UOL Group, a property developer intends to have two new residential development launches in over the coming two years. Based on OCBC investment research report cited by Singapore Business Review, one residential development is in Clementi while the other is in Potong Pasir.
In Clementi, the project scheduled for launch in Q1 2017 is the Clementi Canopy, a condominium with 505 units in which UOL has a stake of 50%.
The project in Potong Pasir is Raintree Gardens which the group acquired with UIC Ltd through an en bloc sale. The project which is to be redeveloped into a project with 750 units is expected to be launched in 2018.
Previously, UOL has recorded healthy sales at its other Singapore projects it has launched. The Botanique at Bartley project had a 96% take-up rate of its 797 units. Riverbank @ Fernvale recorded a 78% uptake of its 555 units while Principal Garden sold 43% if its 663 units.
The three projects by UOL attained their Temporary Occupation Permit (TOP) between September 2015 and May 2016.
The quarter recorded an increase in revenue of 11% year on year to arrive at $393 million. This was attributed to higher contributions across the group’s property investment sector, hotels and property development.
The OCBC investment Research further noted that revenue from property development increased by 19% y-o-y to 207 million. This was due to the higher progressive recognition of revenue from Principal Garden, Botanique @ Bartley and Riverbank @ Fernvale.
UOL is a property company listed on Singapore stock exchange. Other than real estate, the company is also involved in hospitality and in retail business with its segments being property development, hotel operations, property investments and management services.
Other than Singapore, its operations are spread in China, Australia, Malaysia, Vietnam and Myanmar. It has won numerous awards courtesy of its residential developments.