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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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UOL reports revenue surge in Q1

Posted by Kaeden Ong on 23rd May 2016 in Blog

Higher contributions from new and ongoing projects saw UOL Group’s revenue from property development more than double to $164.3 million in Q1 2016, from $77.3 million during the same period last year.

In an SGX filing, the Singapore-based developer reported higher progressive recognition of revenue from two residential developments launched in 2014 – Riverbank@Fernvale and Seventy Saint Patrick’s – as well as two other projects launched last year, Botanique at Bartley and Principal Garden.

Moreover, revenue from property investments, which includes contributions from the group’s offices and malls, grew by four percent to $55.5 million, noted UOL.

Revenue from its hospitality business, which includes hotels under the Pan Pacific and PARKROYAL brands, increased marginally by two percent to $104.9 million, from $102.6 million previously.

As such, the company’s total revenue surged by 39 percent to $330.1 million on an annual basis, while net attributable profit climbed five percent to $77.1 million.

However, the share of profit from associated companies and partnerships fell 12 percent to $34.1 million, mainly due to the absence of contribution from the Archipelago project. Completed in September 2015, the development is a joint venture with United Industrial Corporation.

Nevertheless, UOL’s gearing ratio remained unchanged at 0.27 during the first quarter.

Moving forward, the company believes the housing market outlook remains gloomy.

Similarly, the office rental market will continue to be under pressure due to the large upcoming supply in H2 2016, while the retail leasing sector will likely be subdued as tenants consolidate their operations amid an increasingly challenging business environment.

UOL’s hospitality business in Asia Pacific is expected to remain competitive, given the weak growth in the global economy.

Credits: Propertyguru

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Kaeden Ong

100 condo units sold at 70 Saint Patrick’s

Posted by Kaeden Ong on 27th September 2014 in Blog

More than 500 prospective buyers turned up at the showflat of 70 Saint Patrick’s on the first day of a private launch last Saturday, with around 100 units taken up over the weekend, revealed developer UOL Group.

Approximately 90 percent are Singaporean buyers.

Located at St Patrick’s Road in District 15, the development comprises two- to three-bedroom apartments ranging from 700 to 1,302 sq ft, while the dual-key units are 1,410 to 1,442 sq ft in size.

There are also 36 penthouses sized between 1,033 and 1,647 sq ft. It is understood that 16 have already found buyers.

The average price for the 186-unit freehold project is in the range of $1,630 psf.

Some 121 units were initially released, but due to a good response the remaining apartments were made available for sale on Sunday, according to Anthony Wong, Deputy General Manager (Marketing) at UOL.

The low-rise property is on the doorstep of the upcoming Marine Terrace station on the Thomson-East Coast MRT Line and is well-connected to other parts of the island via major expressways.

Meanwhile, 70 Saint Patrick’s won the top accolade in the Residential Developments, Singapore category at the recent International Property Awards (Asia Pacific) 2014.

The condominium is expected to be completed in December 2017.

Credits: Property Guru

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