Evidence library · Singapore · Property development and investment
GuocoLand develops and sells residential projects and owns and operates offices, malls and two Sofitel hotels in Singapore, China and Malaysia, with Singapore carrying about two thirds of revenue and about four fifths of assets.
FY2026 (year to 30 June 2026, audited) revenue was S$1,433.963m and attributable profit S$95.199m: Singapore earned a S$366.570m segment profit before tax while China lost S$241.095m after a S$207.205m allowance against development stock.
The central risk is that operating profit of S$125.019m sat below net finance costs of S$128.434m, and S$775.945m of borrowings falls due within twelve months with no undrawn committed facility disclosed.
The next test is the half-year results for the six months to 31 December 2026: whether China takes a further allowance, whether Singapore launch sell-through holds, and how the current borrowings bucket is refinanced.
GuocoLand is a Singapore-listed property group, about two-thirds held by GuocoLand Assets Pte. Ltd., that develops and sells homes and owns offices, malls and hotels in Singapore, China and Malaysia.
Public evidence is below. The authenticated private research library holds a release-state record for this company. It carries no current decision, fair value or investment action. Private research status.
Community questions for GuocoLand
The live questionCan the sold development book be earned while a further China charge and a yearly refinancing calendar press on the group?FY2026 operating profit of S$125.019m sat below net finance costs of S$128.434m, China took a S$207.205m allowance against development stock, and S$775.945m of borrowings falls due within twelve months with no undrawn committed facility disclosed.
The launched Singapore projects are 93 to 100 per cent sold with completion dates to 2030, committed occupancy is at the top of its range across the Singapore offices and malls, and borrowings fell to S$4,445.864m from S$5,483.913m with reported net debt to equity of 0.78 times against 1.04 times a year earlier.
China lost S$241.095m before tax after the allowance, operating cash flow of S$1,202.421m is mostly a working-capital collection rather than a run rate, and the proposed dividend of S$89.188m equals 93.7 per cent of attributable profit beside cash interest paid of S$138.543m.
The allowance is the group's own estimate against undiscounted future prices, and the sell-through that anchors the pipeline is seller-published, so the FY2026 evidence is as consistent with a deferred, diluted recovery as with an unimpaired one.
The half-year results for the six months to 31 December 2026, the next business updates and the next annual report will show whether China takes a further allowance, whether Singapore sell-through holds, and how the borrowings due within a year are refinanced.
Drawn from the evidence on this page: the improvement, the constraint, the benign reading and the fact that would settle it. It states no view on the shares.
Private working materials are not published or available for sharing. This public page contains factual evidence and open questions only. Private research status records that no current decision authority is available.
Business anatomy · from inputs to customer value
The group buys state land at tender, sells homes off plan across three markets, and owns offices, malls and hotels it operates at valuation.
Follow the operating chain from demand or inputs to customer outcome and cash.
Revenue engineLand
What happensThe group buys state land mainly through Singapore government tenders, the largest input cost in development.
How it earnsLand cost sets the margin sell-through must defend; Lentor Central was awarded at S$657.1m.
Capital allocationDevelopment
What happensLaunched Singapore projects are 93 to 100 per cent sold at 30 June 2026, with completion spread to 2030.
Capital at riskRevenue is recognised progressively; profit arrives at handover, not at launch.
Company actionInvestment
What happensOffices, malls and two Sofitel hotels are owned, leased and carried at valuation each year.
Value createdCommitted occupancy is at the top of its range across the Singapore offices and malls.
Cash conversionCompletion
What happensCompletions turn sold units into revenue and cash; Lentor Mansion handed over in August 2026.
Cash triggerFY2026 operating cash flow of S$1,202.421m came mostly from collecting on completed projects.
Investor translation
Four questions connect the business model to cash and balance-sheet risk. This is a factual reading aid, not a valuation or recommendation.
