Singapore real estate company UOL Group has posted a S$230 million net profit in the first quarter ended 31 March 2011, up 133 percent from S$98.7 million over the same period last year.
Q1 revenue also jumped 102 percent to S$725.1 million, from S$358.9 million in the previous year, according to The Bussiness Times.
UOL’s stronger year-on-year performance was mainly attributed to higher progressive income recognitions from residential developments launched in recent years, and to higher profit share from associated companies. Higher recurring income from the company’s retail and office property portfolios, as well as from its serviced apartment business also boosted its overall Q1 performance.
“Our first-quarter results bear the fruits of a number of successful launches of residential projects in Singapore in recent years,” said Gwee Lian Kheng, Chief Executive of UOL Group, who was quoted by The Business Times.
Mr. Gwee noted that the recent acquisition of a 99-year leasehold site at Bedok Reservoir and the freehold Lion City Hotel site helped replenish the company’s land bank in Singapore.
He added that UOL’s commercial properties are also enjoying increases in average rents. The outlook for the tourism sector in Singapore and in the region is expected to remain optimistic and the majority of UOL’s hotels and service residences will continue to benefit from it.
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