Singapore-listed developer UOL remains cautious about the local housing market and will likely “replenish land” instead of aggressively growing its land bank, noted OCBC.
This as the company reported a 15 percent decline in profit after tax and minority interest (PATMI) to S$71.7 million in Q1 this year, due mainly to weak contribution from its hotel segment.
UOL’s first quarter earnings accounted for 19 percent of its full-year forecast, which is still within expectations but marginally lower due to slow progress recognition of development projects, OCBC said.
Moving forward, the group plans to launch its 186-unit St Patrick’s Garden and 445-unit Bright Hill projects by the second half of this year.
It was recently awarded a Government Land Sales (GLS) site at Sengkang West Way for S$262.1 million. The land parcel is expected to yield up to 550 housing units.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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