GuocoLand Limited is a Singapore-listed property group controlled by the Hong Leong group. GuocoLand Assets Pte. Ltd. holds 66.84 per cent of the shares directly, and about 19.1 per cent is in public hands. It runs two engines: a development engine that buys land, builds homes and sells them off plan, recognising revenue progressively as sold units are built and handed over, and an investment engine that owns and operates offices, malls and two Sofitel hotels, collecting rent and room revenue and carrying the portfolio at valuation.
The group reports four business units: Singapore, China, Malaysia and an unallocated column that holds hotel operations and corporate items. Singapore carries 65.1 per cent of revenue and 79.3 per cent of segment assets; China carries 11.6 per cent of segment assets and a loss.
| Reporting unit | FY2026 external revenue | FY2026 profit before tax | FY2026 segment assets |
|---|---|---|---|
| Singapore | S$933.570m | S$366.570m | S$9,020.703m |
| China | S$255.259m | (S$241.095m) | S$1,319.181m |
| Malaysia | S$176.718m | S$15.786m | S$573.007m |
| Unallocated | S$68.416m | (S$30.038m) | S$462.462m |
| Group | S$1,433.963m | S$111.223m | S$11,375.353m |
Sources: FY2026 annual report (audited)
Revenue for the year to 30 June 2026 was S$1,433.963m, 25 per cent lower than the prior year on fewer development completions, while recurring revenue from the investment and hotel lines outside development reached about S$292m in the group's own presentation, up about 4 per cent. Operating profit was S$125.019m, of which S$82.245m was a fair value gain on investment properties rather than trading profit. On the company's own measure of underlying operating profit, S$367.181m was earned before the China charge and the revaluations. Profit before tax was S$111.223m and profit attributable to owners S$95.199m.
The year's largest single item is an allowance for foreseeable losses on development properties of S$209.769m at group level, of which S$207.205m sits in the China segment and turned it from profitable to a S$241.095m loss before tax. Operating profit of S$125.019m sat below net finance costs of S$128.434m: before associates, joint ventures and revaluations, the recurring and trading businesses between them did not cover the interest bill.
Operating cash flow of S$1,202.421m was seven times the prior year's S$202.807m, but it is a collection rather than a run rate: of the S$340.343m generated before working capital, S$209.769m is the non-cash China allowance added back, and the rest came from collecting on completed projects, with inventories down S$267.465m and receivables down S$572.092m.
The proposed FY2026 dividend of 8.0 cents a share is S$89.188m, or 93.7 per cent of attributable profit, and sits beside cash interest paid of S$138.543m in the same year. Dividends were 6.0 cents in each of FY2022 to FY2024 and 7.0 cents in FY2025. One comparability point: the FY2024 comparatives differ between presentations because a real estate investment trust previously equity-accounted was consolidated, a change recorded in the FY2025 accounts at note 33 but not explained in the FY2026 five-year summary.
| Line | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Revenue | 965.514 | 1,544.432 | 1,819.751 | 1,916.402 | 1,433.963 |
| Operating profit | 359.464 | 282.013 | 320.979 | 298.753 | 125.019 |
| Profit before tax | 525.507 | 324.901 | 171.842 | 172.560 | 111.223 |
| Profit attributable to owners | 392.728 | 207.088 | 128.531 | 107.050 | 95.199 |
| Dividend per share (cents) | 6.0 | 6.0 | 6.0 | 7.0 | 8.0 |
| Net asset value per share (S$) | 3.86 | 3.85 | 3.90 | 3.90 | 3.95 |
| Total assets | 12,328.413 | 12,009.820 | 12,529.882 | 12,375.263 | 11,375.353 |
| Loans and borrowings | 5,646.771 | 5,114.224 | 5,333.978 | 5,483.913 | 4,445.864 |
| Cash and cash equivalents | 1,084.925 | 890.444 | 991.841 | 761.332 | 754.677 |
| Net cash from operating activities | n.a. | 655.030 | 471.981 | 202.807 | 1,202.421 |
Sources: FY2026 annual report (audited) · FY2026 full-year results announcement, 28 August 2026
The group reports more than S$3 billion of its own share of unrecognised sales value from sold units at 30 June 2026. The launched Singapore projects are 93 to 100 per cent sold, with completion dates spread from the August 2026 handover at Lentor Mansion to 2030. Where a stake is disclosed it runs from 20 to 60 per cent, so several of the largest projects reach consolidated profit only in part. The sell-through percentages rest on the annual report's business-update sentences; no independent series, such as the urban authority's developer sales statistics, was fetched to corroborate them.
