Over the next 2 years, Singapore public-listed property developer UOL Group is planning to launch 2 new residential development in Potong Pasir and Clementi, according to a report by OCBC Investment Research.
The UOL’s 50% stake project with 505-unit condominium, The Clement Canopy is due to launch in the first quarter next year.
The Raintree Gardens located at Potong Pasir will be redeveloped to hit the market in 2018, a 750-unit project acquired by the group through an en bloc sale with UIC Ltd.
UOL has registered strong sales growth with its previously launched Singapore developments. A 96 percent take-up rate from its 797-unit Botanique at Bartley, while Riverbank @ Fernvale and Principal Garden are 78 percent and 43 percent sold, respectively.
Temporary Occupation Permit (TOP) of the 3 projects has been issued last September 2015 and May 2016.
With this, UOL Group’s revenue recorded an increase of 11% year-on-year to $393 million, for the quarter. The group ascribed the increase to its property investment, hotel and property development segments.