After banner year, UOL bets on Marina Square and 2,500-unit residential pipeline

The Marina Square redevelopment will include a new residential tower, serviced apartment block and a mixed-use tower comprising hospitality, offices and performing arts space (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Cecilia Chow

/ EdgeProp Singapore

March 5, 2026 11:00 AM SGT

cecilia.chow@edgeprop.sg

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UOL Group is positioning itself for the next residential cycle with a nearly 2,500-unit launch pipeline and a transformative redevelopment of Marina Square — moves that demonstrate the developer’s confidence following a year of record sales.

The Marina Square revamp marks one of the most ambitious repositioning exercises in the Core Central Region (CCR) in recent years. The 9.2ha waterfront site in the heart of the CBD will be redeveloped into what UOL describes as Singapore’s first “hyper-mixed development”, integrating residential, hospitality, office and cultural components.

A new residential tower is coming up alongside a serviced apartment block and a mixed-use tower comprising hospitality, offices and performing arts space. A key enhancement will see the existing green deck above Stamford Canal along Raffles Avenue transformed into a 6,500 sq m (69,965 sq ft) public park with greenery, playscapes and event spaces. Planning approval is in progress.

Marina Square, designed by Portman Architects and completed in 1986, was Singapore’s first mall built on reclaimed land. It spans 700,000 sq ft across five storeys. The mall is linked to three hotels — the 510-room Mandarin Oriental, Singapore; the 583-room Parkroyal Collection Marina Bay; and the 790-room Pan Pacific Singapore — with a combined 1,883 rooms.

All three hotels have recently been refurbished, and together with the new hospitality components, are envisioned to be “a richer, and more compelling destination”, said Liam Wee Sin, UOL group CEO, at the company’s Feb 26 results briefing.

The site has received in-principle approval under URA’s Strategic Development Incentive scheme. Marina Square is jointly owned by Singapore Land Group (77.34%) and UOL Group (22.6%). Singapore Land is a listed subsidiary of UOL, which holds a 50.37% stake.

“It’s a very complex project,” says Liam. “But there’s significant value-add, including parks and cultural elements. It has a meaningful transformational impact on the city.”

Liam: We are very Singapore-centric. In these challenging and volatile times, Singapore is a safe haven. We believe this allocation serves us well. (Photo: Samuel Isaac Chua/EdgeProp Singapore)

The redevelopment sits within a precinct shaped by global architectural names — The Gateway by IM Pei, South Beach by Norman Foster, and Millenia Singapore by Kevin Roche — reinforcing Marina Square’s locational and design significance.

For UOL, the project signals a shift beyond standalone residential project launches towards more complex, larger-scale mixed-use developments.

Land banking for ‘the next cycle’

Beyond Marina Square, UOL has secured a residential pipeline of about 2,500 units across multiple sites over the past year.

The largest is the upcoming 1,268-unit project on the former Thomson View Condo site, a 50:50 joint venture with CapitaLand Development. The 540,321 sq ft, 99-year leasehold site was acquired in October 2025 for $810 million — 11.8% below its earlier collective sale reserve price — and is targeted for launch in 4Q2026.

UOL’s upcoming launch is its joint-venture project with CapitaLand Development in the redevelopment of the former Thomson View Condo into a new 1,268-unit project, expected to debut sometime in 4Q2026 (Photo: Realion ETC)

Located near Upper Thomson MRT Station and Thomson Plaza, the site is within 1km of Ai Tong Primary School, and close to CHIJ St Nicholas’ Girls’ School, Catholic High School (Primary) and Kuo Chuan Presbyterian Primary School. It overlooks established landed enclaves such as Soo Chow Garden and Windsor Park, a Good Class Bungalow Area, and is surrounded by Windsor Nature Park, Lower Peirce Reservoir Park and MacRitchie Reservoir Park.

Liam notes that the area retains an “old-world charm”, drawing parallels with Holland Village where UOL-CapitaLand’s 666-unit project Skye at Holland was launched last October, and is 99% sold. The project sold well, as many of the buyers demonstrated “a strong affinity for the neighbourhood”, says Liam.

The Dorset Road Government Land Sale (GLS) site, secured in October 2025 in an 80:20 joint venture with Kheng Leong for $524.3 million ($1,338 psf per plot ratio, or psf ppr), will be developed into twin 28-storey towers comprising 428 units. The project is expected to launch in 1H2027.

