Deal with University of Brighton marks developer&rsquo s first asset in this sector

 

[SINGAPORE] Property developer UOL : U14 +1.96% is acquiring a complex of student residential halls from the University of Brighton in the United Kingdom for £ 43.5 million (S$75.6 million), marking its first foray into the student accommodation sector. 

 

Varley Park, which is located in Brighton, comprises 771 operational beds across 22 blocks. The property also comes with a leaseback agreement with the university. The property, which sits on more than 2.8 hectares of land, also has an amenity block with modern conferencing facilities and a dining hall. 

 

In a press release on Thursday (Aug 14), UOL noted that the student accommodation sector has seen robust growth in the UK due to various factors, including a growing student population, supply-and-demand imbalance and resilient income streams. 

 

Said Liam Wee Sin, the group chief executive of UOL: &ldquo We see strong potential in the purpose-built student accommodation (PBSA) segment as it is a resilient asset class with strong fundamentals and provides opportunities for us to grow the portfolio in key markets.&rdquo

 

He added that UOL will be able to apply its strengths in hospitality and residential development to the broader living sector, comprising PBSA, build-to-rent and serviced apartments.

 

The acquisition, which is part of UOL&rsquo s strategy to diversify and strengthen its recurring income streams, is being financed through a combination of internal resources and external borrowings.

 

The group currently owns three other recurring-income assets in the UK. They are Pan Pacific London, 120 Holborn Island and 110 High Holborn. 

The property developer will preview new launch Skye at Holland in September 2025

 

[SINGAPORE] Property developer UOL Group posted a 58 per cent increase to S$205.5 million for the first half of 2025.

 

The increase was due to strong performance from property development and property investments, and other gains from the disposal of Parkroyal Yangon, UOL said in a bourse filing on Wednesday (Aug 13).

 

Earnings per share for H1 2025 stood at S$0.2433, up from S$0.1543 in H1 2024.

 

Revenue rose 22 per cent to S$1.55 billion, from S$1.27 billion in the year-ago period, mainly due to higher earnings across most business segments.

 

UOL group chief executive Liam Wee Sin said: &ldquo Our strong results reflect the resilience of our diversified portfolio and the continued confidence in Singapore as a stable and trusted market, even in times of heightened uncertainty.&rdquo  

 

Revenue from property development rose 40 per cent to S$731.7 million on higher progressive revenue recognition from new launch projects Pinetree Hill, Watten House and Meyer Blue. 

 

The CEO highlighted how two recent projects launched by UOL &ndash Parktown Residence and Upperhouse at Orchard Boulevard &ndash performed well. 

 

To date, the group has sold 64 per cent or 192 out of 301 units in Upperhouse at Orchard Boulevard and 92 per cent or 1,092 out of 1,193 units in Parktown Residence. 

 

Yvonne Tan, UOL&rsquo s chief corporate and development officer, said during the earnings briefing that the firm take-up at the recent Upperhouse launch reflects &ldquo aspirations to upgrade remain deep-rooted, and genuine demand continues to anchor the strong sales&rdquo . 

 

&ldquo The recent revision to the seller&rsquo s stamp duty (SSD) had minimal impact on buying behaviour,&rdquo she added. 

 

Under the revised rules, the holding period for private residential properties was extended from three to four years. SSD rates now range from 16 per cent in the first year to 4 per cent in the fourth year, with no SSD payable after that.

 

Liam said: &ldquo We see demand gravitating to the Core Central Region (CCR) market in a sense, flight to quality for buyers due to the price gap compression between CCR and Rest of Central Region (RCR).&rdquo  

 

Given the robust demand, UOL will preview Skye at Holland in September 2025. 

 

The project will comprise two 40-storey condominium towers, accommodating 680 units. It sits on a 12,388 square metre plot of land that was awarded to a UOL-led consortium last May for S$805.4 million, or S$1,285 per square foot per plot ratio. 

