- UOL’s FY24 revenue and gross profit climbed 4% and 6% y-o-y to S$2,794.8m and S$1,114.6m respectively. Core PATMI rose 13% y-o-y to S$314.2m in FY24 and met our expectations.
Revenue increased for all segments except property development.
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Robust sales momentum for Singapore residential projects; more launches to come in FY25.
- UOL Group recorded strong sell-through rates of 88%, 81% and 62% for its Watten House, Pinetree Hill and MEYER BLUE residential projects in Singapore, as at 27 Feb 2025.
- One positive surprise came from the highly successful launch of its PARKTOWN Residence Tampines integrated development project, which sold 87% of units during the weekend of its launch in Feb 2025 despite the project comprising 1,193 units. Average selling prices were also robust at S$2,360 per square foot (psf).
- Looking ahead, UOL Group intends to launch its UPPERHOUSE at Orchard Boulevard project (301 units) in 1H25. The residential site with commercial component was bought by UOL Group and Singapore Land (SGX:U06) for S$428.3m, or S$1,617 psf gross floor area (GFA). There is also another residential site at Holland Drive which UOL Group plans to launch in 3Q25. This was acquired for S$805.4m, or S$1,285 psf GFA.
High commited occupancy for retail & office portfolio.
- Read more at SGinvestors.io.