The newest land commitment is the Lentor Central site, awarded in March 2026 to a GuocoLand consortium at S$657.1m for about 171,000 square feet, with 553 planned units at a 50 per cent stake and launch targeted for the first half of 2027.
| Project | Units | Sold | Group stake | Completion targeted |
|---|---|---|---|---|
| Lentor Modern | 605 | launched; retail mall 95% committed | not stated | completed development |
| Lentor Hills Residences | 598 | fully sold | 30% | not stated |
| Lentor Mansion | 533 | fully sold | 60% | TOP August 2026 |
| Lentor Central Residences | 477 | fully sold | 30% | second half of 2027 |
| Springleaf Residence | 941 | 97% sold | 60% | 2029 |
| Faber Residence | 399 | 95% sold | 50% | first half of 2029 |
| Penrith | 462 | 98% sold | 30% | first half of 2029 |
| River Modern | 455 | 93% sold | not stated | 2030 |
| Tengah Garden Residences | 863 | 99% sold | 20% | 2029 |
In China, the Chongqing projects are 75 to 77 per cent sold: Guoco 18T at 986 launched units and 77 per cent sold, and Guoco Central Park at 960 launched units, 75 per cent sold with about 600 of 1,040 units handed over. In Malaysia, Emerald 9 (Batu 9 Cheras) stands at 1,888 launched units and 94 per cent sold.
Sources: FY2026 annual report (audited)
Loans and borrowings fell to S$4,445.864m from S$5,483.913m, and cash of S$754.677m leaves net debt of S$3.69bn (a direct calculation: borrowings less cash). The reported net debt to equity ratio was 0.78 times against 1.04 times a year earlier; the numerator equity excludes non-controlling interests. The improvement came from repayment: the group repaid about S$3,549m of borrowings while drawing about S$2.43bn.
The composition of the debt matters as much as the level. S$775.945m falls due within twelve months, S$3,629.9m in one to five years and S$40.0m beyond, so 99.1 per cent of the book sits inside five years and refinancing is the group's principal liquidity event each year. Secured bank loans of S$2,752.9m are 61.9 per cent of borrowings, and S$6.71bn of assets are mortgaged. The perpetual securities of S$303.070m are classified in equity and sit outside the net debt measure; carrying them as debt would move the reported ratio.
In the window the group issued S$110m of 2.50 per cent notes due 2030 from GLL IHT Pte. Ltd., guaranteed by the company, under a S$3bn medium-term note programme. What the disclosure does not settle: no financial covenant levels or test dates are disclosed beyond a statement of expected compliance, no undrawn committed facilities are disclosed, and there is no note on restricted cash inside the S$754.677m.
Sources: FY2026 annual report (audited) · Notes issuance announcement, 2026
The Chongqing business lost S$241.095m before tax in FY2026, including the S$207.205m allowance for foreseeable losses on development properties and a negative revaluation of S$12.489m on the investment portfolio. The China office portfolio is 729,000 square feet at 77 per cent committed. The allowance is an accounting estimate made by the issuer against undiscounted future prices, and the report does not disclose project-level presales, cost to complete or the residual carrying value of the stock that took the charge, so a reader cannot test its adequacy.
The year's structural change in Malaysia was the buy-in of the listed subsidiary: GuocoLand (Malaysia) Berhad was privatised at RM1.10 a share against the independent adviser's revalued net asset value of RM2.96 a share, and delisted from Bursa Malaysia Securities Berhad on 18 August 2026. Thistle Johor Bahru was divested during FY2026. The result is a smaller, wholly-owned Malaysian business inside the group, and a Malaysian comparative that no longer matches the prior year.
