For the full year ended Dec 31, 2023, net profit was down 40 per cent to S$270.8 million, while revenue was up 12 per cent to S$684.6 million.
The revenue increase is largely driven by higher income from hotel operations, as well as from technology operations as there were more software licence sales.
Looking forward, the office sector is likely to face short-term challenges as there will be new supply of office spaces in the first half of 2024, said SingLand. The group also expects modest growth in office rentals in the Central Business District as Singapore’s economy improves.
For the retail sector, the group expects rentals to see moderate improvement from higher tourist arrivals in 2024. This is also as suburban malls remain resilient and workers return to the office.
For the hospitality sector, ongoing macroeconomic headwinds mean there will be a cautious recovery, noted SingLand.
Meanwhile, the residential market is likely to grow at a slower rate in 2024 due to government cooling measures and higher interest rates.
Nonetheless, demand will continue to be supported by resilient household balance sheets and a high employment rate.
SingLand shares closed up 0.6 per cent or S$0.01 to S$1.82 on Friday, before the results announcement.