 

Meanwhile, UOL expects to launch the project on the Thomson View plot in H2 2026, said Liam. The development is a joint venture between UOL and CapitaLand, and it is expected to yield some 1,240 residential units. 

 

The Thomson View plot was acquired at S$810 million, after the High Court of Singapore granted the sale order for the collective acquisition of Thomson View condo in July 2025. 

 

Amid rising land costs, Liam noted that the group is &ldquo very selective&rdquo in its land bids, noting that breakeven hinges on land prices, which are trending upward alongside selling prices.

 

No dividend has been declared for H1, unchanged from the year-ago period. 

 

Property investments recorded a 12 per cent increase in revenue to S$303.6 million due mainly to revenue from the newly acquired stake in 388 George Street in Sydney in January 2025, stronger performance by Singapore Land Tower which had substantially completed its asset enhancement initiative works by December 2024, and new contributions from Odeon 333 in Singapore which commenced operations in July 2024. 

 

UOL also recorded positive rental reversion for both its office and retail portfolios. It expects the office sector to remain stable, driven by the continued flight to quality and underpinned by limited new supply, especially in the Central Business District. 

 

Liam added that the group has made further progress in its strategic development incentive (SDI) for Marina Square, and will reveal details at a later stage. In April this year, a DBS Research report suggested it was time for UOL and Singapore Land Group to unlock value from the asset. 

 

This can be done through redeveloping the mall into a future-proof, mixed-use integrated development, by tapping into government incentive schemes focused on rejuvenating the city centre, the report noted.

 

Marina Square sits on land with a 99-year leasehold tenure that started on Sep 9, 1980. The mixed-used development measures 92,197 sq m, and has a total gross floor area of 315,046 sq m. 

 

In 2023, SingLand obtained provisional permission from the authorities for the partial redevelopment of Marina Square. Liam said: &ldquo It&rsquo s a long journey... We are now gunning for, hopefully, a written permission to be obtained... When we get the approval, it will be announced.&rdquo  

 

Occupancy for hotels in Singapore owned by UOL stood at 77 per cent in H1, a slight increase from 76 per cent a year ago. However, marketing expenses rose 29 per cent to S$72.6 million due to higher selling expenses for residential projects and higher marketing and distribution costs for the hospitality segment. 

 

Liam said he expects the Singapore hospitality sector to remain challenging given the global economic situation. 

 

He said: &ldquo However, the pipeline of meetings, incentives, conferences, and exhibitions (Mice)   events may drive corporate and leisure demand for the second half of the year.&rdquo  

 

&ldquo In a world adjusting to a new trade order, we will continue to be disciplined in our approach to portfolio management, project execution and capital deployment. We will adapt to changing market conditions and navigate through these uncertain times.&rdquo  

 

Demand is expected to remain stable in the Singapore office sector, driven by the continued flight to quality and limited new supply, especially in the Central Business District, Liam said. 

 

UOL&rsquo s net gearing ratio rose to 0.25 as at Jun 30, 2025, from 0.23 as at Dec 31, 2024, while interest cover rose to seven times its net interest cost from six times last December. 

 

The group&rsquo s net asset value per share decreased slightly to S$13.59, from S$13.65 in H2 2024 due to lower hedging reserves, foreign currency translation reserves and payment of dividends to shareholders.

The property developer will preview new launch Skye at Holland in September 2025

[SINGAPORE] Property developer UOL Group posted a 58 per cent increase in net profit to S$205.5 million for the first half of 2025.

 

The increase was due to strong performance from property development and property investments, and other gains from the disposal of Parkroyal Yangon, UOL said in a bourse filing on Wednesday (Aug 13).

 

Earnings per share for H1 2025 stood at S$0.2433, up from S$0.1543 in H1 2024.

 

Revenue rose 22 per cent to S$1.55 billion, from S$1.27 billion in the year-ago period, mainly due to higher earnings across most business segments.

