UOL Group targets launches in Pine Grove and Watten Estate in 2023

UOL Group saw its FY2022 revenue increase 3% year-on-year to $3.1 billion. Its net profit for FY2022 was also up 6% to $940.1 million.UOL Group achieved an exceptionally successful financial year in FY2022 in terms of property development and hotel operations. Liam Wee Sin, UOL group chief executive, reflected on the past year, characterised by a robust property market and strategic thrust of land replenishment. The strong sales at their 372-unit AMO Residence in Ang Mo Kio and the other property development projects saw revenue increase 26% y-o-y to $1.98 billion in FY2022.

Liam points to upcoming projects in Pine Grove and Watten Estate as a sign of the characteristics of future projects. UOL has two launch-ready projects in the pipeline this year, the 520-unit residential development at Pine Grove and the redevelopment of the former Watten Estate Condominium into a low-rise five-storey luxury condo with 180 units. UOL’s wholly Senja Close EC owned subsidiary, Singapore Land Group, is also undergoing an ongoing asset enhancement initiative for Singapore Land Tower which will see completion by 2024.

Additionally, the company is also working on asset enhancement and redevelopment for some of its office and commercial developments. This includes redevelopment of Clifford Centre and enhancement of Odeon Towers.

For the rest of the financial year, Liam expects the local residential market to ride on a moderate price increase, despite the recently introduced higher buyer stamp duty. UOL Group achieved a 6% increase in its net profit for FY2022 to $940.1 million.

Overall, the company is looking to capitalise on its freehold and well-located sites and refine product positioning in order to maintain its market leadership in the sector. The dual focus of land replenishment and redevelopment/asset enhancement is expected to bring the company greater success in the future.