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PhillipTan
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01-Sep-2021 01:23
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Singapore debt listings - UOL GroupUOL Group, via subsidiary UOL Treasury Services, said its S$400 million 2.33 percent fixed-rate notes due 2028 would be listed on SGX on Wednesday.The notes, which will trade in Singapore dollars, will be in denominations of S$250,000 and will trade with a minimum board lot size of S$250,000, UOL said in a filing to SGX. The lead managers and bookrunners of the notes are DBS Bank and UOB, the filing said. |
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Joelton
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26-Aug-2021 09:35
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UOL' s S$400m fixed-rate notes due 2028 priced at 2.33%
UOL Group' s UOL: U14 -0.42% wholly-owned subsidiary, UOL Treasury Services, has priced S$400 million in fixed-rate notes due 2028 at 2.33 per cent per annum, the property group said in a bourse filing on Tuesday evening.
Order book for the seven-year, fixed-rate notes stood at S$700 million across 47 accounts, with 97 per cent of investors from Singapore, according to deal statistics seen by The Business Times.
Fund manager and insurance accounts were allocated 74 per cent of the notes, bank and public sector accounts took up 22 per cent, while prime brokerages and others took the remaining 4 per cent.
Net proceeds of the notes, which are the fourth series of notes under the group' s S$2 billion multicurrency medium-term note programme, will be used for refinancing of existing borrowings of UOL and its subsidiaries, the group said.
The coupon is payable semi-annually in arrear. Settlement date for the notes is on Aug 31, 2021, and the maturity date is expected to be on Aug 31, 2028.
DBS and UOB have been appointed the joint lead managers and bookrunners for the transaction.
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CheongArgh
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25-Aug-2021 14:32
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chartistkao1
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25-Aug-2021 14:19
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you mean must wait another 56 years?
Owning Singapore stocks has been a poor bet even for investors with long horizonsWed, Aug 25, 2021 - 5:50 AM
UPDATED Wed, Aug 25, 2021 - 2:08 PM
 During the 10-year period to Aug 20, the STI has climbed just 13.5 per cent.
BT FILE PHOTO
To maximise the benefit of traditionally high returns from owning stocks, and mitigate the inherently volatile nature of this asset class, investors should plan to have as long a holding period as possible. So, what is a suitable holding period for stocks? READ MORE: Singapore stocks: Once bitten, twice shy During the 10-year period to Aug 20, the STI has climbed just 13.5 per cent. On a dividend reinvested basis, this widely referenced local market benchmark delivered a total return of 60.3 per cent over the past decade. This return pales in comparison to major market indices around the world. The S& P 500 index is up 295.3 per cent during the same 10-year period. With dividends reinvested, it has returned 383.8 per cent. The Nasdaq 100 is up 640.5 per cent over the past decade and it has returned 729.9 per cent with dividends reinvested. The more globally diversified FTSE All-World index is up 148.9 per cent over the last 10 years. It delivered a total return of 220.2 per cent. The MSCI Europe index, which has no exposure to the tech-heavy US market, is up 100.4 per cent over the past decade, and delivered a total return of 179.6 per cent. Reits the exception Could it be that the STI fails to include some hot sector in the local market? Not really. Other major Singapore market benchmarks have delivered similar returns as the STI. For instance, the FTSE Singapore index has risen 16.7 per cent over the last decade. With dividends reinvested, its total return was just slightly ahead of the STI, at 68.2 per cent. Similarly, the MSCI Singapore index climbed 13.6 per cent over the last 10 years and returned 67.5 per cent with dividends reinvested. Within the Singapore market, being exposed to a wider selection of stocks, including smaller-cap stocks, would probably not have helped a long-term investor. The FTSE ST All-Share index, which has 107 component stocks versus the STI' s 30, rose 15.1 per cent over the last 10 years and delivered a total return of 66.1 per cent with dividends reinvested. Then, there is the FTSE ST Catalist index, which comprises 170 relatively small cap companies. Over the last 10 years, this index sank 60.8 per cent. Its total return with dividends reinvested was minus 55.9 per cent. One way investors in the Singapore market could have come close to matching the performance of globally diversified indices like the FTSE All-World index was by focusing on locally listed real estate investment trusts (Reits). The FTSE ST Reit index rose 40.3 per cent over the last years, and delivered a total return of 152 per cent with dividends reinvested. Indeed, this STI-beating performance is probably the reason why Reits have become so popular with local investors. It is also perhaps why seven of the STI' s 30 components are now