 

UOL group chief executive Liam Wee Sin said: &ldquo Our strong results reflect the resilience of our diversified portfolio and the continued confidence in Singapore as a stable and trusted market, even in times of heightened uncertainty.&rdquo  

 

Revenue from property development rose 40 per cent to S$731.7 million on higher progressive revenue recognition from new launch projects Pinetree Hill, Watten House and Meyer Blue. 

 

The CEO highlighted how two recent projects launched by UOL &ndash Parktown Residence and Upperhouse at Orchard Boulevard &ndash performed well. 

 

To date, the group has sold 64 per cent or 192 out of 301 units in Upperhouse at Orchard Boulevard and 92 per cent or 1,092 out of 1,193 units in Parktown Residence. 

 

Yvonne Tan, UOL&rsquo s chief corporate and development officer, said during the earnings briefing that the firm take-up at the recent Upperhouse launch reflects &ldquo aspirations to upgrade remain deep-rooted, and genuine demand continues to anchor the strong sales&rdquo . 

 

&ldquo The recent revision to the seller&rsquo s stamp duty (SSD) had minimal impact on buying behaviour,&rdquo she added. 

 

Under the revised rules, the holding period for private residential properties was extended from three to four years. SSD rates now range from 16 per cent in the first year to 4 per cent in the fourth year, with no SSD payable after that.

 

Liam said: &ldquo We see demand gravitating to the Core Central Region (CCR) market in a sense, flight to quality for buyers due to the price gap compression between CCR and Rest of Central Region (RCR).&rdquo  

 

Given the robust demand, UOL will preview Skye at Holland in September 2025. 

 

The project will comprise two 40-storey condominium towers, accommodating 680 units. It sits on a 12,388 square metre plot of land that was awarded to a UOL-led consortium last May for S$805.4 million, or S$1,285 per square foot per plot ratio. 

 

Meanwhile, UOL expects to launch the project on the Thomson View plot in H2 2026, said Liam. The development is a joint venture between UOL and CapitaLand, and it is expected to yield some 1,240 residential units. 

 

The Thomson View plot was acquired at S$810 million, after the High Court of Singapore granted the sale order for the collective acquisition of Thomson View condo in July 2025. 

 

Amid rising land costs, Liam noted that the group is &ldquo very selective&rdquo in its land bids, noting that breakeven hinges on land prices, which are trending upward alongside selling prices.

 

No dividend has been declared for H1, unchanged from the year-ago period. 

 

Property investments recorded a 12 per cent increase in revenue to S$303.6 million due mainly to revenue from the newly acquired stake in 388 George Street in Sydney in January 2025, stronger performance by Singapore Land Tower which had substantially completed its asset enhancement initiative works by December 2024, and new contributions from Odeon 333 in Singapore which commenced operations in July 2024. 

 

UOL also recorded positive rental reversion for both its office and retail portfolios. It expects the office sector to remain stable, driven by the continued flight to quality and underpinned by limited new supply, especially in the Central Business District. 

 

Liam added that the group has made further progress in its strategic development incentive (SDI) for Marina Square, and will reveal details at a later stage. In April this year, a DBS Research report suggested it was time for UOL and Singapore Land Group to unlock value from the asset. 

 

This can be done through redeveloping the mall into a future-proof, mixed-use integrated development, by tapping into government incentive schemes focused on rejuvenating the city centre, the report noted.

 

Marina Square sits on land with a 99-year leasehold tenure that started on Sep 9, 1980. The mixed-used development measures 92,197 sq m, and has a total gross floor area of 315,046 sq m. 

 

In 2023, SingLand obtained provisional permission from the authorities for the partial redevelopment of Marina Square. Liam said: &ldquo It&rsquo s a long journey... We are now gunning for, hopefully, a written permission to be obtained... When we get the approval, it will be announced.&rdquo  

 

Occupancy for hotels in Singapore owned by UOL stood at 77 per cent in H1, a slight increase from 76 per cent a year ago. However, marketing expenses rose 29 per cent to S$72.6 million due to higher selling expenses for residential projects and higher marketing and distribution costs for the hospitality segment. 

