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UOL Group To Launch Two Condo Projects In Second Quarter

Developer UOL Group is preparing to launch two residential projects in Singapore during the second quarter of 2019, according to an SGX filing on Tuesday (26 Feb).

One of them is MEYERHOUSE, a 56-unit freehold condominium near the future upcoming Tanjong Katong MRT station on the Thomson-East Coast Line (TEL).

SEE ALSO: The complete guide to buying a new launch condo in Singapore

Touted as the “Nassim Residences of the East”, the development at 92-128 Meyer Road is being undertaken via 50:50 joint venture with Kheng Leong. The freehold condo will contain big format units standing on a site spanning 10,185 sq m.

The other residential project is the Avenue South Residence close to the 24km-long Rail Corridor.

Aside from its central location that provides panoramic views of the Greater Southern Waterfront area, the 56-storey project is being touted as one of Singapore’s tallest condominiums.

With a gross floor area (GFA) of 84,551 sq m, the mixed-use project will offer 1,300 sq m of commercial space and around 1,074 residential units. It is being developed by UOL, UIC and Kheng Leong.

Meanwhile, UOL Group reported that it sold 448 residential units with a combined value of about $676 million in Singapore last year. Its top-selling projects were The Clement Canopy (82 units), Amber45(96 units) and The Tre Ver (245 units).

However, the group’s earnings slumped by 51 percent year-on-year to $433.7 million in 2018 due to a one-off gain of $535.6 million arising from the consolidation of United Industrial Corporation (UIC) in 2017. If this hefty contribution is excluded, the groups’ net profit would have increased by 26 percent.

As for revenue, it rose by 13 percent to $2.4 billion in 2018 in light of the full-year consolidation of the expanded group’s income.

However, contributions from its property development business fell by 15 percent to $989.3 million as Alex Residences and Principal Garden were completed in September 2017. The drop in revenue was partially mitigated by the launch of Amber45 in May 2018, in addition to higher income from The Clement Canopy in Singapore and Park Eleven in Shanghai.

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