Its offer works out to S$1,338 psf ppr, just 1% above the second-highest bid URA tender fetches total of nine bids

 

[SINGAPORE] A cocktail of strong sales at recent private residential project launches and an attractively located city-fringe site resulted in an impressive nine bids received for a 99-year leasehold plot near Farrer Park MRT station.

 

This was a stronger turnout than the three to seven bids for the Dorset Road plot forecast by analysts polled by The Business Times earlier this week.

 

That said, the top offer of S$524.3 million, or S$1,338 per square foot per plot ratio (psf ppr) was towards the upper end of the S$1,000 to S$1,400 psf ppr forecast by the analysts.

 

A consortium comprising UOL Group, Singapore Land Group and Kheng Leong placed the highest bid at Thursday&rsquo s (Oct 9) state tender closing.

 

The consortium&rsquo s proposed scheme envisages two 27-storey towers with 428 residential units. UOL chief investment and asset officer Shirley Ng noted the site&rsquo s strong locational attributes, including it being within a 1-km radius of St Joseph&rsquo s Institution Junior and Hong Wen School.

 

Wong Siew Ying, head of research and content at PropNex, noted that the participation in the Dorset Road tender made it one of the most keenly contested sites among the government land sale (GLS) tender closings so far this year, matching the nine bids received for a Dunearn Road plot in June.

 

The nine bids for the Dorset Road site is also similar to the 10 bids garnered in 2021 for the nearby Northumberland Road site, which is directly connected to Farrer Park MRT station. Zoned &ldquo residential with commercial at first storey&rdquo , the site was sold to a tie-up between City Developments and MCL Land for S$1,129 psf ppr. It has been developed into an integrated project that includes the 407-unit residential component Piccadilly Grand and a ground-floor retail podium, Piccadilly Galleria.

 

Piccadilly Grand saw robust take-up, moving 315 units or 77 per cent of total units at an average price of S$2,150 psf over its launch weekend in May 2022. It was fully sold by the end of 2023.

 

Knight Frank Singapore head of research Leonard Tay said that Thursday&rsquo s tender &ldquo reflects robust interest by developers who are generally still confident in the strong homebuyer momentum, married with the strong site-specific attributes of a city-fringe location that is flush with modern amenities and historical culture, despite economic uncertainty and elevated development costs&rdquo .

 

Based on the UOL-led consortium&rsquo s land price, market watchers expect a new condominium on the site to be launched at an average price of S$2,650 to S$2,800 psf, or even higher.

 

The consortium&rsquo s top bid on Thursday was just 1 per cent above the second-highest bid of S$1,324 psf ppr from a consortium comprising ABR Holdings, LWH Holdings, Macly Capital, Roxy-Pacific Holdings and Wee Hur Holdings.

 

The third-highest bid, from Hoi Hup Realty, translated to nearly S$1,315 psf ppr. Kingsford Group offered S$1,310 psf ppr for the site. A tie-up between Sim Lian Land and Sim Lian Development bid S$1,251.49 psf ppr. This was followed by a S$1,212.44 psf ppr bid from a unit of China Overseas Land & Investment.

 

Timely land replenishment

Tricia Song, head of research for South-east Asia at CBRE, said: &ldquo The fact that the top six bids are within a 10 per cent range shows some consensus on the site.&rdquo

 

Said Tay of Knight Frank: &ldquo With most Singapore residents remaining employed, and given that strong domestic savings provide households with financial flexibility, sustained demand for new products in well-located neighbourhoods with amenities currently persists, in turn incentivising developers to continue acquiring land.&rdquo

 

Huttons Asia chief executive officer Mark Yip said: &ldquo The strong sales at recent project launches has added urgency for developers to replenish their land bank.&rdquo

 

In a similar vein, UOL&rsquo s Ng noted: &ldquo If awarded, this (Dorset Road) site will be a very timely replenishment for our residential stock.&rdquo

 

Also participating at Thursday&rsquo s tender was a consortium that included CYZ Land, Soilbuild Group Holdings and United Engineers Developments (S$1,150 psf ppr). GuocoLand partnered Intrepid Investments for a S$1,136.75 psf ppr bid. Sustained Land placed the lowest bid of S$1,123 psf ppr.

 

The 111,934-square-foot site can be developed to a maximum gross floor area of 391,774 sq ft.

 

It is in a predominantly residential estate with existing public and private housing developments.

 

A myriad of attractions

Amenities such as eateries in Rangoon Road and Owen Road, Pek Kio Market and Food Centre, Pek Kio Park and Farrer Park Primary School are within easy reach by foot. City Square Mall and Mustafa Centre are also a stone&rsquo s throw from the site. 

