OCR will continue to chiong?
UOL Group, which yesterday posted a 19 per cent rise in full-year net profit to $807.7 million, said it expected demand and prices for residential property to fall in the aftermath of the latest cooling measures. Said Gwee Lian Kheng, UOL's group chief executive: "The recent cooling measures and the latest property tax changes by the government in Singapore will dampen overall demand and moderate prices.
"We remain cautious and selective in our land acquisitions and will continue to reinforce our recurrent income streams and focus on improving the performance of our property investments and hospitality."
The group will also stay away from the luxury market for now.
"I think the luxury market is in for a very hard time. . . If I were to go in now I would go for the mass, or possibly lower end, type of market. For high end, I think I would go into hibernation for a while," said Mr Gwee