Singapore Land Group recorded a net profit attributable to equity holders (“PATMI”) of $331.2 million for the year ended 31 Dec, 2021. The 267 per cent increase from $90.2 million in the previous year is mainly due to fair value gain on investment properties and a one-off disposal gain.
Fair value gain on investment properties amounted to $104.0 million, compared to a fair value loss of $103.4 million in the previous year. In addition, the disposal of an associate, Tianjin Yanyuan International Hotel, resulted in a one-off gain of $34.6 million.
The Group recorded a 10 per cent decrease in revenue to $607.1 million owing to lower revenue from property trading and technology operations, which fell by 55 per cent and 13 per cent respectively. Revenue from hotel operations however increased by 19 per cent due to the full year of operations of the refurbished PARKROYAL COLLECTION Marina Bay hotel.
Higher share of results of joint ventures by $32.7 million, largely attributable to the recognition of profits from development progress for The Tre Ver residential project, helped to mitigate the impact from the lower revenue this year.
An uneven recovery across the different property asset classes is expected in 2022. Geopolitical tensions and the lingering effects of the pandemic remain key factors in the recovery of the global economy. In Singapore, economic recovery will also be influenced by concerns around inflation, labour and resource constraints.
Read the full report here