UOL Group targets launches in Pine Grove and Watten Estate in 2023

UOL Group Chief Executive Officer Liam Wee Sin (centre) with the group’s management team. (Picture: Samuel Isaac Chua/EdgeProp Singpore)
Underpinned by a robust property market, UOL Group had an exceptionally successful financial year in FY2022. The company’s residential development segment saw near complete sold-out for many of its projects; AMO Residence, Clavon, Avenue South Residences and Meyerhouse, which have achieved an average selling price of $2,100 psf in the Outside Central Region (OCR). Focused on land replenishment, UOL has two upcoming projects in the pipeline this year- a 520-unit condominium at Pine Grove and a 180-unit redevelopment of the former Watten Estate Condominium.

In addition to property development, UOL Group is undertaking initiatives such as asset enhancement and redevelopment of office and commercial developments, such as the 47-storey Singapore Land Tower and the 7-storey extension of Odeon Towers.

Commenting on future plans, Liam Wee Sin, UOL Group Chief Executive, said, “We believe that the high-end and luxury residential market (in Singapore) has opportunities for us to grow, especially in terms of creating more refined products that resonate with homebuyers.”

He added, “Given our current pipeline of projects and land bank replenishment, we expect FY2023 will see us capitalise on our freehold and well-located sites, refining our product positioning, and maintaining our market leadership this is sector.”

Despite the positive outlook, Liam cautioned on higher business and Tengah EC borrowing costs due to the relatively higher interest rate environment as well as increased construction costs.

Nonetheless, UOL Group remains optimistic about the property market in FY2023 with a moderate price increase expected and a higher incoming supply of new launches. With an aim to refine products and remain market leaders, the group is well-poised to take on the challenges of the new year.