Reits. Survivorship bias Some market watchers may well be surprised that the STI has performed so poorly over the last 10 years, especially given the performance of its leading component stocks. For instance, DBS - the largest of the STI' s components, with a more than 18 per cent weighting - has generated quite respectable returns. The stock is up 123.2 per cent over the last 10 years. With dividends reinvested, it returned 230.4 per cent. Like any stock index, the STI suffers from a phenomenon called " survivorship bias" - that is, many stocks that weighed it down over the years are no longer among its components. So, to understand why the STI has performed so poorly, it is probably more instructive to study the stocks that have been dropped from the index than the ones that have remained. Among the stocks that have been pushed out of the STI over the last five years are Sembcorp Marine, StarHub, HPH Trust, Golden Agri-Resources and Singapore Press Holdings. What do they have in common? At the risk of over-generalising, they are all arguably on the wrong side of 21st century megatrends such as technological disruption and environmental sustainability. They have also delivered total returns that partly explain the STI' s abysmal long-term performance. Over the past decade, Sembmarine' s total return was minus 95 per cent StarHub' s minus 19 per cent HPH Trust' s minus 20.5 per cent Golden Agri' s minus 52.6 per cent and SPH' s minus 12 per cent. Regulation needed? So, what can be done to revive the local stock market? Clearly, what' s missing from the local market are companies that are on the right side of big global trends. Yet, even Singapore' s homegrown technology companies often look to markets with more liquidity to raise capital. One often-heard complaint is that local investors are turned off by the poor performance of companies - especially foreign ones - that come to market in Singapore. And, if Singapore wants a more vibrant stock market, it needs tougher regulation to separate the wheat from the chaff. This column does not pretend to have an easy answer. But it may be insightful to consider what the top tech executives and business owners from Singapore do once they become liquid. Last month, The Business Times reported that TikTok' s recently appointed chief executive, Singaporean Chew Shou Zi, was looking to buy a property in Queen Astrid Park for S$86 million. The BT report also noted that Razer co-founder and CEO Tan Min-Liang was buying a property along Third Avenue for S$52.8 million, and that Grab co-founder and CEO Anthony Tan' s wife had purchased a property on Bin Tong Park for S$40 million. Tommy Ong, who sold his e-commerce marketing platform Stamped.io in April for some US$110 million, was also reported to be purchasing a bungalow on Cluny Hill for S$63.7 million while Ian Ang, co-founder of gaming chair maker Secretlab, had bought a bungalow on Olive Road for S$36 million. Why are these risk-takers pouring money into Singapore real estate? Unlike locally listed stocks, there are tough restrictions and hefty taxes on the purchase of Singapore real estate - especially for foreigners. And, any sign of the residential property market getting overheated is likely to be met with further cooling measures. Yet, it is perhaps the seriousness with which the real estate market is regulated, to ensure it remains an attractive and viable asset class for Singaporeans of all walks of life, that makes it such a sensible long-term investment. |
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chartistkao1
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25-Aug-2021 14:13
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UOL' s S$400m fixed-rate notes due 2028 priced at 2.33%Wed, Aug 25, 2021 - 11:37 AM
UOL Group' s UOL: U14 -0.14% wholly-owned subsidiary, UOL Treasury Services, has priced S$400 million in fixed-rate notes due 2028 at 2.33 per cent per annum, the property group said in a bourse filing on Tuesday evening.
Order book for the seven-year, fixed-rate notes stood at S$700 million across 47 accounts, with 97 per cent of investors from Singapore, according to deal statistics seen by The Business Times. Fund manager and insurance accounts were allocated 74 per cent of the notes, bank and public sector accounts took up 22 per cent, while prime brokerages and others took the remaining 4 per cent. Net proceeds of the notes, which are the fourth series of notes under the group' s S$2 billion multicurrency medium-term note programme, will be used for refinancing of existing borrowings of UOL and its subsidiaries, the group said. Stay updated with
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PhillipTan ( Date: 20-Aug-2021 09:44) Posted:
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CDL, UOL named as CGS-CIMB' s preferred picks amid ' overweight' property sector for month of July
City Developments Limited (CDL) and the UOL Group have been named CGS-CIMB Research' s top picks among the property sector as the month of July saw brisk home sales." With the residential market still enjoying brisk transaction activity, we prefer developers with visible residential pipelines and strong balance sheets that would enable them to tap into any opportunities during this slower cycle," CGS-CIMB analyst Lock Mun Yee writes in an Aug 16 report.
