UOL net profit down 27% to $287m

Romesh NavaratnarajahFebruary 27, 2017

The Clement Canopy

Artist’s impression of The Clement Canopy, a new condominium being jointly developed by UOL Group. 

UOL Group’s net profit for the financial year ended 31 December 2016 fell 27 percent to $287 million from $391 million during the previous year, mainly due to valuation losses on investment properties.

Revenue climbed 13 percent to $1.44 billion, with the property development segment emerging as the top revenue generator.

Revenue from property development jumped 27 percent to $733.9 million, with recognition from Botanique at Bartley, Riverbank@Fernvale and Principal Garden.

In a statement, the group said it sold 484 residential units in Singapore during the fiscal year, even as no new projects were launched.

Looking ahead, the group expects demand for new homes to remain subdued this year “as the cooling measures are still in place”.

“Nevertheless, we believe there’s still demand for projects with good locational and product attributes as seen from the strong interest for The Clement Canopy,” said Liam Wee Sin, Deputy Group CEO at UOL.

“With strong take-up in all our projects, we are looking to replenish our landbank in niche locations,” he added.

The group recently acquired two residential sites – a large en bloc sale site at Potong Pasir Avenue 1 (the former Raintree Gardens), and a freehold site at 45 Amber Road.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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