 

A short distance away are Kallang Polyclinic and KK Women&rsquo s and Children&rsquo s Hospital, noted Justin Quek, deputy group CEO of Realion (OrangeTee and ETC) Group. &ldquo The site will be quite appealing to a variety of future buyers as there are plenty of amenities in the area.&rdquo

 

Tight launch supply in RCR

Yip of Huttons Asia partly attributed the robust participation at the latest GLS tender to the low supply from private residential property launches in the city fringe, or Rest of Central Region (RCR), expected in 2026.

 

&ldquo In 2025, an estimated 12 projects with 4,786 private homes will be launched for sale in the RCR. This will plunge to only three projects with 2,015 units in 2026 after factoring in Dorset Road. Hence, the supply of new homes in the city fringe will be limited in 2026, and this may provide support for prices of RCR homes.&rdquo

 

ERA Singapore CEO Marcus Chu said the healthy turnout for the Dorset Road tender bodes well for state land tender closings for other city-fringe sites. The tender for a plum site in Telok Blangah Road will close in early November.

 

Two other city-fringe sites are slated for launch in November (in Dover Road and Tanjong Rhu Road), and one in December (in Kallang Avenue).

The residents stand to receive between S$2.2 million and S$4.9 million each, depending on the size of their unit

[SINGAPORE] The S$810 million sale of Thomson View condominium has finally been completed,   UOL   : U14 +1.52%and   Singapore Land Group   : U06 +1.3% (SingLand) said in a bourse filing on Thursday (Oct 2), after earlier objections by a small group of owners stalled the deal. 

 

The development on Bright Hill Drive houses 200 apartments, 54 townhouses and a shop unit on a 5-hectare site. It was first put up for tender in February 2024. 

 

Last October, developers UOL, SingLand and CapitaLand Development (CLD) signed a conditional call-and-put option to acquire the 99-year leasehold development at S$810 million, an offer that was 12 per cent lower than the condo owners&rsquo original reserve price of S$918 million. The S$810 million price makes it the largest en bloc deal done in Singapore since Chuan Park&rsquo s S$890 million sale in May 2023. 

 

Owners stood to receive between S$2.2 million and S$4.9 million each, depending on the size of their unit, marketing agent ETC had said. 

 

But the Thomson View deal hinged on consent from at least 80 per cent of owners to lower their reserve price. 

 

It was reported in the media that a supplementary agreement was signed by unitholders around October 2024 to lower the condominium&rsquo s reserve price to S$808 million, paving the way for them to accept an S$810 million offer from the three developers. 

 

In March this year, the condominium&rsquo s collective sale was met with a stop order after efforts to mediate and resolve objections from a small group of owners were unsuccessful. All six objectors have since withdrawn their objections. 

 

The Business Times understands that some of the objections were related to the property&rsquo s lower reserve price. 

 

After a series of court proceedings, the High Court granted a sale order for Thomson View&rsquo s collective sale in July, allowing it to proceed. The collective sale committee costs of S$5,000 and a disbursement of S$3,829.20 were also awarded, with costs borne by the six objectors. 

 

CLD and UOL said then that the progress of the sale enables them to leverage their combined expertise to &ldquo rejuvenate and contribute to the vibrancy of this prime estate&rdquo . 

 

The final price tag of S$810 million works out to S$1,178 per square foot per plot ratio for the site, which UOL, SingLand and CLD plan to redevelop into a 1,240-unit project.

The sale of the Tanjong Katong Road property will be completed on Oct 31

 

[SINGAPORE] Property developer UOL has entered into an agreement to sell Kinex, a retail mall, for US$375 million. The buyers of the freehold property are Kinex Times Square and Xiaohong Property Management.

 

Located at 11 Tanjong Katong Road, the property consists of all the mall&rsquo s commercial strata lots, housed in a three-storey retail podium and a basement level. It has a total net lettable area of 204,223 square feet.

 

In a bourse filing on Wednesday (Sep 10), UOL said that the divestment is an opportunity to &ldquo unlock the value of its investment in Kinex&rdquo , and is part of the group&rsquo s ongoing strategy to reconstitute its property portfolio.

 

Net proceeds from the sale will provide UOL with greater financial flexibility for debt repayment, investments and other corporate requirements. The deal is scheduled to be completed on Oct 31.

 

This sale is the latest in a series of divestments by UOL. Earlier this year, the group sold its ParkRoyal hotel in Yangon. This followed a 2024 transaction in which the company recognised a S$21.6 million gain from the sale of a subisidiary that holds Stamford Court.

 

In July 2023, UOL sold Parkroyal on Kitchener Road to Singapore&rsquo s Worldwide Hotels Group for S$525 million, booking a gain of S$446.2 million.

Could UOL Group list a REIT? This is what CLSA suggests in a report dated Sept 5. The initial thoughts of most readers and investors is that this is an unlikely occurence.

 

Interestingly, this is one of the questions posed to the management ahead of UOL Group&rsquo s AGM held on April 28. In questions to the management, an investor asked whether the board or management formally assessed the monetisation of investment properties via asset spinoffs, REIT listings, or stapled securities to unlock embedded value.

