Poh Hua Road in District 19. Its residential makeup totals 103 units. 

Unit sales in its launch year averaged $1051 psf, and have since risen by 8.7% ($91 psf) to $1142 psf, based on the averaged prices of units sold last year.

#8 - The View @ Meyer (Freehold)

Built in 2010, The View @ Meyer is situated along Meyer Road in District 15. Its residential makeup totals a mere 45 units. 

Unit sales in its launch year averaged $1219 psf, and have since risen by 21.7% ($265 psf) to $1484 psf, based on the averaged prices of units sold in 2017.

#7 - Harbour View Towers (99-Year Leasehold)

Built in 1994, Harbour View Towers are situated along Telok Blangah Drive in District 4. Its residential makeup totals 154 units. 

Unit sales in its launch year averaged $749 psf, and have since risen by 68.5% ($514 psf) to $1263 psf, based on the averaged prices of units sold last year.

#6 - Elliot @ The East Coast (Freehold)

Built in 2013, the Elliot @ The East Coast condominium is situated along Elliot Road in District 15. Its residential makeup totals 119 units. 

Unit sales in its launch year averaged $913 psf, and have since risen by 71.5% ($653 psf) to $1566 psf, based on the averaged prices of units sold last year.

#5 - Le Crescendo (Freehold)

Built in 2006, Le Crescendo condominium is situated along Paya Lebar Road in District 14. Its residential makeup totals 228 units. 

Unit sales in its launch year averaged $630 psf, and have since risen by 74.9% ($472 psf) to $1102 psf, based on the averaged prices of units sold last year.

#4 - The Gardens At Bishan (99-Year Leasehold)

Built in 2004, The Gardens At Bishan condominium is situated along Sin Ming Walk in District 20. Its residential makeup totals an astounding 756 units. 

Unit sales in its launch year averaged $606 psf, and have since risen by 80.5% ($488 psf) to $1094 psf, based on the averaged prices of units sold this year.

#3 - The Stellar (Freehold)

Built in 2008, The Stellar condominium is situated along West Coast Road in District 5. Its residential makeup totals units. 

Unit sales in its launch year averaged $584 psf, and have since risen by 95.4% ($557 psf) to $1141 psf, based on the averaged prices of units sold last year.

#2 - Leonie Suites (99-Year Leasehold)

Built in 2006, the Leonie Suites are situated at Leonie Hill in District 9. Its residential makeup totals 87 units. 

Unit sales in its launch year averaged $914 psf, and have since risen by 96.6% ($883 psf) to $1797 psf, based on the averaged prices of units sold last year.

#1 - Nathan Place (Freehold)

Built in 2006, Nathan Place condominium is situated along Nathan Road in District 10. Its residential makeup totals a mere 45 units. 

And yet, unit sales in its launch year averaging $759 psf, have since risen by an astounding 114.6% ($870 psf) to $1629 psf, based on the averaged prices of units sold last year.

Upcoming Projects

Martin Modern

Details

Launched: July 2017

Expected TOP	Dec 2021
Address / District	8 Martin Place (D9)
Tenure	99-Year Leasehold
Total Units	450
Land Area	171,535 sqft
Average PSF (Based on 1st year transactions)	$2,066 (2017)
Distance to MRT	~ 1.2km, 15-min walk (Fort Canning MRT)~ 600m, 7-min walk (Great World City MRT, opening 2021)

Unit Mix

Unit Type	No. of Units	Size of Units (sqft)
2-Bedroom	150	820
2-Bedroom + Study	90	880
3-Bedroom	90	1050
3-Bedroom Premium	60	1300
4-Bedroom	60	1800

Midtown Bay

Details

Launching: Oct 2019

Expected TOP	Dec 2022
Address / District	120 Beach Road (D7)
Tenure	99-Year Leasehold
Total Units	219
Land Area	226,249 sqft
Average PSF (Based on 1st year transactions)	$2,820 (2019)
Distance to MRT	~ 150m, 2-min walk (Bugis MRT)

Unit Mix

Unit Type	No. of Units	Size of Units (sqft)
1-Bedroom	107	409 to 527
2-Bedroom	72	732 to 775
3-Bedroom	32	990 to 1152
3-Bedroom Duplex	8	1324

Meyer Mansion (Formerly Casa Meyfort)

Details

Launched: Sept 2019

Expected TOP	1st half of 2024
Address / District	79 Meyer Road (D15)
Tenure	Freehold
Total Units	200
Land Area	85,250 sqft
Average PSF (Based on 1st year transactions)	$2,765 (2019)
Distance to MRT	~500m, 6-min walk (Katong Park MRT, opening 2023)

Unit Mix

Unit Type	No. of Units	Size of Units (sqft)
1-Bedroom	25	484
2-Bedroom	25	689 to 883
3-Bedroom	50	1109 to 1389
3-Bedroom Premium	50	1399 to 1830
4-Bedroom Premium	50	1722 to 2142

The Avenir (Formerly Pacific Mansion)

Details

Launched: Jan 2020

Expected TOP	Aug 2025
Address / District	8 & 10 River Valley Close (D9)
Tenure	Freehold
Total Units	376
Land Area	129,648 sqft
Average PSF (Based on 1st year transactions)	$3,255 (2020)
Distance to MRT	~ 700m, 8-min walk (Somerset MRT)~ 450m, 5-min walk (Great World MRT, opening 2021)

Unit Mix

Unit Type	No. of Units	Size of Units (sqft)
1-Bedroom	69	527 to 539
2-Bedroom	69	807 to 829
3-Bedroom	69	1141
3-Bedroom with Private Lift	68	1529 to 1572
4-Bedroom with Private Lift	67	2056 to 2067
4-Bedroom + Family with Private Lift	34	2411

(For more information on the various unit-types/availabilities of GuocoLand projects, feel free to drop us an email at stories@stackedhomes.com - PS: no hard sales, just genuine advice to suit your needs/wants!)