Singapore Land Group Ltd (SingLand) reported a net profit attributable to shareholders of S$211.7 million for the half year ended Jun 30, up 90 per cent year-on-year, buoyed by fair-value gains on investment properties and a sharp rise in contributions from associates. Group revenue edged up 2 per cent to S$376.8 million.

Basic earnings per share came in at 14.8 Singapore cents, almost doubling from 7.8 cents a year earlier. Excluding revaluation effects, EPS rose to 10.3 cents from 7.2 cents. Consistent with past practice, the board did not declare an interim dividend.

Property investments remained the main earnings engine, with external revenue climbing 8 per cent year-on-year to S$173.0 million, supported by stronger occupancy and rent at Singapore Land Tower and West Mall. Technology operations lifted turnover 12 per cent to S$72.9 million on higher computer-hardware sales to government agencies. Hotel operations revenue slipped 6 per cent to S$129.6 million as softer performance at Pan Pacific Singapore and PARKROYAL COLLECTION Marina Bay offset leisure demand. The development segment registered no sales versus S$4.3 million a year earlier.

At the pre-tax level, company and subsidiary earnings from property investments rose 13 per cent to S$123.3 million, while hotel operations delivered S$35.8 million, down 15 per cent. Technology contributed S$5.4 million. Share of associates’ results surged more than four-fold to S$48.1 million, driven by residential projects Parktown Residence, Skye at Holland and Pinetree Hill, as well as the enlarged 40 per cent stake in Novena Square acquired in May 2026. Losses from joint ventures narrowed to S$0.03 million from S$5.7 million.

Headwinds included a 30 per cent drop in interest income to S$8.0 million following loan repayments by completed residential projects and lower deposit rates. Hotel earnings also moderated as operating costs rose amid softer room rates. Group finance expenses eased 4 per cent to S$10.2 million, but net gearing increased to 8.9 per cent from 4.7 per cent at end-2025 after debt drawdowns to fund the additional Novena Square stake and ongoing refurbishment of The Clifford at Raffles Place.

During the half, SingLand invested S$300.4 million to lift its interest in Novena Square, channelled S$46.4 million into asset enhancement at The Clifford, and advanced shareholder loans to residential associates in Hougang and Dorset. The group has more than S$2.0 billion of undrawn committed credit lines.

Looking ahead, management cited MTI projections of 4.5-5.5 per cent GDP growth for Singapore in 2026. It expects Grade A office demand to stay resilient amid limited new supply, while acknowledging that global economic uncertainty could temper leasing momentum. Retail rents are forecast to remain stable, supported by tourism spending, and the hospitality portfolio should gain from a healthy pipeline of events, albeit with rising cost pressures and incoming room supply. The private residential market is projected to stay underpinned by local demand.