 

Liam said he expects the Singapore hospitality sector to remain challenging given the global economic situation. 

 

He said: &ldquo However, the pipeline of meetings, incentives, conferences, and exhibitions (Mice)   events may drive corporate and leisure demand for the second half of the year.&rdquo  

 

&ldquo In a world adjusting to a new trade order, we will continue to be disciplined in our approach to portfolio management, project execution and capital deployment. We will adapt to changing market conditions and navigate through these uncertain times.&rdquo  

 

UOL&rsquo s net gearing ratio rose to 0.25 as at Jun 30, 2025, from 0.23 as at Dec 31, 2024, while interest cover rose to seven times its net interest cost from six times last December. 

 

The group&rsquo s net asset value per share decreased slightly to S$13.59, from S$13.65 in H2 2024 due to lower hedging reserves, foreign currency translation reserves and payment of dividends to shareholders.

Net proceeds will be used for general corporate purposes of UOL and its subsidiaries, including for refinancing of borrowings

 

[SINGAPORE] Property developer UOL   : U14 +0.91%on Wednesday (Jul 9) announced that its wholly owned subsidiary UOL Treasury Services (UTS), a special purpose entity, priced S$75 million worth of fixed rate notes. 

 

The notes will be issued as the second tranche of the fifth series under a S$2 billion multicurrency medium-term note programme established by UTS in November 2014. 

 

They are payable semi-annually at a fixed rate of 2.78 per cent and are expected to mature on Jul 15, 2032, UOL said.

 

Net proceeds from the issuance, after deducting issuance expenses, will be used for general corporate purposes of UOL and its subsidiaries. These include the refinancing of existing borrowings alongside the financing of working capital and capital expenditure requirements of the group. 

 

Under the programme, UOL will guarantee the notes unconditionally and irrevocably. Its payment obligations as guarantor will rank pari passu with all other present and future unsecured obligations, excluding subordinated obligations and priorities created by the law, the property player said. 

 

The notes will be issued to institutional investors and accredited investors in Singapore.

 

The Singapore branch of CIMB Bank has been appointed as the sole dealer for the notes. 

 

With a presence in 15 countries and total assets of S$23 billion, UOL&rsquo s portfolio spans residential, commercial and hospitality properties. It owns or manages 48 hospitality properties, including hotel Parkroyal Collection Pickering in Chinatown.  

 

Its subsidiaries include mainboard-listed real estate company Singapore Land Group : U06 +0.87% and Pan Pacific Hotels Group. 

UOL Group&rsquo s wholly-owned subsidiary, UOL Treasury Services, has priced its $225 million notes due 2032 at 2.78%.

 

The notes are to be issued as the fifth series of notes under the group&rsquo s $2 billion multicurrency medium term note programme. The net proceeds are expected to be used for general corporate purposes of UOL and its subsidiaries, including refinancing of existing borrowings and financing of working capital and capital expenditure requirements of the group.

 

The notes are unconditionally and irrevocably granted by UOL under the programme, and will be paid per annum semi-annually.

 

The notes are available for institutional investors and accredited investors.

Revenue for the half-year rose 16% to S$1.5 billion

 

PROPERTY player UOL Group : U14 -2.21% posted a 60 per cent fall in net profit to S$227.8 million for the six months ended Dec 31, 2024. This was mainly due to the absence of a one-time gain from the sale of Parkroyal on Kitchener Road in October 2023.

 

Otherwise, the company saw growth across its key segments that drove a 16 per cent rise in revenue to S$1.5 billion.

 

Its board proposed a first and final dividend of S$0.18 per share for FY2024, compared with a total dividend of S$0.20 per share last year that included a S$0.05 special dividend. The payment date for the FY2024 dividend will be announced later.

