Plans for Meyer Blue, the newest residential complex by UOL Group, to open in September 2024 On a 96,671 square foot site, the freehold project on Meyer Road close to Katong Park MRT Station will have 226 units. UOL owns 80% of the project; Singapore Land (SingLand) owns the other 20%.
UOL showed a net attributable profit of $130.4 million in its 1HFY2024 financial reports, a 3% year-on-year decrease. Mostly from reduced property development contributions, the group’s income dropped by 7% to $1.27 billion. Attributed to a decline in income from completed or almost completed projects like Clavon and Avenue South Residence, revenue from property development dropped by 23% to $521.8 million.
UOL had good outcomes from its continuous programs, even with the general autumn. Launched in November 2023, Watten House has sold 82% of its 82 units; Pinetree Hill, started in July 2023, has sold 46% of its 46,000 units. The group’s hotel operations were really good; revenue grew by 11% to $377.6 million. The hotel industry rebounding from Singapore-based assets witnessing higher occupancy and Revenue Per Available Room (RevPAR) drove this surge.
With income rising by 8% to $271.3 million, UOL’s property investments business also did nicely. Better performance from Singapore commercial properties, Pan Pacific Serviced Suites Kuala Lumpur, and fresh contributions from Parkroyal Serviced Suites Jakarta, which debuted in January 2024, helped to explain this rise.
Ahead, UOL has a number of initiatives under development. Comprising a joint venture on Tampines Avenue 11, ParkTown Residence is scheduled to open in Q1 2025 with 1,195 residential apartments. While a high-end residential project on Holland Drive, comprising two 38-storey towers with roughly 665 apartments, is scheduled for debut in H2 2025, a premium residential complex on Orchard Boulevard is planned for launch in H1 2025.
UOL also is concentrating on improving current properties in its portfolio. By the end of the year, the 47-story Singapore Land Tower—whose net floor space is roughly 619,000 square feet—is projected to have completed asset improvement. Notwithstanding the difficulties in the present market, these continuous and forthcoming initiatives show UOL Group’s dedication to expansion in the real estate industry.
