UOL Group’s total assets have grown to about $20 billion as at 31 March.
UOL Group’s board of directors is on the lookout for a new group chief executive as its current chief Gwee Lian Kheng is set to retire on 31 January 2019, after 45 years of service.
He will, however, remain as director on the board.
More: UOL To Launch New Condo After Good Sales At Amber45
Gwee joined the company as group financial controller and company secretary in 1973 and was promoted to be the executive director and general manager in 1987.
Since then, UOL Group’s total assets have grown from about $749 million to $20 billion as at 31 March 2018. In fact, the company now has a diversified business portfolio comprising property development, property investment and hospitality, across 12 countries.
“I consider it a privilege to have the opportunity to serve so many years, indeed almost my entire career, in a company that has become a leading property player in Singapore,” said Gwee.
“For this, I am very grateful to the board of UOL, in particular Chairman Dr Wee Cho Yaw, for his guidance, support and trust over the years, which enabled me and my management team to build the company to what it is today and to create value for our shareholders.”
Gwee also thanked the management staff at UOL for their support.
The board is currently identifying and reviewing internal and external candidates in its search for Gwee’s successor.
Meanwhile, UOL plans to launch another condominium known as The Tre Ver soon at an estimated average selling price of $1,400 psf.
The 99-year leasehold project is located on the former Raintree Gardens HUDC site in Potong Pasir, which was built in the 1980s and subsequently sold via collective sale in 2016 to UOL Group and United Industrial Corporation for $334.2 million ($797 psf ppr).
This follow’s the developer’s recent launch of the freehold Amber45 condominium in District 15, which continues to draw buyers. About 65 percent of the 139 units have already been sold, up from 55 to 60 percent during the launch in mid-May, according to brokerage CGS-CIMB.
Buyers were mostly Singaporeans, with prices averaging at around $2,200 psf.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com