UOL to launch new project at Ang Mo Kio Avenue 1 in June
UOL to launch new project at Ang Mo Kio Avenue 1 in June. UOL Group reported revenue of $2.6 billion at its FY2021 results briefing on February 28, led by property development, which experienced a 67 percent year-over-year growth in revenue to $1.6 billion. In FY2021, earnings increased to $307.4 million, up from $13.1 million the prior year. According to the listed property group, this was primarily attributable to fair value and other gains of $73.8 million in FY2021, compared to fair value and other losses of $246.7 million in FY2020.
The 1,074-unit Avenue South Residence, the 729-unit The Tre Ver, the 640-unit Clavon, and the developer’s single new launch last year, the 448-unit The Watergardens at Canberra, all generated revenue for UOL in Singapore. Based on caveats submitted, 76 percent of the project has been taken up since its launch in August 2021, with units averaging $1,451 psf.
Revenue from The Sky Residences in London, which is part of the One Bishopsgate Plaza integrated development, also helped improve property development sales. The Sky Residences is a 160-unit premium apartment complex that opened in September of last year.
In 2021, UOL sold 799 residential units for a total of $1.53 billion in sales bookings. With 794 units sold, this is up 30.8 percent from the previous year’s $1.17 billion in sales.
Despite the epidemic, according to UOL Group CEO Liam Wee Sin, the company accomplished a “creditable set of outcomes.” “2021 was meant to be a recovery year, but it wasn’t,” he adds, “because the Delta and Omicron strains derailed it.”
UOL has two residential projects in the works, one of which is a 372-unit property on Ang Mo Kio Avenue 1 that will open in June. Last May, UOL won a 99-year leasehold government land sale site with a bid of $381.4 million, or $1,118 per square foot per plot ratio (psf ppr). In a 60:20:20 joint venture, Singapore Land Group and Kheng Leong Co are developing the project.
The freehold Watten Estate Condominium on Shelford Road, which UOL and SingLand jointly purchased en bloc for $550.8 million in October, is the next project in the pipeline. The buying price is $1,723 per square foot per year. The developer plans to start construction on a new residential building with more than 200 units in 2023.
Liam maintains a “cautiously optimistic” outlook for 2022. He anticipates the new property cooling regulations, which went into effect in December, to have a “uneven” impact on different residential projects.
Despite higher condo prices, Liam observes that developers’ profits have been squeezed due to persistent concerns about growing costs and supply chain disruptions. Furthermore, the advent of war in Ukraine could push up raw material and logistics costs, resulting in even smaller margins, he warns. “However,” he admits, “it’s still too early to know.”
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