- UOL Group reported a strong set of 1H25 results. Revenue and gross profit grew 22% and 17% y-o-y to S$1,549.3m and S$606.6m respectively.
- On a segmental basis, UOL’s revenue and EBITDA increased y-o-y for all segments except for Hotel Operations and this was partly due to higher base effects.
1H25 core PATMI jumped 45% y-o-y and exceeded our expectations.
- - Read this at SGinvestors.io -
- Headline PATMI jumped 58% y-o-y to S$205.5m, and after stripping out attributable gains and fair value changes on investment properties, UOL’s core PATMI came in at S$206.6m, an increase of 45% y-o-y. This accounted for 62% of our initial FY25 forecast and was above our expectations.
Garnered robust sales momentum for Singapore residential property projects, including recent new launches.
- - Read this at SGinvestors.io -
- For its more recent project launches, PARKTOWN Residence in Tampines has already recorded a sell-through rate of 92% despite having 1,193 units (average selling price (ASP) of S$2,370 per square foot (psf) according to URA Realis), while its 301-unit UPPERHOUSE at Orchard Boulevard project in the Core Central Region (CCR) segment has already sold 64% of its units despite an ASP of ~S$3,300 psf.
- The next upcoming launch in Singapore would be its Skye at Holland project in 3Q25.
- Outside of Singapore, management is confident of its joint venture project in Jinmao Pu Yuan (effective stake of ~5.5%), which is located in the Hongkou District in Shanghai Puxi. The first phase is slated for launch in 3Q25. UOL hopes to sell out all the units within 2-3 years of the site acquisition at selling prices above CNY150k per square metre (psm).
Postive rental reversions for both SG retail and office portfolio.
- Read more at SGinvestors.io.