Home sales in July grew by 46.7% y-o-y and 82.2% m-o-m to 1,589 units, excluding executive condominiums (ECs).
The higher volume transactions were thanks to the launch of Pasir Ris 8.
Other top-selling projects for the month include Normanton Park, Midwood and Sengkang Grand Residences.
On this, Lock has kept her " overweight" call on the property sector as developers' valuations continue to look " inexpensive" trading at a 46% discount to revalued net asset value (RNAV) and close to 1 standard deviation (s.d.) below long-term mean discount.
She has also raised her home sales projection for FY2021 to 11,000 &ndash 12,000.
" Based on planned launches highlighted by property agencies, there is potentially another 13 new private condominium and EC projects to be launched in the rest of 2021F and another 19,384 of unsold units (at end-2Q2021) in the pipeline," Lock writes.
Meanwhile, the resale market picked up in by 68.2% y-o-y and 22.5% m-o-m to 1,817 units changing hands, according to data by the Singapore Real Estate Exchange (SRX).
The demand, views Lock, was underpinned by the still-low interest rate environment.
In addition, Lock has upped her home price performance expectation to +5-7% from 0-5% previously.
" We anticipate prices to stay supported by continued buying interest. Overall, we expect prices to pace economic recovery as developers move inventory," she says.
For her preferred picks, CDL and UOL, Lock says CDL' s land restocking activities with a potential launch in the pipeline of some 2,000 units would extend the visibility of its residential earnings.
" Value unlocking activities and nascent recovery of the global hospitality industry could catalyse [CDL' s] share price. The stock is trading at a 58% discount to RNAV," she says.
UOL has a high recurring income base, which is being supported by rentals, hotel operations and investment holdings.
" It has good office exposure through United Industrial Corp. UOL is now trading at a 46% discount to RNAV," she adds.
CGS-CIMB has recommended " add" on both CDL and UOL with target prices of $8.97 and $8 respectively.
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' Buy' UOL for portfolio rejuvenation, says OCBC
OCBC Investment Research has kept " buy" on UOL Group with a higher fair value estimate of $9.27 from $8.91.The higher fair value estimate comes with an environmental social and governance (ESG) valuation premium, as UOL has displayed " consistent solid ESG performance" .
So far, the group has demonstrated a " comprehensive" health and safety management system as well as energy and water efficiency programmes. The group falls into the average scoring range in the corporate governance category, compared to its global peers, notes the team.
The positive sentiment also comes as the property group' s 1HFY2021 results missed the team' s expectations as core PATMI of $91.3 million stood at 31.9% of its initial FY2021 estimates.
That said, UOL is looking at a portfolio rejuvenation as management provided updates on its major asset enhancement initiatives (AEIs) and redevelopment projects like Singapore Land Tower and Faber House.
UOL has managed to obtain approval from the Urban Redevelopment Authority (URA) for Faber House for a " significant uplift" in gross floor area (GFA) for its redevelopment.
The group is also exploring other potential redevelopment opportunities, mostly for its older buildings like the Singapore Land Tower.
One of the main issues identified by the OCBC team, however, is construction costs, which have increased during Covid-19.
As at 3.19pm, shares in UOL are trading 14 cents lower or 1.93% down at $7.10, or an FY2021 P/NAV of 0.6 times and dividend yield of 2.4%, according to OCBC' s estimates.
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The company reported a strong first half result with improved earnings, revenues and profit margins.
First half 2021 results:
- Revenue: S$1.19b (up 31% from 1H 2020).
- Net income: S$91.3m (up S$173.5m from 1H 2020).
- Profit margin: 7.7% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue.
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UOL back in the black with S$91.3m profit for H1
UOL Group posted a S$91.3 million net profit for the first half of this year, a turnaround from its net loss of S$82.1 million for the corresponding period last year.
This was thanks to a substantial increase in revenue from property development and a sharp drop in fair-value losses, the property company announced on Thursday evening.
Revenue grew 31 per cent to S$1.19 billion during the six months ended June, from S$908.2 million in the year-ago period, driven by higher contributions from both property development and property investments.
Earnings per share stood at 10.82 Singapore cents, versus a loss per share of 9.74 cents in H1 2020.
