UOL Group targets launches in Pine Grove and Watten Estate in 2023
UOL Group Chief Executive Liam Wee Sin (right) with Singapore Land Group Chief Executive Officer Jonathan Eu. (Picture: Samuel Isaac Chua/)
UOL Group celebrated a successful fiscal year in 2022, significant for its strong sales across property development projects and hotel operations, via its subsidiary Pan Pacific Hotels Group. During a conference held on Feb 27, UOL Group Chief Executive Liam Wee Sin reflected on the past year and spoke of the group’s focus on land replenishment going forward.
Liam highlighted that the group’s residential development segment had done exceptionally well in FY2022, with nearly all new projects inventory wiped out. An example of this being the 98% of units bought up in just one day at the 372-unit AMO Residence in Ang Mo Kio, achieving an average selling price of $2,100 psf, a new benchmark price in the Outside Central Region.
Other projects in UOL’s portfolio, such as the 640-unit Clavon on Clementi Avenue 1 and its 1,074-unit Avenue South Residence on Silat Avenue are fully sold. The group saw revenue from property development increase 26% year-on-year to $1.98 billion in FY2022, forming 62% of their overall revenue.
Liam believes the high-end and luxury residential market in Singapore provides opportunities for UOL to grow, particularly in creating products that resonate with homebuyers. UOL has two launch-ready projects in the pipeline this year, with Pine Grove slated to be previewed by the end of the first half of 2023.
The 520-unit development, which UOL won in a government land tender last June, consists of three 24-storey residential towers, Champions Way Condo with a mix of one- to five-bedroom units. Additionally, UOL will launch the redevelopment of their former Watten Estate Condominium in the second half of 2023. This project will be a low-rise five-storey luxury condominium consisting of 180 large-format three- to five-bedroom units.
UOL is also working on asset enhancement and redevelopment for some of its office and commercial developments, as well as Singapore Land Tower’s ongoing asset enhancement initiative, set for completion in 2024. This involves a fresh new façade, energy efficient features, and tenant-focused amenities, such as end-of-trip facilities, communal spaces, and a covered walkway to Raffles Place MRT Interchange.
Liam forecasts that the local residential market could ride on a moderate price increase this year due to the combination of low unsold inventory and a higher incoming supply of new launch units. However, he is also mindful of higher business and borrowing costs due to the relatively higher interest rate environment, as well as rising construction costs.
For FY2023, UOL looks forward to capitalizing on their freehold and well-located sites, refining their product positioning, and maintaining their market leadership in the sector.
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