UOL Group: Providing value through realistic pricing, interesting product offering

SINGAPORE (EDGEPROP) - Since assuming the role of UOL Group chief executive at the start of this year, Liam Wee Sin has been working to integrate the various subsidiaries under the group, namely, Marina Centre Holdings, Pan Pacific Hotels Group (PPHG) and United Industrial Corp (UIC). “UOL has a dedicated and robust team in place,” says Liam. “We have continued to strengthen the top leadership. We have been focusing on integration and harnessing the talent from UOL and its subsidiaries.”
Liam Wee Sin, group chief executive (left), who accepted the Top Developer Award on behalf of UOL Group at EdgeProp Singapore Excellence Awards 2019 (Photo: Albert Chua/EdgeProp Singapore)
Even when it comes to bidding for sites – whether in government land sales (GLS) or collective sales – every party within the group who is interested in participating will name their stakes in the project during the tender period. “It’s all decided upfront even before we submit a bid,” says Liam. “So we take the risk together.”
For instance, UOL purchased a freehold site on Amber Road in January 2017 for $156 million on its own. The new development on the site, the 139-unit Amber 45, was launched in May 2018. In just 1½ years, it is 80% sold at an average of $2,302 psf.
On the other hand, the 729-unit The Tre Ver in Potong Pasir is a joint venture between UOL and UIC. A redevelopment of the former Raintree Gardens en bloc site, the new project was launched in August last year – just a month after the government introduced its ninth round of property cooling measures. The Tre Ver is currently 84% sold.
Launched in August last year, the 729-unit Tre Ver is already 84% sold (Photo: UOL Group/UIC)

Strong underlying demand

“The government introduced the cooling measures to moderate property prices, and that objective has been achieved,” says Liam. “Notwithstanding the cooling measures, there’s always strong underlying demand for projects with good locational and product attributes.”
Property developers in Singapore’s residential sector may be buying freehold or 99-year leasehold sites. “But...