 

UOL&rsquo s management said its focus is on &ldquo Total Portfolio Management&rdquo where the Group will divest non-core assets and reinvest in higher-yielding ones, demonstrating the Group&rsquo s ability to deploy capital effectively. &ldquo As part of the Group&rsquo s overall strategy, different options to create, improve and unlock shareholder value are evaluated. The Group is open to exploring a REIT structure, however this is dependent on market conditions,&rdquo it added.

 

During the AGM, an investor, Sasono Adhiguna, noted that UOL seemed to be the only major property developer in Singapore that did not own a REIT. Group CEO Liam Wee Sin replied that UOL may consider establishing a REIT under the right market conditions.

 

Sasono further questioned if the group establishes a REIT, which market segment would it consider and what would be the right market conditions. Liam replied that the company had a good pipeline and matured real estate assets and would evaluate all possibilities. Key factors would include interest rate and property yields. Group Chairman Wee Ee Lim pointed out that market sentiment and having the right timing for such an exercise were also important considerations.

 

According to the CLSA report a REIT is one of UOL' s &ldquo two major catalysts on the horizon" , the other being the redevelopment of Marina Square. " These could help to narrow the and a potential REIT spinoff as two catalysts in the near to medium term that could narrow the current 58% discount to RNAV.&rdquo

 

CLSA points out that 86% of the group&rsquo s total assets worth $22.8bn are in Singapore, namely from the residential, office, retail and hotel segments. As of Jun 30, the group has $12.7 billion worth of investment properties mainly from its office portfolio in Singapore, CLSA points out. In 1H2025, UOL announced a $9.9 million fair value loss on the back of lower valuations in Australia and UK, offset by gains in Singapore.

 

&ldquo Comparing to peers&rsquo portfolios, we note that UOL&rsquo s portfolio is on aggregate valued at $2,373 psf which is 14-17% below the portfolios of CICT, Suntec Reit and Keppel Reit. Arguably, UOL&rsquo s portfolio may be more dated than the peers hence, the uplift to book value might not be significant under current market conditions, in our view,&rdquo the CLSA report says.

 

Nonetheless, both Suntec REIT and Keppel REIT are trading at discounts to NAV. CLSA observes that Suntec REIT traded above book in 2017 and Keppel REIT traded a lot closer to book at the same time.

 

&ldquo With the office market improving on the back of both easing supply and interest rates, we believe office REITs could trade closer to book, implying around 30% upside potential from current levels if both macro conditions are conducive over the next three years.&rdquo

 

During a results briefing, Liam said UOL had been given provisional permission to redevelop Marina Square under the Strategic Development Initiative (SDI). DBS estimates this would lift the site&rsquo s valuation by three times.

 

On the residential front, CLSA says the sellout in ParkTown Residences earlier this year has propelled UOL to a leading market share of 23% by 1H2025. Skye @ Holland is expected to launch in 3Q2025. Its location in district 10 is likely to be popular with buyers, market watchers reckon. Analysts have estimated that UOL is set to sell at least 1,500 units this year.

 

CLSA has initiated coverage on UOL with an Outperform rating and a $10.50 target price. UOL closed at $7.30 at mid-day on Sept 5, up 41% this year, but still lower than the NAV of $13.59.

CGS International, Citi and DBS Research have all ranked it as their top pick among listed Singapore developers this year

[SINGAPORE] Property developer UOL has been on a bull run recently. And it might be entering a new growth phase.

 

In the year to Tuesday (Aug 19), the stock is up 39 per cent at S$7.19, after hitting a multi-year high of S$7.30 on Aug 14.

 

Already, Singapore&rsquo s largest developer by market capitalisation has been busy building up its pipeline of prime residential sites, completing major asset enhancement initiatives and redeveloping its Central Business District (CBD) assets. 

 

UOL launched Watten House in March last year, Meyer Blue last October, Parktown Residences this February and Upperhouse this July. These projects all sold between 50 and 87 per cent of their units over their launch weekends. 

 

The group has a Holland Drive project, Skye at Holland, for which it is planning to start previews in September. UOL will also be redeveloping Thomson View Condominium, which it bought together with CapitaLand Development in October 2024, into a 1,240-unit project at a later date. 

 

So far, UOL has spent close to S$4.2 billion together with its joint venture partners to acquire land for these six projects. 

 

The developer had been comparatively subdued in the period from 2020 to 2023, when it launched one residential project a year in Singapore. Even before the Covid-19 pandemic, it was not as active, with only two launches a year between 2018 and 2019. 

 

In its latest financial results for the first half of 2025, UOL reported a 58 per cent increase in net profit to S$205.5 million. 

 

Revenue from property development increased by 40 per cent to S$210 million compared to the year-ago period, due to progressive revenue recognition from Pinetree Hill, Watten House and Meyer Blue. 

