UOL Group

Local developer heads for global ranks, more deals in store for sector

SINGAPORE (Dec 20): The local property market — which was subjected to cooling measures and experienced oversupply in the past decade — may be small, but in the 2020s, a home-grown developer will rank among global real estate companies such as Brookfield Asset Management, Unibail-Rodamco-Westfield (a merger formed with the former Westfield Corp) and Lendlease Group.

UOL Group to acquire building next to Odean Towers along North Bridge Road for $79.3 mil

SINGAPORE (Nov 22): UOL Group is acquiring KH KEA Building along North Bridge Road, which is located next to the company’s Odeon Towers, for $79.3 million.

Located next to Bras Basah Complex, the 9-storey commercial building sits on a land area of 435.2 sqm and has a net lettable area of around 22,075 sqft.

The property has a 999-year leasehold tenure, which started in April 1827.

UOL Group says it intends to explore the possible amalgamation of KH KEA Building and Odeon Towers as well as potential asset enhancement works.

UOL posts 7% fall in 3Q earnings to $80 mil on lower revenue

SINGAPORE (Nov 12): UOL Group reported earnings of $80.0 million for 3Q19 ended September, some 7% lower than earnings of $85.7 million recorded in the previous year. 

This brings the group’s 9M19 earnings to $347.8 million, a 19% increase from $293.0 million in 9M18. 

Revenue for the quarter slid 10% to $476.6 million from $526.9 million in the same quarter last year. This was primarily attributable to lower progressive recognition of revenue from development projects such as Principal Garden, The Clement Canopy and Botanique. 

UOL's Avenue South Residence weekend performance shows potential of GSW

SINGAPORE (Sept 10): The launch of Avenue South Residence over the weekend saw 276 out of 300 units being sold, or 26% of the 1,074 units in the residential project.

Avenue South Residence is the first major residential project in Singapore’s Greater Southern Waterfront, a government plan to inject more job opportunities and a lived-in work population within the precinct.

The apartment units are spread across two 56-storey towers and five conserved four-storey apartment blocks.

UOL posts 48% increase in 2Q earnings to $195 mil on higher fair value gains

SINGAPORE (Aug 8): UOL Group recorded a 48% jump in 2Q19 earnings to $195.4 million, compared to $131.9 million in 2Q18.

This brings 1H19 earnings to $267.7 million, 29% higher than $207.2 million in 1H18.

Revenue for 2Q19 was 20% lower at $512.3 million from $637.9 million a year ago, mainly due to lower progressive recognition of revenue from development projects, Principal Garden, The Clement Canopy and Botanique at Bartley which obtained TOP in Dec 2018, March and April respectively.

UOL-UIC JV wins in bid for residential site in Clementi

SINGAPORE (July 9): UOL Group and United Industrial Corporation (UIC) have jointly put in the winning bid of $491.3 million for the residential site located at Clementi Avenue 1.

The leasehold residential site has a total site area of 178,064 sf and an estimated gross floor area of 623,230.4 sf.

The tender was jointly submitted by the UOL’s wholly-owned subsidiary UOL Venture Investments, and UIC Homes, a wholly-owned subsidiary of UIC.

UOL poised for greater growth with Marina Centre stake, says DBS

SINGAPORE (May 14): DBS Vickers Securities is maintaining its “buy” call on UOL Group with a target price of $8.53, which implies 0.8 times P/NAV and is pegged to a 35% discount to RNAV after taking into account the group’s higher valuation as well as stake in Marina Centre Holdings (MCH).  

UOL posts 5% decrease in 1Q earnings to $72.4 mil

SINGAPORE (May 10): UOL Group reported 1Q19 earnings of $72.4 million, 5% lower from $76.1 million in 1Q18, supported by a higher proportion of overseas profits with higher taxes and profits with higher non-controlling interests.

However, excluding the accounting reversal of $31.9 million relating to UIC consolidation, earnings would have increased by 27% to $104.3 million.

UOL upgraded to 'buy' on timely acquisition of Marina Centre

SINGAPORE (Apr 16): DBS Group Research is upgrading UOL Group to “buy” from “hold” and raising its target price by 20% to $8.58, after UOL’s 50%-owned subsidiary United Industrial Corporation (UIC) raised its stake in Marina Centre.

UIC on Apr 12 announced it is acquiring the remaining 24.27% stake in Marina Centre Holdings (MCH) and 25% stake in Aquamarina Hotel (AHPL) for a total consideration of $675 million.

United Industrial Corp raises stake in Marina Centre to 77.34% with $675.3 million deal

SINGAPORE (April 13): United Industrial Corporation (UIC), a subsidiary of UOL Group, is acquiring a further 24.27% stake in its 53.07%-owned indirect subsidiary Marina Centre Private Holdings (MCH) for $485.3 million to be paid in cash.

10%, 10.27% and 4% of the sale shares will be purchased from vendors OUE Limited, Finnegan Investments Limited, and Mackmoor Pte Ltd for $200 million, $205.3 million and $80 million, respectively.

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