Control is concentrated: GuocoLand Assets Pte. Ltd. holds 66.84 per cent directly and about 19.1 per cent of the shares are in public hands, so capital-structure and perimeter decisions are taken by a holder whose interests are not identical to a minority's.
Sources: FY2026 annual report (audited) · Privatisation proposal, 3 February 2026 · Selective capital reduction settlement, 7 August 2026
This is an 18-month record of GuocoLand's dividend-adjusted share-price history, the Straits Times Index control, the session-aligned median of three SGX comparison names, and the selected issuer filings that carried information. It records what the price did; it does not infer a cause from proximity to a filing.
Large moves were detected mechanically before being matched to issuer filings. The table retains all 18 detected moves. The residual is the move less the Straits Times Index return. The issuer's announcement list was enumerated from its own IR mirror on 23 September 2026 (173 rows, dates only); broker research, block trades, index reviews, customer news and trade press were not examined.
Key: GuocoLand Limited (F17) as a solid line; Straits Times Index rebased, dashed; peer median rebased, dotted; the benchmark runs off scale Apr 25–Apr 25 and is clipped there; the peer median runs off scale Feb 26–Feb 26 and is clipped there; filing ticks above the axis; ex-dividend ticks on it; numbered pins are moves with a written note; plain dots are other detected moves.
How to read the tags. Market-wide and Sector-wide mean the index or the peer median moved with the share over the same session or week; Residual means the move is still large after both are subtracted. A residual is what is left over, not a cause: it does not establish that the company’s own news moved the price, and an unchanged or thinly traded price is not proof that no information arrived. Returns use the dividend-adjusted close; a filing released after the open is read against the next session.
No selected issuer filing carrying information this quarter.
No session cleared the large-move threshold this quarter.
No selected issuer filing carrying information this quarter.
The session closed 5.52% lower while the Straits Times Index fell 7.46% and the median of the three SGX comparison names fell 4.82%; the shares traded 2.54 times the trailing median volume. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was -4.82% over this session.Register row 1The week closed 5.52% lower with the index down 8.19% and the peer median down 4.69%; turnover was 0.07 times the trailing median, so the weekly bar reflects the daily closes of the same market leg. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was -4.69% over this window.Register row 2The session rose 4.38% against a 1.04% index gain and a 0.55% peer median gain, on 0.88 times the trailing median volume; no announced cause identified on the enumerated tape. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +0.55% over this session.Register row 3Fourth-quarter results of the associate, Tower Real Estate Investment Trust, posted.
The associate's results for the quarter ended 30 June 2025 were posted on the issuer's IR mirror. The filing is shown as a dated public fact; the exhibit does not treat timing alone as price causation.
Reaction (same session, order not established): F17 +1.2% · STI −0.3% · peers +0.9% · 6.9× median volumeSource: Tower REIT Q4 FY2025 results, 25 July 2025FY2025 full-year results announced: revenue of S$1.92 billion.
The full-year financial statement announcement for the year ended 30 June 2025, the results presentation and the media release were posted, together with the proposed final dividend and the notice of valuation of real assets. Selected from the enumerated issuer IR mirror; dates only, so sequence within the session is not established.
Reaction (same session, order not established): F17 +0.0% · STI +0.2% · peers +0.1% · 0.5× median volumeSource: FY2025 results announcement, 28 August 2025 · FY2025 media release, 28 August 2025Asset acquisitions and disposals announced: sale of property and assets in Johor Bahru.
The announcement covers the sale of property and assets in Johor Bahru, which the FY2026 annual report later records as the divestment of Thistle Johor Bahru completed during FY2026. Selected from the enumerated issuer IR mirror.