The group&rsquo s attributable fair-value losses shrank to S$16.9 million for the six months, from S$185.8 million in the year-ago period.
The showflat for UOL&rsquo s 448-unit, 99-year leasehold project, The Watergardens in Canberra, was closed from July 21 in view of Singapore&rsquo s return to Phase 2 (Heightened Alert), shortly after having opened for a preview on July 17. On Thursday, UOL said there was &ldquo healthy visitorship&rdquo during the preview weekend, and that the showflat will re-open on Aug 14.
The Watergardens will likely launch by the end of this month, Mr Liam said. He added that UOL is thus far sticking to the price guidance provided back in mid-July, when it had indicated prices would start from S$1,380 per square foot.
No dividend was recommended for H1 2021, the same as the year-ago period, as UOL does not usually declare interim dividends.
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UOL back in the black with S$91.3m profit for H1
UOL Group posted a S$91.3 million net profit for the first half of this year, a turnaround from its net loss of S$82.1 million for the corresponding period last year.This was thanks to a substantial increase in revenue from property development and a sharp drop in fair-value losses, the property company announced on Thursday evening.
Revenue grew 31 per cent to S$1.19 billion during the six months ended June, from S$908.2 million in the year-ago period, driven by higher contributions from both property development and property investments.
Earnings per share stood at 10.82 Singapore cents, versus a loss per share of 9.74 cents in H1 2020.
The group&rsquo s attributable fair-value losses shrank to S$16.9 million for the six months, from S$185.8 million in the year-ago period.
The development segment recorded a 91 per cent surge in revenue to S$687.5 million, on higher progressive revenue recognition from Avenue South Residence, The Tre Ver, and Clavon in Singapore. This was partly offset by lower revenue from Amber45 and V on Shenton in Singapore, as well as Park Eleven in Shanghai, China.
Meanwhile, revenue from property investments rose 5 per cent to S$249.8 million in the first half.
In contrast, hotel operations, technology operations and investment income revenues declined.
Hotel operations&rsquo revenue fell 8 per cent to S$126.1 million due mainly to the impact of the Covid-19 pandemic on Singapore&rsquo s hospitality industry, with a marked reduction in government quarantine facility contracts in H1 2021. However, hotels in China brought in higher revenue as the country&rsquo s tourism industry recovered further.
UOL&rsquo s hospitality business has been focusing on staycations and weddings in the domestic markets, with travel curbs still in place amid the pandemic. It also added hybrid studios to Pan Pacific Singapore and Parkroyal Collection Marina Bay to tap the hybrid-meetings market.
Liam Wee Sin, the group' s chief executive, said: " Despite healthy demand in Singapore' s private residential market, we remain concerned about rising construction costs due to manpower shortage and supply-chain disruptions."
The pandemic&rsquo s impact has also &ldquo prompted rethinking on the usage, design and space requirements of the various real estate asset classes&rdquo , he said. &ldquo There is a need for a more flexible planning approach to adapt and respond to changes such as hybrid working, accelerated online shopping, and the increased focus on health and well-being and climate change.&rdquo
UOL expects office rents in Singapore to continue rising in the near term amid steady demand from growth sectors such as technology and media, wealth management, family offices and healthcare. However, in the medium term, the office rental market may face headwinds as more companies review their workspace requirements, UOL said.
On the retail front, rents are likely to remain under pressure, albeit at a slower pace than before as the market may benefit from improved economic activity and consumer sentiment with the roll-out of Covid-19 vaccines, UOL noted.
The showflat for UOL&rsquo s 448-unit, 99-year leasehold project, The Watergardens in Canberra, was closed from July 21 in view of Singapore&rsquo s return to Phase 2 (Heightened Alert), shortly after having opened for a preview on July 17. On Thursday, UOL said there was &ldquo healthy visitorship&rdquo during the preview weekend, and that the showflat will re-open on Aug 14.
The Watergardens will likely launch by the end of this month, Mr Liam said. He added that UOL is thus far sticking to the price guidance provided back in mid-July, when it had indicated prices would start from S$1,380 per square foot.
No dividend was recommended for H1 2021, the same as the year-ago period, as UOL does not usually declare interim dividends.
Shares of UOL fell 0.4 per cent or S$0.03 to close at S$7.23 on Thursday, before the results were released.