The Dorset Road land parcel is developed jointly with Kheng Leong into a new twin 28-storey project with 428 units, targeted for launch in 1H2027 (Photo: Samuel Isaac Chua/EdgeProp Singapore)

In January, UOL, Kheng Leong and CapitaLand Development (in a 40:10:50 joint venture) clinched the Hougang Central GLS site with a $1.5 billion ($1,179 psf ppr) bid. The integrated development will feature over 800 residential units and approximately 28,000 sq m (301,392 sq ft) of retail space, directly connected to Hougang MRT Station, bus interchange and town plaza. The retail component will be owned and managed by CapitaLand Integrated Commercial Trust. The project is slated for launch in 2H2027.

The Hougang Central site is a mixed-use development with over 800 residential units, 301,392 sq ft of retail space, and is directly connected to Hougang MRT Station, bus interchange and town plaza (Photo: Samuel Isaac Chua/EdgeProp Singapore)

“These acquisitions will serve us well in the upcoming residential cycle,” says Liam. “Even if we sell well and our inventory runs low, we won’t have to tender for land in the midst of intense competition. That’s why we can afford to be more selective.”

Record residential sales momentum

The forward pipeline comes on the back of a record performance in 2025. On Feb 26, UOL announced residential sales of $5.1 billion in gross development value, four times the $1.3 billion recorded in 2024. OCBC equity research analyst Andy Wong described the result as “a new record” for UOL in terms of residential sales bookings.

The surge was driven by three major launches last year, which achieved sell-through rates ranging from 77% to 99%.

The 1,193-unit ParkTown Residence, a 50:50 joint venture with CapitaLand Development, was over 87% sold on its opening weekend in February 2025 and reached 94% take-up by year-end.

The 301-unit UpperHouse at Orchard Boulevard was 77% sold by December, while the 666-unit Skye at Holland — a joint venture between UOL, Kheng Leong and CapitaLand Development — is more than 99% sold following its October launch.

“Our conviction and disciplined approach enabled us to acquire the sites at a good price, which in turn positioned them to be launched into a supportive market in 2025,” says Yvonne Tan, UOL chief corporate and development officer.

The strong absorption across the different segments — from CCR to the Outside Central Region — provided UOL with cash flow visibility and replenished capital for subsequent acquisitions, adds Tan.

Portfolio expansion, investment

Singapore Land is redeveloping the former Clifford Centre on a 999-year leasehold site into a 35-storey commercial tower. The new development, The Clifford at Raffles Place, will have over 405,000 sq ft of Grade A office space together with retail and lifestyle components.

The development will be the first “triple Platinum” commercial building in Raffles Place, having secured BCA Green Mark Platinum (Super Low Energy), Leed and Well certifications. Completion is targeted for 2028.

In August 2025, UOL entered the purpose-built student accommodation (PBSA) segment with the acquisition of the 771-bed Varley Park in Brighton, UK. The property was acquired from the University of Brighton for GBP43.5 million ($74.2 million) on a leaseback arrangement.

“We see PBSA as an extension of our existing capabilities in hospitality and the broader living sector,” says UOL chief investment and asset officer Shirley Ng, describing the UK student housing market as resilient and supported by international demand.

In Australia, UOL and Singapore Land, through their 20:80 joint-venture company, also own a 50% stake in the Grade A office building at 388 George Street in Sydney, which was acquired in October 2024 for $404.5 million. This followed the acquisition of the commercial office block at 72 Christie Street, St Leonards, Sydney, in 2018 for $153 million. Both are 100% leased.

UOL also maintains a presence in China. In February 2025, UOL, Singapore Land and Kheng Leong, together with China Jinmao Holdings, won the bid for The Puyuan residential development site in Shanghai. The joint venture paid RMB8.96 billion ($1.7 billion) for the 70-year leasehold site, with UOL holding a 10% stake.

Three of the five phases have been launched, with take-up of 68%, says Liam. The Shanghai government eased residential buying restrictions from Feb 26, in a bid to support the property market.

‘Singapore-centric’

Despite its overseas investments, UOL remains predominantly Singapore-focused. Of its total assets of $22.48 billion, about 85% are located in Singapore, while China accounts for 4%, the UK 5% and Australia 4%.

“We’re very Singapore-centric,” says Liam. “In these challenging and volatile times, Singapore is a safe haven. We believe this allocation serves us well.”

With its 2,500-unit residential pipeline and a flagship CBD transformation underway, UOL appears to be leveraging its balance-sheet strength and entering the next residential phase with both inventory depth and strategic flexibility.

“Given UOL’s healthy balance sheet, it has the capacity to embark on land-bank replenishment, redevelopment projects and asset enhancement initiatives to rejuvenate its portfolio,” says OCBC’s Wong.

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