UOL Group has sold 112 residential units in Singapore during 3QFY20, nearly double from 58 units booked in the preceding 2Q, says the developer in its third quarter business update.
The bulk of the bookings were from Avenue South Residence, with 71 units sold. Meyer House, The Tre Ver and Amber45 followed with two units, 35 units and four units booked, respectively.
As at Sept 30, 571 units at Avenue South Residence have been booked, which is equivalent to 53.2% of the 1,074-unit project.
UOL Group was recently given the Top Developer Award at the EdgeProp Singapore Excellence Awards 2020.
UOL plans to launch another project, Clavon by end of the year.
This project is a 80-20 joint venture between UOL and UIC. The land was bought back in July 2019 from the government at $788 psf ppr. The site, at Clement Avenue 1, has a total gross floor area of 57,900 sqm and some 640 units can be built.
See:Analysts remain positive on UOL Group despite $82.1mil loss in 1H20
The company’s retail business saw a slight dip in committed occupancy of 93.5% as at Sept 30, down from 94.4% as at June 30.
Footfall for the same quarter, due to Covid-19, dropped 43.1% y-o-y. UOL’s retail malls include United Square shopping mall, [email protected] Square, KINEX, West Mall and Marina Square.
Similarly, its hotel business has been hurt by the pandemic. For Sept 30, revenue per average night for its portfolio of owned hotels was $96 in Singapore, down from $230 from the year earlier.
UOL has been trying to generate alternate revenue for its hotels, such as promoting staycations.
In contrast, its office portfolio held up well. Committed occupancy for its Singapore office properties as at Sept 30 was 94.9%, up from 94.5% as at June 30. Similarly, committed occupancy for its UK and Australia office portfolio hardly changed in the same period too.
UOL closed Nov 11 at $7.09, up 1.43% for the day and down 16.7% for the year.