Reaction (same session, order not established): F17 +4.3% · STI +0.1% · peers −0.3% · 5.5× median volumeSource: Sale of property and assets in Johor Bahru, 1 September 2025The week closed 5.45% higher while the index gained 1.71% and the peer median 2.79%; the week included the associate's fourth-quarter results posting on 25 July 2025, and the group had priced S$120 million of perpetual securities on 7 July 2025 and issued them on 14 July 2025. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +2.79% over this window.Register row 4The session rose 4.30% on 13.7 times the trailing median volume while the index gained 0.15% and the peer median fell 0.29%; the session coincided with the announcement of the sale of property and assets in Johor Bahru and followed the FY2025 results announcement of 28 August 2025. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was -0.29% over this session.Register row 5Perpetual securities documented: S$180 million and S$120 million at 4.35% under the S$3 billion MTN programme.
Subordinated perpetual securities of GLL IHT Pte. Ltd. were documented under the group's S$3 billion multicurrency medium-term note programme. The FY2026 annual report later records perpetual securities of S$303.070m classified in equity. Selected from the enumerated issuer IR mirror.
Reaction (same session, order not established): F17 +0.0% · STI +1.5% · peers +1.6% · 0.7× median volumeSource: Perpetual securities documentation, 6 November 2025The session gained 3.54% on 10.6 times the trailing median volume; it followed the perpetual securities issuance announced on 6 November 2025 and the associate's first-quarter results posted the same day, by three sessions. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +2.96% over this session.Register row 6The week closed 5.83% higher with the index down 0.36% and the peer median up 2.00%; the week coincided with a 12 December 2025 broker report turning more positive on several Singapore developers, with follow-on sector commentary on 13 December 2025. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +2.00% over this window.Register row 71H FY2026 results: profit attributable to equity holders up 14% year-on-year to S$85.4 million.
The condensed interim financial statements for the half year ended 31 December 2025 were filed on 29 January 2026, with the media release the same day and the presentation the next. Selected from the enumerated issuer IR mirror; dates only, so sequence within the session is not established.
Reaction (same session, order not established): F17 +2.3% · STI +0.4% · peers +0.2% · 7.1× median volumeSource: 1H FY2026 financial statement announcement, 29 January 2026 · 1H FY2026 media release, 29 January 2026Proposed privatisation of GuocoLand (Malaysia) Berhad at RM1.10 per share.
GLL (Malaysia) Pte. Ltd. proposed to privatise the listed Malaysian subsidiary at RM1.10 per share by selective capital reduction and repayment. The independent adviser's revalued net asset value was RM2.96 per share, and the delisting from Bursa Malaysia completed on 18 August 2026. Selected from the enumerated issuer IR mirror.
Reaction (same session, order not established): F17 +0.0% · STI +1.1% · peers +1.8%Source: Privatisation proposal, 3 February 2026River Modern launch: the District 9 riverfront condominium press release.
The press release describes the luxury riverfront condominium in District 9 connected to an MRT station. The FY2026 annual report records River Modern at 455 launched units, 93 per cent sold at 30 June 2026, with completion targeted 2030. Selected from the enumerated issuer IR mirror.
Source: River Modern press release, 10 February 2026Privatisation of GuocoLand (Malaysia) Berhad: extension of time announced.
The announcement extends the timetable of the proposed privatisation. Selected from the enumerated issuer IR mirror.
Source: Privatisation extension, 26 February 2026The session rose 5.91% on 21.8 times the trailing median volume against a 1.28% index gain and a 2.94% peer median gain; no announced cause identified on the enumerated tape. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +2.94% over this session.Register row 8The session rose 4.38% on 15.9 times the trailing median volume while the index fell 0.28% and the peer median fell 1.06%; the session coincided with the posting of the half-year results of the group's Malaysian subsidiary. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was -1.06% over this session.Register row 9The week closed 15.88% higher while the index gained 0.28% and the peer median 3.38%; the week included the company's 1H FY2026 condensed interim financial statements and media release on 29 January 2026 and the results presentation on 30 January 2026. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +3.38% over this window.Register row 10The session rose 5.58% on 14.9 times the trailing median volume with the index up 0.07% and the peer median up 0.31%; the session coincided with the press release for the River Modern District 9 launch, and it followed the privatisation proposal for GuocoLand (Malaysia) Berhad announced on 3 February 2026. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +0.31% over this session.Register row 11The session fell 4.00% while the index fell 2.09% and the peer median 2.84%, on 5.31 times the trailing median volume; the move tracked the market and the property names. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was -2.84% over this session.Register row 12The session fell 3.41% on 7.8 times the trailing median volume while the index and the peer median were both slightly higher; no announced cause identified on the enumerated tape. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +0.27% over this session.Register row 13The week closed 9.09% lower while the index fell 2.94% and the peer median 4.08%; the week included the joint venture announcement for the Lentor Central land parcel on 6 March 2026 and two director interest notifications on 4 March 2026. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was -4.08% over this window.Register row 14The session rose 3.38% on 6.6 times the trailing median volume against a 0.87% index gain and a 1.02% peer median gain; no announced cause identified on the enumerated tape. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +1.02% over this session.Register row 15No selected issuer filing carrying information this quarter.