 

In the second half of the year, revenue recognition from UOL&rsquo s four newest condominium launches will likely start trickling in, which should bode well for the developer&rsquo s full-year results. 

 

Parktown Residences will likely deliver a big boost. The integrated development sold more than 87 per cent of its 1,193 units during its launch in February 2025. This remains one of the highest take-up rates for a new launch this year. 

 

Upperhouse at Orchard Boulevard, which was launched in July, also did well. It was the best-selling Core Central Region project since Midtown Modern was launched in 2021, moving 162 or more than 53.8 per cent of its 301 units at an average price of S$3,350 per square foot (psf). 

 

This record has since been beaten by Wing Tai&rsquo s River Green, which sold 88 per cent of its units at an average of S$3,130 psf in the same month. 

 

UOL&rsquo s success with its recent projects is testament to how the developer is able to appeal to both the mass market and luxury segments of buyers. 

 

Some of these projects, such as Upperhouse and the redevelopment of Thomson View, are also located along the newly opened Thomson-East Coast Line, bringing connectivity which buyers will appreciate. 

 

CGS International, Citi and DBS Research all ranked UOL as their top pick among listed Singapore developers in reports published earlier this year. 

 

Solid margins

DBS analysts Derek Tan and Tabitha Foo rated UOL a &ldquo buy&rdquo , with a target price of S$8.50 in March. 

 

They noted how both Upperhouse and Skye at Holland were sites acquired at significantly lower land costs, which could drive an expansion in UOL&rsquo s development margins and support higher profitability in the medium term. 

 

The site on which Upperhouse sits was acquired for S$1,616 psf per plot ratio (ppr) in February 2024. This is 32 per cent lower than the S$2,377 psf ppr that SC Global and Hong Kong-listed FEC Properties and New World Development paid in May 2018 for a nearby site, which is now Cuscaden Reserve. 

 

UOL bought the site on which Skye at Holland will be built at S$1,285 psf ppr in May 2024. This was 32 per cent lower than the S$1,888 psf ppr paid by a consortium led by Far East Organization for the site next to it &ndash which has since been developed into One Holland Village. 

 

For Skye at Holland, as long as UOL is able to move its units at S$2,700 psf, it should be able to achieve a comfortable 20 per cent margin, DBS Research estimated.  

 

Recurring income, diversified streams

UOL&rsquo s diversified portfolio and its strong presence in the commercial and hotel industries allow the group to generate recurring income streams, OCBC Investment Research said in August after the group reported earnings for H1. 

 

Besides its property development business, UOL also has its hospitality business, which it controls through its subsidiary Pan Pacific. 

 

Its other subsidiary Singapore Land Group (SingLand) owns an extensive portfolio of prime office and retail assets in Singapore, Australia, China and the UK. 

 

In H1, UOL&rsquo s Singapore office portfolio had a committed occupancy of 96.6 per cent, while its retail portfolio had a committed occupancy of 97.3 per cent. Hotel occupancy edged up to 77 per cent in H1. 

 

Now that the developer has mostly completed its asset enhancement initiatives for Singapore Land Tower, this should lead to positive rental reversions as the supply of Grade A office space remains tight in the CBD. 

 

Piling works also began last year for SingLand&rsquo s redevelopment of its iconic Clifford Centre. When completed in 2028, the premium Grade A asset will have more than 52,000 square metres of office and retail space and will be directly connected to the Raffles Place MRT station.  

 

And if UOL and SingLand proceed with the proposed redevelopment of Marina Square, DBS Research believes the gross development value of the asset could increase to 4.5 times its existing value of S$1.05 billion upon completion. 

 

&ldquo This key value-unlocking activity is expected to drive the share prices of both groups higher,&rdquo DBS said. 

 

As for its hotel segment, UOL recently completed asset enhancement initiatives for Parkroyal Parramatta in Sydney and Pan Pacific Perth in May 2025. 

 

Both hotels are expected to benefit from the Australian Trade and Investment Commission&rsquo s projected 41 per cent increase in tourism arrivals in Australia between 2024 and 2028, which makes UOL&rsquo s strategic expansion into the Australia hospitality market timely. 

 

Will UOL maintain its lead?

UOL&rsquo s latest financial results have been strong, but chief executive Liam Wee Sin said the group will remain disciplined in its approach to portfolio management, project execution and capital deployment in a world adjusting to a new trade order. 

 

In May, Citi analyst Brandon Lee flagged several downside risks for UOL, such as cap rates expanding should interest rates rise, an economic slowdown, fall in tourism arrivals and the continuation of cooling measures for a prolonged period. 

 

For H1, Singapore&rsquo s gross domestic product growth averaged 4.2 per cent year on year, but the Ministry of Trade and Industry foresees &ldquo significant uncertainty and downside risks&rdquo in H2, given the lack of clarity over the US&rsquo tariff policies. 

 

There is, however, a silver lining in sight, as interest rates have been falling since the start of the year. 

