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SG UOL profit slides, cautious outlook

Property Here - Wednesday, May 15, 2013

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By Romesh Navaratnarajah:

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