Property developer UOL Group is planning to launch two new residential projects in Clementi and Potong Pasir over the next two years, reported Singapore Business Review, citing a report from OCBC Investment Research.

The Clement Canopy, a 505-unit condominium in Clementi in which UOL owns a 50 percent stake, is expected to launch in the first quarter of 2017.

Raintree Gardens in Potong Pasir, which was acquired by the group via an en bloc sale with UIC Ltd, will be redeveloped into a 750-unit project that will hit the market in 2018.

UOL has seen healthy sales at its previously launched Singapore projects. The 797-unit Botanique at Bartley recorded a take-up rate of 96 percent, while Principal Garden and Riverbank @ Fernvale are 43 percent and 78 percent sold, respectively.

The three projects obtained their Temporary Occupation Permit (TOP) in September 2015 and May 2016, respectively.

With this, the group’s revenue for the quarter climbed 11 percent year-on-year to $393 million, on the back of higher topline contributions across its hotel, property development and property investment segments.

Property development revenue, for instance, jumped 19 percent year-on-year to $207 million due to higher progressive recognition from Botanique at Bartley, Riverbank @ Fernvale and Principal Garden, said OCBC.

Credits: Propertyguru

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Sim Lian founder launches cash offer to privatise developer

Posted by Kaeden Ong on 12th August 2016 in Blog

Wandervale EC

An investment holding company owned by the Kuik family and led by Kuik Ah Han, Founder and Executive Chairman of Sim Lian Group (SLG), is looking to privatise and delist the property developer.

In an SGX filing on Monday (8 August), Coronation 3G announced a voluntary cash offer for all outstanding shares of SLG that it doesn’t already own.

The offer price of S$1.08 per share is final and represents a 14.9 percent premium over the last traded price per share of S$0.94 on 4 August.

“Coronation 3G believes that the offer presents SLG shareholders with a compelling cash exit opportunity given the illiquidity of its shares,” it said, adding that the shares have not traded at or above the offer price since its listing in 2000.

Coronation 3G has secured irrevocable undertakings representing 80.36 percent of the total number of issued shares. The offer is conditional on Coronation 3G receiving acceptances of 90 percent of the total number of issued shares.

Oversea-Chinese Banking Corporation Limited is the financial adviser to Coronation 3G in relation to the offer.

Credits: Propertyguru

(View Wandervale EC Choa Chu Kang Homepage, an exquisite development by Sim Lian Group)

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