 

In January, the three-month compounded Singapore Overnight Rate Average was around 3.02 per cent. As at Tuesday, it was around 1.7 per cent. The rate may moderate further, as the US Federal Reserve is expected to cut interest rates in September. 

 

Lower interest expenses could drive UOL&rsquo s return on equity (ROE) higher. DBS Research estimates that a decline of 100 basis points in floating debt could lead to a 13 percentage point increase in ROE for UOL based on a sensitivity analysis. 

 

Given the low interest rate environment and the value that can be unleashed, perhaps it is a good time for UOL to redevelop Marina Square, should it obtain written permission from the Urban Redevelopment Authority to do so. 

 

While its net gearing ratio has inched up slightly in H1 to 0.25 from 0.23, the group&rsquo s balance sheet still remains healthy, which should allow it to maintain its strong momentum for the rest of the year. 

Deal with University of Brighton marks developer&rsquo s first asset in this sector

 

[SINGAPORE] Property developer UOL : U14 +1.96% is acquiring a complex of student residential halls from the University of Brighton in the United Kingdom for £ 43.5 million (S$75.6 million), marking its first foray into the student accommodation sector. 

 

Varley Park, which is located in Brighton, comprises 771 operational beds across 22 blocks. The property also comes with a leaseback agreement with the university. The property, which sits on more than 2.8 hectares of land, also has an amenity block with modern conferencing facilities and a dining hall. 

 

In a press release on Thursday (Aug 14), UOL noted that the student accommodation sector has seen robust growth in the UK due to various factors, including a growing student population, supply-and-demand imbalance and resilient income streams. 

 

Said Liam Wee Sin, the group chief executive of UOL: &ldquo We see strong potential in the purpose-built student accommodation (PBSA) segment as it is a resilient asset class with strong fundamentals and provides opportunities for us to grow the portfolio in key markets.&rdquo

 

He added that UOL will be able to apply its strengths in hospitality and residential development to the broader living sector, comprising PBSA, build-to-rent and serviced apartments.

 

The acquisition, which is part of UOL&rsquo s strategy to diversify and strengthen its recurring income streams, is being financed through a combination of internal resources and external borrowings.

 

The group currently owns three other recurring-income assets in the UK. They are Pan Pacific London, 120 Holborn Island and 110 High Holborn. 

The property developer will preview new launch Skye at Holland in September 2025

 

[SINGAPORE] Property developer UOL Group posted a 58 per cent increase to S$205.5 million for the first half of 2025.

 

The increase was due to strong performance from property development and property investments, and other gains from the disposal of Parkroyal Yangon, UOL said in a bourse filing on Wednesday (Aug 13).

 

Earnings per share for H1 2025 stood at S$0.2433, up from S$0.1543 in H1 2024.

 

Revenue rose 22 per cent to S$1.55 billion, from S$1.27 billion in the year-ago period, mainly due to higher earnings across most business segments.

 

UOL group chief executive Liam Wee Sin said: &ldquo Our strong results reflect the resilience of our diversified portfolio and the continued confidence in Singapore as a stable and trusted market, even in times of heightened uncertainty.&rdquo  

 

Revenue from property development rose 40 per cent to S$731.7 million on higher progressive revenue recognition from new launch projects Pinetree Hill, Watten House and Meyer Blue. 

 

The CEO highlighted how two recent projects launched by UOL &ndash Parktown Residence and Upperhouse at Orchard Boulevard &ndash performed well. 

 

To date, the group has sold 64 per cent or 192 out of 301 units in Upperhouse at Orchard Boulevard and 92 per cent or 1,092 out of 1,193 units in Parktown Residence. 

 

Yvonne Tan, UOL&rsquo s chief corporate and development officer, said during the earnings briefing that the firm take-up at the recent Upperhouse launch reflects &ldquo aspirations to upgrade remain deep-rooted, and genuine demand continues to anchor the strong sales&rdquo . 

 

&ldquo The recent revision to the seller&rsquo s stamp duty (SSD) had minimal impact on buying behaviour,&rdquo she added. 

 

Under the revised rules, the holding period for private residential properties was extended from three to four years. SSD rates now range from 16 per cent in the first year to 4 per cent in the fourth year, with no SSD payable after that.

 

Liam said: &ldquo We see demand gravitating to the Core Central Region (CCR) market in a sense, flight to quality for buyers due to the price gap compression between CCR and Rest of Central Region (RCR).&rdquo  

 

Given the robust demand, UOL will preview Skye at Holland in September 2025. 

 

The project will comprise two 40-storey condominium towers, accommodating 680 units. It sits on a 12,388 square metre plot of land that was awarded to a UOL-led consortium last May for S$805.4 million, or S$1,285 per square foot per plot ratio. 

 

Meanwhile, UOL expects to launch the project on the Thomson View plot in H2 2026, said Liam. The development is a joint venture between UOL and CapitaLand, and it is expected to yield some 1,240 residential units. 