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PhillipTan ( Date: 03-Jun-2021 10:26) Posted:
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UOL' s The Watergardens at Canberra launches this month on hopes of ' pent-up demand'
UOL Group is banking on pent up demand for its upcoming project along Canberra Drive, the 448-unit The Watergardens at Canberra, with prices to start from S$1,380 per square foot (psf).
A two bedroom-unit will start from below S$920,000, while a three-bedroom unit will be priced at below S$1.3 million and a four-bedroom unit from below S$1.8 million, the developer said on Thursday. The 99-year leasehold project will launch for preview on July 17 while balloting for units will take place on July 31.
UOL chief investment and asset officer Jesline Goh said: &ldquo We expect robust demand given that The Watergardens at Canberra is the first private development to launch in Sembawang after the opening of Canberra MRT station in November 2019.&rdquo
Pointing to its location near the future North Coast Innovation Corridor - which stretches from Woodlands to Punggol - she added that The Watergardens at Canberra is in a region with &ldquo strong growth potential&rdquo .
The low-rise project comprises 16 five-storey buildings, offers a mix of two to four-bedroom units, ranging in size from 646 square feet (sq ft) to 1,528 sq ft. It is a joint venture between UOL, Singapore Land Group and Kheng Leong Company.
The suburban location is likely to draw owner occupiers, and some buyers may opt for bigger sized units owing to the attractive price per square foot vis-à -vis other locales, UOL group chief executive Liam Wee Sin highlighted. &ldquo There is a bit of changing priorities and lifestyle choices that has come with Covid,&rdquo he added.
While there will be competition from another project at a smaller, adjacent site, Mr Liam expects there will be sufficient overall demand from the catchment area.
UOL was awarded the site under a state tender which closed in March last year for S$270.2 million, or about S$650 per square foot per plot ratio (psf ppr). In the same tender, an adjacent 99-year leasehold parcel which could yield up to some 220 units, was bought for nearly S$129.20 million or about S$644 psf ppr by Oasis Development, controlled by boutique developer JBE Holdings Group.
Nicholas Mak, head of research and consultancy at ERA, pointed out that there is pent-up demand among HDB upgraders for affordable private housing. He said: &ldquo Some potential demand for the condominium projects in the Canberra area could originate from the residents in the Sembawang housing estate. However, a larger number of buyers would be from the HDB estates in the north region, such as Woodlands and Yishun.&rdquo
A five minute walk from Canberra MRT station, The Watergardens at Canberra features a nature-inspired landscape and is close to the Sembawang Hot Spring Park and Sungei Khatib Bongsu. It is in the vicinity of Canberra Plaza and Sembawang Shopping Centre. It is accessible via Seletar Expressway and the future North-South corridor, which will cut travel time to the Central Business District to 20 to 25 minutes come 2026.
The Watergardens at Canberra is slated for completion in the second quarter of 2026.
This launch follows that of the group&rsquo s Clavon at Clementi Avenue 1, which debuted in December last year and has sold about 540 of its 640 units to date, according to data from the Urban Redevelopment Authority.
UOL, Singapore Land Group and Kheng Leong were also recently awarded a 99-year leasehold residential site at Ang Mo Kio Avenue 1 in a state tender after they put in the top bid of S$381.38 million or nearly S$1,118 psf ppr.
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UOL' s The Watergardens at Canberra launches this month on hopes of ' pent-up demand'
UOL Group will launch its latest residential development, 448-unit The Watergardens at Canberra, for preview on July 17, with prices to start from under S$1,400 per square foot (psf).Highlighting UOL' s expectations of " pent-up demand" in the area, chief investment and asset officer Jesline Goh said: " We expect robust demand given that The Watergardens at Canberra is the first private development to launch in Sembawang after the opening of Canberra MRT station in November 2019, and the first private development to come to the market in the northern part of Singapore in over six years."
Noting its location near the future North Coast Innovation Corridor, she reckons the project will interest both homebuyers and investors.
The 99-year leasehold project along Canberra Drive, which comprises 16 five-storey buildings, offers a mix of two to four-bedroom units, ranging in size from 646 sq ft to 1,528 sq ft.
A two bedroom-unit will start from below S$920,000, while a three-bedroom unit will be priced at below S$1.3 million and a four-bedroom unit from below S$1.8 million, the developer said on Thursday. Balloting for units will take place on July 31.
It is a joint venture between UOL, Singapore Land Group and Kheng Leong Company.