The session rose 5.46% while the index gained 0.77% and the peer median 3.65%; most of the move is the sector's, with a residual of 1.81 points against the peer median and no filing dated against the session on the enumerated tape. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +3.65% over this session.Register row 16The week closed 5.76% lower with the index up 1.36% and the peer median down 2.31%; no announced cause identified on the enumerated tape. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was -2.31% over this window.Register row 17FY2026 full-year results: revenue of S$1.43 billion and proportionate revenue from Singapore joint ventures of S$391 million.
The full-year financial statement announcement for the year ended 30 June 2026, the results presentation, the media release and the proposed final dividend were posted the same day. The annual report records revenue of S$1,433.963m, operating profit of S$125.019m and profit before tax of S$111.223m. Selected from the enumerated issuer IR mirror; dates only, so sequence within the session is not established.
Reaction (same session, order not established): F17 −3.6% · STI +0.3% · peers −0.5% · 3.4× median volumeSource: FY2026 results announcement, 28 August 2026 · FY2026 media release, 28 August 2026The session fell 3.56% on 4.3 times the trailing median volume while the index gained 0.28% and the peer median fell 0.54%; the session coincided with the FY2026 full-year financial statements, the FY2026 media release, the proposed final dividend notice and the notice of valuation of real assets, all dated 28 August 2026. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause.
Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was -0.54% over this session.Register row 18Yahoo Finance daily closes for F17.SI from 25 March 2025 to 23 September 2026 (379 sessions). Returns and thresholds use the split- and dividend-adjusted series; ex-dividend mechanics are therefore not counted as price moves. The Straits Times Index is the market control. The peer control is the session-aligned median of City Developments Limited (C09.SI), UOL Group Limited (U14.SI) and Singapore Telecommunications Limited (Z74.SI). One dividend fell inside the window — the FY2025 final dividend of 7 cents a share, ex-date 4 November 2025 — and no detected move sits on an ex-date.