 

The Thomson View plot was acquired at S$810 million, after the High Court of Singapore granted the sale order for the collective acquisition of Thomson View condo in July 2025. 

 

Amid rising land costs, Liam noted that the group is &ldquo very selective&rdquo in its land bids, noting that breakeven hinges on land prices, which are trending upward alongside selling prices.

 

No dividend has been declared for H1, unchanged from the year-ago period. 

 

Property investments recorded a 12 per cent increase in revenue to S$303.6 million due mainly to revenue from the newly acquired stake in 388 George Street in Sydney in January 2025, stronger performance by Singapore Land Tower which had substantially completed its asset enhancement initiative works by December 2024, and new contributions from Odeon 333 in Singapore which commenced operations in July 2024. 

 

UOL also recorded positive rental reversion for both its office and retail portfolios. It expects the office sector to remain stable, driven by the continued flight to quality and underpinned by limited new supply, especially in the Central Business District. 

 

Liam added that the group has made further progress in its strategic development incentive (SDI) for Marina Square, and will reveal details at a later stage. In April this year, a DBS Research report suggested it was time for UOL and Singapore Land Group to unlock value from the asset. 

 

This can be done through redeveloping the mall into a future-proof, mixed-use integrated development, by tapping into government incentive schemes focused on rejuvenating the city centre, the report noted.

 

Marina Square sits on land with a 99-year leasehold tenure that started on Sep 9, 1980. The mixed-used development measures 92,197 sq m, and has a total gross floor area of 315,046 sq m. 

 

In 2023, SingLand obtained provisional permission from the authorities for the partial redevelopment of Marina Square. Liam said: &ldquo It&rsquo s a long journey... We are now gunning for, hopefully, a written permission to be obtained... When we get the approval, it will be announced.&rdquo  

 

Occupancy for hotels in Singapore owned by UOL stood at 77 per cent in H1, a slight increase from 76 per cent a year ago. However, marketing expenses rose 29 per cent to S$72.6 million due to higher selling expenses for residential projects and higher marketing and distribution costs for the hospitality segment. 

 

Liam said he expects the Singapore hospitality sector to remain challenging given the global economic situation. 

 

He said: &ldquo However, the pipeline of meetings, incentives, conferences, and exhibitions (Mice)   events may drive corporate and leisure demand for the second half of the year.&rdquo  

 

&ldquo In a world adjusting to a new trade order, we will continue to be disciplined in our approach to portfolio management, project execution and capital deployment. We will adapt to changing market conditions and navigate through these uncertain times.&rdquo  

 

Demand is expected to remain stable in the Singapore office sector, driven by the continued flight to quality and limited new supply, especially in the Central Business District, Liam said. 

 

UOL&rsquo s net gearing ratio rose to 0.25 as at Jun 30, 2025, from 0.23 as at Dec 31, 2024, while interest cover rose to seven times its net interest cost from six times last December. 

 

The group&rsquo s net asset value per share decreased slightly to S$13.59, from S$13.65 in H2 2024 due to lower hedging reserves, foreign currency translation reserves and payment of dividends to shareholders.

The property developer will preview new launch Skye at Holland in September 2025

[SINGAPORE] Property developer UOL Group posted a 58 per cent increase in net profit to S$205.5 million for the first half of 2025.

 

The increase was due to strong performance from property development and property investments, and other gains from the disposal of Parkroyal Yangon, UOL said in a bourse filing on Wednesday (Aug 13).

 

Earnings per share for H1 2025 stood at S$0.2433, up from S$0.1543 in H1 2024.

 

Revenue rose 22 per cent to S$1.55 billion, from S$1.27 billion in the year-ago period, mainly due to higher earnings across most business segments.

 

UOL group chief executive Liam Wee Sin said: &ldquo Our strong results reflect the resilience of our diversified portfolio and the continued confidence in Singapore as a stable and trusted market, even in times of heightened uncertainty.&rdquo  

 

Revenue from property development rose 40 per cent to S$731.7 million on higher progressive revenue recognition from new launch projects Pinetree Hill, Watten House and Meyer Blue. 

 

The CEO highlighted how two recent projects launched by UOL &ndash Parktown Residence and Upperhouse at Orchard Boulevard &ndash performed well. 

 

To date, the group has sold 64 per cent or 192 out of 301 units in Upperhouse at Orchard Boulevard and 92 per cent or 1,092 out of 1,193 units in Parktown Residence. 

 

Yvonne Tan, UOL&rsquo s chief corporate and development officer, said during the earnings briefing that the firm take-up at the recent Upperhouse launch reflects &ldquo aspirations to upgrade remain deep-rooted, and genuine demand continues to anchor the strong sales&rdquo . 

 

&ldquo The recent revision to the seller&rsquo s stamp duty (SSD) had minimal impact on buying behaviour,&rdquo she added. 

