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Thread: UOL targeting two launches in Q2

  1. #1
    Join Date
    Oct 2011
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    Default UOL targeting two launches in Q2

    UOL targeting two launches in Q2

    Wed, Feb 27, 2019


    UOL Group, which posted a 51 per cent drop in full-year net profit due mainly to one-off gains in the preceding year, is getting ready to launch two Singapore residential projects in the second quarter of this year.

    In April, it is targeting to release a 56-unit freehold project on the former Nanak Mansions site on Meyer Road.

    The low-rise luxury freehold condo, MeyerHouse, will have large format units - substantially four-bedroom apartments with some three-bedders and penthouses. There will be no one- or two-bedders.

    UOL's other project targeted for launch in Q2, the 56-storey Avenue South Residence, will have two towers; the project will have 1,074 residential units.

    Located on Silat Avenue, the 99-year leasehold project will have views of the Greater Southern Waterfront area.

    UOL Group chief executive Liam Wee Sin declined to give the indicative pricing for the two projects, but said that despite the July 2018 cooling measures, "Singapore residential projects with land price advantage, strong product differentiation and in locations with limited supply will see healthy take-up".

    In the aftermath of the cooling measures, land prices will moderate and en bloc sales will have very limited traction, he added.

    Mr Liam also highlighted that Amber45 launched in May last year is now 71 per cent sold; the Tre Ver in Potong Pasir, launched last August, is 40 per cent sold.

    The group's 51 per cent fall in net profit for the year ended Dec 31, 2018 entailed a drop to S$433.7 million from the S$880.2 million in the preceding year; this came mainly from a S$535.6 million gain recognised upon the consolidation of the United Industrial Corporation group (UIC) in FY2017. Excluding this one-off gain, net profit would have risen 26 per cent.

    Group revenue climbed 13 per cent to S$2.4 billion in FY2018 due mainly to the full-year consolidation of revenue of the expanded group - compared with consolidation of four months in FY2017.

    Revenue from property development eased 15 per cent to S$989.3 million.

    Revenue from property investments increased 60 per cent to S$541 million.

    Revenue from hotel ownership and operations, including those of UIC's hotels, expanded 29 per cent to S$678.7 million, while revenue from management services and technologies climbed 163 per cent to S$140.1 million, mostly from the technology arm of UIC.

    Dividend income grew 62 per cent to S$48.2 million on the back of higher dividends from United Overseas Bank in FY2018.

    Group pre-tax profit before fair-value and other gains/(losses) rose 18 per cent to S$595.2 million, due mainly to higher profits from property investments and hotel operations with the full-year contributions from the consolidation of UIC and higher dividend income.

    Earnings per share declined to 51.49 Singapore cents in FY2018 from 107.50 Singapore cents in FY2017.

    Net asset value per share rose to S$11.45 as at Dec 31, 2018 from S$11.23 as at Dec 31, 2017.

    The counter closed two Singapore cents lower at S$6.77 on Tuesday before the results were announced.

    The directors have proposed a first and final dividend of 17.5 Singapore cents per share for FY2018, unchanged from the previous year.

    Mr Liam noted that in line with its diversification strategy, the group has acquired investment properties overseas to further strengthen its recurring income stream. It will continue to deploy its capital overseas.

  2. #2
    Join Date
    May 2011
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    104

    Default Re: UOL targeting two launches in Q2

    Given that UOL was the sole bidder for the Avenue South Residence site at Silat Avenue, and paid something like $1,143 PSF for the land, they could sell at around $2,000 per sq ft and still turn a pretty profit. Which is not to say they will. After all this site is considered very central, within 2km of the CBD and pretty close to Tanjong Pagar. But Avenue South Residence has a drawback in not being within walking distance of an MRT station. On the flip side, it will have pretty good views over the Southern Waterfront area, especially since it is going to be really tall at 56 storeys.

  3. #3
    Join Date
    Nov 2015
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    514

    Default Re: UOL targeting two launches in Q2

    I cant wait to see the take up of large units (no one or two bedders) which will cost upwards of ~$2,300 psf when launched. There is a saying that smaller units do not make it along Meyer Road BUT with such psf coupled with larger 3-4 bedder quantum, we are looking at $3-4mil per unit easy.

    The real deal will be with First Meyer Development (GLL) at former Casa Meyfort site. That is upwards of ~$2,500+ psf in 4 years TOP time. Looking at $4-5mil units.

    That will be the real shake up in 2023, also coinciding with TEL stations along Meyer Road are all supposedly completed.

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