| # | Session | F17 | STI | Peers | Left over | Control result | What the evidence supports |
|---|---|---|---|---|---|---|---|
| 1 | 7 Apr 2025 | -5.52% | -7.46% | -4.82% | +1.94% | Market-wide | The session closed 5.52% lower while the Straits Times Index fell 7.46% and the median of the three SGX comparison names fell 4.82%; the shares traded 2.54 times the trailing median volume. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was -4.82% over this session. |
| 2 | 4 Apr 2025 to 11 Apr 2025 | -5.52% | -8.19% | -4.69% | +2.67% | Market-wide | The week closed 5.52% lower with the index down 8.19% and the peer median down 4.69%; turnover was 0.07 times the trailing median, so the weekly bar reflects the daily closes of the same market leg. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was -4.69% over this window. |
| 3 | 14 Apr 2025 | +4.38% | +1.04% | +0.55% | +3.34% | Residual | The session rose 4.38% against a 1.04% index gain and a 0.55% peer median gain, on 0.88 times the trailing median volume; no announced cause identified on the enumerated tape. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +0.55% over this session. |
| 4 | 18 Jul 2025 to 25 Jul 2025 | +5.45% | +1.71% | +2.79% | +3.75% | Residual | The week closed 5.45% higher while the index gained 1.71% and the peer median 2.79%; the week included the associate's fourth-quarter results posting on 25 July 2025, and the group had priced S$120 million of perpetual securities on 7 July 2025 and issued them on 14 July 2025. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +2.79% over this window. |
| 5 | 1 Sep 2025 | +4.30% | +0.15% | -0.29% | +4.15% | Residual | The session rose 4.30% on 13.7 times the trailing median volume while the index gained 0.15% and the peer median fell 0.29%; the session coincided with the announcement of the sale of property and assets in Johor Bahru and followed the FY2025 results announcement of 28 August 2025. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was -0.29% over this session. |
| 6 | 11 Nov 2025 | +3.54% | +1.20% | +2.96% | +2.33% | Residual | The session gained 3.54% on 10.6 times the trailing median volume; it followed the perpetual securities issuance announced on 6 November 2025 and the associate's first-quarter results posted the same day, by three sessions. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +2.96% over this session. |
| 7 | 12 Dec 2025 to 19 Dec 2025 | +5.83% | -0.36% | +2.00% | +6.19% | Residual | The week closed 5.83% higher with the index down 0.36% and the peer median up 2.00%; the week coincided with a 12 December 2025 broker report turning more positive on several Singapore developers, with follow-on sector commentary on 13 December 2025. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +2.00% over this window. |
| 8 | 27 Jan 2026 | +5.91% | +1.28% | +2.94% | +4.63% | Residual | The session rose 5.91% on 21.8 times the trailing median volume against a 1.28% index gain and a 2.94% peer median gain; no announced cause identified on the enumerated tape. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +2.94% over this session. |
| 9 | 28 Jan 2026 | +4.38% | -0.28% | -1.06% | +4.66% | Residual | The session rose 4.38% on 15.9 times the trailing median volume while the index fell 0.28% and the peer median fell 1.06%; the session coincided with the posting of the half-year results of the group's Malaysian subsidiary. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was -1.06% over this session. |
| 10 | 23 Jan 2026 to 30 Jan 2026 | +15.88% | +0.28% | +3.38% | +15.60% | Residual | The week closed 15.88% higher while the index gained 0.28% and the peer median 3.38%; the week included the company's 1H FY2026 condensed interim financial statements and media release on 29 January 2026 and the results presentation on 30 January 2026. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +3.38% over this window. |
| 11 | 10 Feb 2026 | +5.58% | +0.07% | +0.31% | +5.51% | Residual | The session rose 5.58% on 14.9 times the trailing median volume with the index up 0.07% and the peer median up 0.31%; the session coincided with the press release for the River Modern District 9 launch, and it followed the privatisation proposal for GuocoLand (Malaysia) Berhad announced on 3 February 2026. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +0.31% over this session. |
| 12 | 2 Mar 2026 | -4.00% | -2.09% | -2.84% | -1.91% | Sector-wide | The session fell 4.00% while the index fell 2.09% and the peer median 2.84%, on 5.31 times the trailing median volume; the move tracked the market and the property names. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was -2.84% over this session. |
| 13 | 3 Mar 2026 | -3.41% | +0.53% | +0.27% | -3.94% | Residual | The session fell 3.41% on 7.8 times the trailing median volume while the index and the peer median were both slightly higher; no announced cause identified on the enumerated tape. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +0.27% over this session. |
| 14 | 27 Feb 2026 to 6 Mar 2026 | -9.09% | -2.94% | -4.08% | -6.15% | Residual | The week closed 9.09% lower while the index fell 2.94% and the peer median 4.08%; the week included the joint venture announcement for the Lentor Central land parcel on 6 March 2026 and two director interest notifications on 4 March 2026. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was -4.08% over this window. |