 

Under the revised rules, the holding period for private residential properties was extended from three to four years. SSD rates now range from 16 per cent in the first year to 4 per cent in the fourth year, with no SSD payable after that.

 

Liam said: &ldquo We see demand gravitating to the Core Central Region (CCR) market in a sense, flight to quality for buyers due to the price gap compression between CCR and Rest of Central Region (RCR).&rdquo  

 

Given the robust demand, UOL will preview Skye at Holland in September 2025. 

 

The project will comprise two 40-storey condominium towers, accommodating 680 units. It sits on a 12,388 square metre plot of land that was awarded to a UOL-led consortium last May for S$805.4 million, or S$1,285 per square foot per plot ratio. 

 

Meanwhile, UOL expects to launch the project on the Thomson View plot in H2 2026, said Liam. The development is a joint venture between UOL and CapitaLand, and it is expected to yield some 1,240 residential units. 

 

The Thomson View plot was acquired at S$810 million, after the High Court of Singapore granted the sale order for the collective acquisition of Thomson View condo in July 2025. 

 

Amid rising land costs, Liam noted that the group is &ldquo very selective&rdquo in its land bids, noting that breakeven hinges on land prices, which are trending upward alongside selling prices.

 

No dividend has been declared for H1, unchanged from the year-ago period. 

 

Property investments recorded a 12 per cent increase in revenue to S$303.6 million due mainly to revenue from the newly acquired stake in 388 George Street in Sydney in January 2025, stronger performance by Singapore Land Tower which had substantially completed its asset enhancement initiative works by December 2024, and new contributions from Odeon 333 in Singapore which commenced operations in July 2024. 

 

UOL also recorded positive rental reversion for both its office and retail portfolios. It expects the office sector to remain stable, driven by the continued flight to quality and underpinned by limited new supply, especially in the Central Business District. 

 

Liam added that the group has made further progress in its strategic development incentive (SDI) for Marina Square, and will reveal details at a later stage. In April this year, a DBS Research report suggested it was time for UOL and Singapore Land Group to unlock value from the asset. 

 

This can be done through redeveloping the mall into a future-proof, mixed-use integrated development, by tapping into government incentive schemes focused on rejuvenating the city centre, the report noted.

 

Marina Square sits on land with a 99-year leasehold tenure that started on Sep 9, 1980. The mixed-used development measures 92,197 sq m, and has a total gross floor area of 315,046 sq m. 

 

In 2023, SingLand obtained provisional permission from the authorities for the partial redevelopment of Marina Square. Liam said: &ldquo It&rsquo s a long journey... We are now gunning for, hopefully, a written permission to be obtained... When we get the approval, it will be announced.&rdquo  

 

Occupancy for hotels in Singapore owned by UOL stood at 77 per cent in H1, a slight increase from 76 per cent a year ago. However, marketing expenses rose 29 per cent to S$72.6 million due to higher selling expenses for residential projects and higher marketing and distribution costs for the hospitality segment. 

 

Liam said he expects the Singapore hospitality sector to remain challenging given the global economic situation. 

 

He said: &ldquo However, the pipeline of meetings, incentives, conferences, and exhibitions (Mice)   events may drive corporate and leisure demand for the second half of the year.&rdquo  

 

&ldquo In a world adjusting to a new trade order, we will continue to be disciplined in our approach to portfolio management, project execution and capital deployment. We will adapt to changing market conditions and navigate through these uncertain times.&rdquo  

 

UOL&rsquo s net gearing ratio rose to 0.25 as at Jun 30, 2025, from 0.23 as at Dec 31, 2024, while interest cover rose to seven times its net interest cost from six times last December. 

 

The group&rsquo s net asset value per share decreased slightly to S$13.59, from S$13.65 in H2 2024 due to lower hedging reserves, foreign currency translation reserves and payment of dividends to shareholders.

Net proceeds will be used for general corporate purposes of UOL and its subsidiaries, including for refinancing of borrowings

 

[SINGAPORE] Property developer UOL   : U14 +0.91%on Wednesday (Jul 9) announced that its wholly owned subsidiary UOL Treasury Services (UTS), a special purpose entity, priced S$75 million worth of fixed rate notes. 

 

The notes will be issued as the second tranche of the fifth series under a S$2 billion multicurrency medium-term note programme established by UTS in November 2014. 

 

They are payable semi-annually at a fixed rate of 2.78 per cent and are expected to mature on Jul 15, 2032, UOL said.

 

Net proceeds from the issuance, after deducting issuance expenses, will be used for general corporate purposes of UOL and its subsidiaries. These include the refinancing of existing borrowings alongside the financing of working capital and capital expenditure requirements of the group. 

 

Under the programme, UOL will guarantee the notes unconditionally and irrevocably. Its payment obligations as guarantor will rank pari passu with all other present and future unsecured obligations, excluding subordinated obligations and priorities created by the law, the property player said. 