UOL purchased the site via a state tender last year for about S$650 per square foot per plot ratio (psf ppr). A smaller, adjacent parcel was bought for about S$644 psf ppr by Oasis Development, controlled by boutique developer JBE Holdings Group.
A short walk from Canberra MRT station, The Watergardens at Canberra is close to the Sembawang Hot Spring Park and Sungei Khatib Bongsu, as well as in the vicinity of Canberra Plaza and Sembawang Shopping Centre.
The project is slated for completion in the second quarter of 2026.
The launch of this project follows UOL' s Clavon at Clementi Avenue 1 in December last year, which sold 70 per cent of its 640 units on the first day.
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PhillipTan ( Date: 03-Jun-2021 10:26) Posted:
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Last Traded Price: S$7.40 Price Target (12-mth): S$8.40
(Upside 13.5%)
Award of tender for residential site
- URA has awarded the tender for the residential site at Ang Mo Kio Avenue 1 to United Venture Development (2021) Pte Ltd at a tender price of S$381.4m
- UVD(2021) is a 60:20:20 JV company between UOL, Singapore Land Group, and Kheng Leong Company
- The land is a 99-year leasehold spanning 136,479 sqft with a gross plot ratio of 2.5 times
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UOL full-year profit dives 97% to S$13m better second-half more than offsets H1 loss
Group sees subdued office demand and uncertain retail outlook
UOL Group' s FY20 net profit plunged 97 per cent to S$13.1 million, from S$478.8 million a year earlier.
This was due mainly to attributable fair-value losses on its investment properties and other losses totalling S$246.7 million, compared to gains of S$165.1 million previously.
The group suffered a decline in fair value on its commercial properties and serviced suites such as Pan Pacific London and Pan Pacific Melbourne, due to the impact of the pandemic.
Excluding fair-value and other gains/losses, UOL' s net profit would have declined 17 per cent to S$259.8 million, against S$313.7 million previously.
This came on the back of a 13 per cent fall in full-year revenue to S$1.98 billion, from S$2.28 billion in the previous year, with lower contributions from most segments except property development and technology operations.
The property development segment saw higher progressive recognition of revenue from Avenue South Residence and The Tre Ver, and revenue from sales of units at V on Shenton and Park Eleven in China the technology operations segment chalked up more sales of information technology and related services.
Revenue from property investments fell S$48.4 million, or 9 per cent, to S$503.3 million in FY20 on lower revenue from serviced suites and rental rebates of S$20.8 million extended to tenants affected by Covid-19.
Hotel operations suffered the biggest revenue decline of 62 per cent to S$246.5 million, due mainly to the impact of Covid-19, with hotels in Singapore and Australia reporting the largest decrease.
The closure of Parkroyal Collection Marina Bay and Parkroyal Kuala Lumpur for major refurbishments, and the absence of revenue from Pan Pacific Suzhou, which was sold in December 2019, also affected hotel revenue.
Earnings per share shrank to 1.56 Singapore cents, from 56.79 cents a year earlier.
To be sure, UOL had incurred a net loss of S$82.1 million in its first half, but returned to the black after a more stable performance in the second half.
The group expects office demand to be subdued as firms remain cautious about their expansion plans.
Office rental reversions have been single-digit negative since the start of this year, but the downward pressure is likely to be mitigated by limited new supply, it said.
Its retail outlook also remains uncertain as safe-distancing measures will continue and retailers' sentiments remain cautious. Shopper traffic in FY20 fell about 42 per cent from FY19' s levels.
UOL has entered into more than 40 rent-restructuring agreements since Covid-19 started, mostly to give struggling tenants more time to pay their rent.
On the residential front, its 448-unit development at its Canberra Drive site is targeted to launch for sale in the second quarter of 2021.
The group expects new private home sales to remain resilient but uneven, with stronger demand for smaller units and in the upgrader market.
The construction sector is also likely to see rising costs due to manpower shortage and safe-distancing measures on-site.
On the hospitality front, its Singapore hotels have enjoyed strong occupancy of 60 to 70 per cent from weekend staycationers, but weekday occupancies remain weak at 20 to 30 per cent.
Hotels hope to tap thus-far unused SingapoRediscovers vouchers to attract more visitors.
UOL' s directors have proposed a first and final dividend of 15 Singapore cents per share, compared to 17.5 cents in the previous year.
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moonsun ( Date: 14-Dec-2020 12:06) Posted:
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moonsun ( Date: 14-Dec-2020 12:06) Posted:
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