 

At a results briefing on Thursday (Feb 27), UOL chief executive Liam Wee Sin highlighted the group&rsquo s &ldquo very good set of results&rdquo in the year despite ongoing uncertainties. &ldquo We benefited from our diversified income stream, low gearing, active (asset enhancement initiatives), asset recycling and strong product offerings.&rdquo  

 

UOL witnessed strong performance in Singapore&rsquo s residential property market, in particular, with many buyers who were previously &ldquo fence-sitters&rdquo making purchases now, especially after the US Federal Reserve cut interest rates late last year, said Liam. 

 

There was also the emergence of a new group of buyers he dubbed &ldquo parents-assisted purchasers&rdquo in the suburban residential market.

 

UOL&rsquo s H2 revenue from property development consequently rose by S$140 million, or 26 per cent, due to higher progressive revenue recognition from the Pinetree Hill and Watten House projects.

 

Revenue from property investments rose 8 per cent, with better performance from its Singapore commercial properties and Pan Pacific Serviced Suites Kuala Lumpur. UOL also recorded new contributions from Parkroyal Serviced Suites Jakarta, which opened in January last year.

 

Revenue from hotel operations similarly increased 5 per cent, thanks to the opening of Pan Pacific Orchard in June 2023 and better performance at Pan Pacific Perth and Parkroyal Melbourne Airport after both underwent renovations in 2023.

 

For the full year, UOL&rsquo s net profit was down 49 per cent to S$358.2 million. But excluding the impact of one-time gains, the company&rsquo s operating profit after tax and minority interests was up 13 per cent to S$314.2 million. This came as revenue rose 4 per cent to S$2.8 billion.

 

UOL&rsquo s net gearing ratio inched down to 0.23 as at Dec 31, 2024, while interest cover rose to six times its net interest cost.

 

The group&rsquo s net asset value per share increased slightly to S$13.65.

 

Looking ahead, the company is &ldquo cautiously optimistic&rdquo amid ongoing uncertainty in the global economy, said chief executive Liam Wee Sin.

 

UOL will unveil the private launch of Upperhouse at Orchard Boulevard in mid-2025, followed by the Holland Drive development in the third quarter.

 

Liam believes that residential sales momentum will continue with Singapore&rsquo s growing economy and low unemployment rate.

 

But the performance of new launches will depend on &ldquo micro-market supply-demand factors, locational attributes and well-connected transportation networks&rdquo , he said.

 

Separately, UOL expects the office sector to stay resilient, with Singapore&rsquo s position as a global hub and the limited supply of new offices.

 

The domestic hospitality sector is also &ldquo likely to remain stable, driven by the government&rsquo s long-term plan to boost business events and leisure activities&rdquo , the company added.

 

When asked about moving into the Johor market, especially with the announcement of the Johor-Singapore Special Economic Zone, Liam highlighted the group&rsquo s concern over unregulated supply in the area. He added that there may also be difficulty in attracting talent to work there due to currency differences. &ldquo For me, I&rsquo d say it&rsquo s too early to decide.&rdquo

The acquisition will expand UOL&rsquo s development footprint in China

 

A UNIT of property developer UOL Group, together with an industry partner, has won a nine billion yuan (S$1.7 billion) tender for a residential site in the Hongkou district of Shanghai, China.

 

Qin Rui Jia (Shanghai) Realty Co (QRJ), an indirect subsidiary of UOL, teamed up with China Jinmao Holdings Group on a 10:90 basis for the government land sales tender, which closed on Thursday (Feb 20).

 

The site is 19,319 square metres and has a 70 years leasehold. QRJ and China Jinmao will set up a joint venture company to acquire the land-use rights and develop the site.

 

UOL Capital Investments, a unit of UOL, will contribute 358.6 million yuan towards the tender price of the site, corresponding to its indirect 4 per cent interest in the joint venture.

 

The acquisition will expand UOL&rsquo s development footprint in China, the company said in its filing. It will be financed via existing funds, external borrowings and proportionate shareholders&rsquo loans.

 

The transaction is not expected to have a material impact on UOL&rsquo s earnings for the financial year ending Dec 31, 2025.