 

The notes will be issued to institutional investors and accredited investors in Singapore.

 

The Singapore branch of CIMB Bank has been appointed as the sole dealer for the notes. 

 

With a presence in 15 countries and total assets of S$23 billion, UOL&rsquo s portfolio spans residential, commercial and hospitality properties. It owns or manages 48 hospitality properties, including hotel Parkroyal Collection Pickering in Chinatown.  

 

Its subsidiaries include mainboard-listed real estate company Singapore Land Group : U06 +0.87% and Pan Pacific Hotels Group. 

UOL Group&rsquo s wholly-owned subsidiary, UOL Treasury Services, has priced its $225 million notes due 2032 at 2.78%.

 

The notes are to be issued as the fifth series of notes under the group&rsquo s $2 billion multicurrency medium term note programme. The net proceeds are expected to be used for general corporate purposes of UOL and its subsidiaries, including refinancing of existing borrowings and financing of working capital and capital expenditure requirements of the group.

 

The notes are unconditionally and irrevocably granted by UOL under the programme, and will be paid per annum semi-annually.

 

The notes are available for institutional investors and accredited investors.

Revenue for the half-year rose 16% to S$1.5 billion

 

PROPERTY player UOL Group : U14 -2.21% posted a 60 per cent fall in net profit to S$227.8 million for the six months ended Dec 31, 2024. This was mainly due to the absence of a one-time gain from the sale of Parkroyal on Kitchener Road in October 2023.

 

Otherwise, the company saw growth across its key segments that drove a 16 per cent rise in revenue to S$1.5 billion.

 

Its board proposed a first and final dividend of S$0.18 per share for FY2024, compared with a total dividend of S$0.20 per share last year that included a S$0.05 special dividend. The payment date for the FY2024 dividend will be announced later.

 

At a results briefing on Thursday (Feb 27), UOL chief executive Liam Wee Sin highlighted the group&rsquo s &ldquo very good set of results&rdquo in the year despite ongoing uncertainties. &ldquo We benefited from our diversified income stream, low gearing, active (asset enhancement initiatives), asset recycling and strong product offerings.&rdquo  

 

UOL witnessed strong performance in Singapore&rsquo s residential property market, in particular, with many buyers who were previously &ldquo fence-sitters&rdquo making purchases now, especially after the US Federal Reserve cut interest rates late last year, said Liam. 

 

There was also the emergence of a new group of buyers he dubbed &ldquo parents-assisted purchasers&rdquo in the suburban residential market.

 

UOL&rsquo s H2 revenue from property development consequently rose by S$140 million, or 26 per cent, due to higher progressive revenue recognition from the Pinetree Hill and Watten House projects.

 

Revenue from property investments rose 8 per cent, with better performance from its Singapore commercial properties and Pan Pacific Serviced Suites Kuala Lumpur. UOL also recorded new contributions from Parkroyal Serviced Suites Jakarta, which opened in January last year.

 

Revenue from hotel operations similarly increased 5 per cent, thanks to the opening of Pan Pacific Orchard in June 2023 and better performance at Pan Pacific Perth and Parkroyal Melbourne Airport after both underwent renovations in 2023.

 

For the full year, UOL&rsquo s net profit was down 49 per cent to S$358.2 million. But excluding the impact of one-time gains, the company&rsquo s operating profit after tax and minority interests was up 13 per cent to S$314.2 million. This came as revenue rose 4 per cent to S$2.8 billion.

 

UOL&rsquo s net gearing ratio inched down to 0.23 as at Dec 31, 2024, while interest cover rose to six times its net interest cost.

 

The group&rsquo s net asset value per share increased slightly to S$13.65.

 

Looking ahead, the company is &ldquo cautiously optimistic&rdquo amid ongoing uncertainty in the global economy, said chief executive Liam Wee Sin.

 

UOL will unveil the private launch of Upperhouse at Orchard Boulevard in mid-2025, followed by the Holland Drive development in the third quarter.

 

Liam believes that residential sales momentum will continue with Singapore&rsquo s growing economy and low unemployment rate.

 

But the performance of new launches will depend on &ldquo micro-market supply-demand factors, locational attributes and well-connected transportation networks&rdquo , he said.

 

Separately, UOL expects the office sector to stay resilient, with Singapore&rsquo s position as a global hub and the limited supply of new offices.

 

The domestic hospitality sector is also &ldquo likely to remain stable, driven by the government&rsquo s long-term plan to boost business events and leisure activities&rdquo , the company added.

 

When asked about moving into the Johor market, especially with the announcement of the Johor-Singapore Special Economic Zone, Liam highlighted the group&rsquo s concern over unregulated supply in the area. He added that there may also be difficulty in attracting talent to work there due to currency differences. &ldquo For me, I&rsquo d say it&rsquo s too early to decide.&rdquo