Property developer UOL Group reported that net profit for the third quarter ended 30 September 2015 fell two percent year-on-year to $100.8 million.
Revenue declined 18 percent to $354 million over the same period last year when revenue was lifted by the completion of a project in Tianjin.
In a statement, UOL revealed that revenue from property development was mainly contributed by Singapore projects such as Botanique at Bartley and Riverbank@Fernvale.
The group expects buying sentiment in the local residential market “to remain muted with interest concentrated on new launches”.
Meanwhile, the 663-unit Principal Garden condominium witnessed strong interest during its initial launch last month.
“The development, with an exceptional 80:20 ‘garden-living’ concept where the extensive landscape of lush gardens and ground occupy 80 percent of the site, offers buyers a rare opportunity to own a luxury development on the fringe of a Good Class Bungalow area,” said UOL.
Image: Crowds at Principal Garden’s showflat. (Photo by UOL)
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
