UOL Group deployed Two Freehold Condo projects in second quarter

UOL Group deployed Two Condo projects in second quarter

Developer UOL Group is preparing to launch two residential projects in Singapore in the second quarter of 2019, according to the SGX file on Tuesday (February 26). Promising is the apartment area to meet all standard amenities.

Avenue South Residence is a masterpiece by consortium consisting of UOL, UIC and Kheng Leong Company. The upcoming Avenue South Residence near the 24 km-long Rail Corridor is touted as one of Singapore’s tallest condominiums and it is well located in District 03 of Silat Avenue.

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Potential owners of Avenue South Residence will know of the convenience of this location, in between Tanjong Pagar vicinity and the Mount Faber/Telok Blangah vicinity. It is a perfect blend of simple locality and downtown living.

Crafted on this large plot of land is a 2 tower block with 56 storey. A total of 1,074 units: 1-bedroom to 5-bedrooms, the development comes with a childcare and commercial shops. Potential buyers will be spoilt for comfort with its with its top quality furnishes and fittings. This comes on top of the strategic location, coupled with its upside potential. Most of its residential units will come with unblocked views of the sea and the Singapore city skyline.

MEYERHOUSE - Dream Condo in the East

In addition, one of them is MEYERHOUSE, a 56-unit freehold condominium near the future upcoming Tanjong Katong MRT station on the Thomson-East Coast Line (TEL)

Touted as the “Nassim Residences of the East”, the development at 92-128 Meyer Road is being undertaken via 50:50 joint venture with Kheng Leong. The freehold condo will contain big format units standing on a site spanning 10,185 sqm.

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Aside from its central location that provides panoramic views of the Greater Southern Waterfront area, the 56-storey project is being touted as one of Singapore’s tallest condominiums.

With a gross floor area (GFA) of 84,551 sq m, the mixed-use project will offer 1,300 sqm of commercial space and around 1,074 residential units. It is being developed by UOL, UIC and Kheng Leong

Outstanding issue that UOL group’s earnings slumped by 51 percent year-on-year to $433.7 million in 2018 due to a one-off gain of $535.6 million arising from the consolidation of United Industrial Corporation (UIC) in 2017. If this hefty contribution is excluded, the groups’ net profit would have increased by 26 percent.

As for revenue, it rose by 13 percent to $2.4 billion in 2018 in light of the full-year consolidation of the expanded group’s income.

However, contributions from its property development business fell by 15 percent to $989.3 million as Alex Residences and Principal Garden were completed in September 2017. The drop in revenue was partially mitigated by the launch of Amber45 in May 2018, in addition to higher income from The Clement Canopy in Singapore and Park Eleven in Shanghai.

Maybe you need to change a new freehold condo? Check your affordability now. Get more details on the property market outlook for 2019.

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