About Ang Mo Kio New Condo | UOL aims to launch two new residential projects. One of the new residential properties for launch is the 372-unit project, which will be launched at Ang Mo Kio Avenue 1 (AMO Residence). This project is targeted to be launched in June 2022. The 372 projects are jointly developed with Kheng Leong Co and Singapore Land Group in a 60:20:20 joint venture. In addition, this project rests on a 99-year leasehold government land sale site, which was won by the UOL with a bid roughly of $381.4 million, last May.
Similarly, the next project in line is the freehold Watten Estate Condominium which is located on Shelford Road. This project was purchased jointly by SingLand and UOL for approximately $550.8 million the previous year in October. Therefore, this equates to $1,723 psf ppr. On top of that, the developers of this project intend to launch more than 200 units in 2023.
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In the same vein, at the briefing held on 28th February, UOL Group reported having registered revenue of $2.6 billion. This was stimulated by the property management which witnessed a 67% y-o-y rise in revenue to $1.6 billion at its FY2021. The earnings later increased to $307.4% million in FY2021, compared to the previous year which saw a $13.1 million surge. The increase in FY2021 was as a result of other added advantages of $73.8 million and fair value compared to FY2020 where there were other losses of $246.7 million, said the listed property group.
Thus, the revenue generated for UOL’s Singapore residential projects also included the following, the 640-unit Clavon, 1,074-unit Avenue South Residence, and the 729-unit The Tre Ver. Additionally, the 448-unit The Watergardens at Canberra was among the projects recognized for the revenue generated.
