UOL Group targets launches in Pine Grove and Watten Estate in 2023
Liam Wee Sin, chief executive of UOL Group, commented on the previous year, which was marked by a strong real estate market, during a conference held on February 27 to discuss the FY2022 financial results of UOL Group. He also notes that a key strategic objective for the corporation moving ahead will be to concentrate on land replenishment.
His digital tools remarks come as UOL, via its subsidiary Pan Pacific Hotels Group, celebrates an extraordinarily successful year in FY2022, driven by robust sales across all of its real estate development projects.
The inventory (of our new projects) was practically depleted last year, according to Liam, who claims that the residential development section fared quite well.
He is alluding to the robust sales on opening day at the 372-unit Ang Mo Kio AMO Residence, which opened in July of last year. The property earned an average selling price of $2,100 psf, a new benchmark price in the Outside Central Region, and saw 98% of its units sold in a day (OCR).
Several recently released projects in UOL’s portfolio were either sold out completely or almost completely last year. The 640-unit Clavon on Clementi Avenue 1 and the 1,074-unit Avenue South Residence on Silat Avenue, according to the developer, are both completely sold out.
Avenue South Residence debuted in September 2019, while Clavon went on sale in December 2020.
There are five unsold homes in each of the 448-unit developments AMO Residence and The Watergardens in Canberra. Just one property is available in Meyerhouse, a luxurious 56-unit development along Meyer Road, according to UOL.
Due to this, the company’s property development revenue increased 26% year over year to $1.98 billion in FY2022. In FY2022, this was responsible for 62% of the organization’s entire income.
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