| 15 | 25 Mar 2026 | +3.38% | +0.87% | +1.02% | +2.51% | Residual | The session rose 3.38% on 6.6 times the trailing median volume against a 0.87% index gain and a 1.02% peer median gain; no announced cause identified on the enumerated tape. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +1.02% over this session. |
| 16 | 8 Apr 2026 | +5.46% | +0.77% | +3.65% | +4.69% | Sector-wide | The session rose 5.46% while the index gained 0.77% and the peer median 3.65%; most of the move is the sector's, with a residual of 1.81 points against the peer median and no filing dated against the session on the enumerated tape. Co-movement is consistent with a shared market/sector influence; a causal attribution is not established. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was +3.65% over this session. |
| 17 | 8 May 2026 to 15 May 2026 | -5.76% | +1.36% | -2.31% | -7.13% | Residual | The week closed 5.76% lower with the index up 1.36% and the peer median down 2.31%; no announced cause identified on the enumerated tape. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was -2.31% over this window. |
| 18 | 28 Aug 2026 | -3.56% | +0.28% | -0.54% | -3.83% | Residual | The session fell 3.56% on 4.3 times the trailing median volume while the index gained 0.28% and the peer median fell 0.54%; the session coincided with the FY2026 full-year financial statements, the FY2026 media release, the proposed final dividend notice and the notice of valuation of real assets, all dated 28 August 2026. The Straits Times Index and the peer median are shown beside the move; a residual is what is left over, not a cause. Peer control: the session-aligned median of City Developments (C09.SI), UOL (U14.SI) and Singtel (Z74.SI) was -0.54% over this session. |
The market series is Yahoo Finance daily data for F17.SI, retrieved 23 September 2026; no second price source was retained. The filing record is the issuer's own announcement list, which carries dates but no release times, so a date-only entry is read as an unordered same-session association. The peer set (City Developments, UOL, Singtel) is coarse: Singtel is not a property developer, so the sector control is indicative rather than exact, and the peer median is reported beside the benchmark on every move so a reader can see both.
The group discloses no credit rating, and this page carries no rating, valuation, forecast of our own or recommendation. Several things a reader would want are not in the record at the cutoff. What is left of the China development stock after the S$207.205m allowance is not disclosed, so the residual exposure cannot be sized. The refinancing plan for S$775.945m due within twelve months is not disclosed, and no undrawn committed facility is shown against it. Of the S$6.71bn of mortgaged assets, what is unencumbered is not disclosed by entity or asset.
The sell-through that anchors the development book is seller-published: the percentages rest on business-update sentences in the audited report, with no unit-level reconciliation to revenue and no independent series fetched. The FY2024 and FY2023 comparatives differ between presentations, and the five-year summary does not explain the difference. The capitalisation-rate sensitivity behind the S$6,864.944m investment property portfolio is not disclosed beyond market ranges, and the perpetual securities' step-up terms beyond 4.35 per cent are not in the retrieved material.
What the next twelve months will settle: the half-year results for the six months to 31 December 2026 (whether China takes a further allowance and how the current borrowings bucket is refinanced), the next business updates (Singapore sell-through and committed occupancy), and the next annual report (the investment property valuations and whether a capitalisation-rate sensitivity is disclosed).
Sources: FY2026 annual report (audited)
Every other test on this page waits for the company to file. These do not. Each row is a series you can look up yourself, free, today — with the level this reading was built against, the levels that would put it in question, and what the series cannot tell you.
Launch sell-through percentages and committed-occupancy readings are published only inside the group's SGX filings and business updates, which carry dates rather than a free, timely, independent operating series; no independent series (developer sales statistics, registry of options lodged) was fetched for this publication.
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Where the primary sources are filed. FY2026 annual report (audited) · FY2026 full-year results announcement, 28 August 2026 · FY2026 media release, 28 August 2026 · Malaysian privatisation proposal, 3 February 2026 · Selective capital reduction settlement, 7 August 2026 · Notes issuance announcement, 2026. Exchange portals re-file and purge documents over time; the text above cites each document by name and date so it can be found again. Tables on this page as data: JSON · CSV — the page’s own as-filed and recomputed tables, cell for cell, with their section and caption.
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