UOL's development revenue grows 26% to $1.51 bil; sees stable demand for private homes

Fiona Lam

/ EdgeProp Singapore

February 26, 2026 6:27 PM SGT

fiona.lam@edgeprop.sg

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UOL saw higher progressive revenue recognition from Pinetree Hill (pictured), Watten House and Meyer Blue in 2025. (Photo: Samuel Isaac Chua / EdgeProp Singapore)

UOL Group warned of an uncertain 2026 amid profound global change and a more complex and challenging operating environment, as it announced on Feb 26 a strong set of financial results for 2025 supported by property development and property investments.

Revenue from property development increased by 26% to $1.51 billion last year, due mainly to higher progressive revenue recognition from Pinetree Hill, Watten House and Meyer Blue, as well as new revenue recognition from UpperHouse at Orchard Boulevard in Singapore.

This was offset by lower contributions from Clavon, The Watergardens at Canberra, and AMO Residence in Singapore which obtained their temporary occupation permits in April 2024, December 2024, and October 2025 respectively, Singapore-listed UOL said in a bourse filing.

Meanwhile, revenue from property investments was up 13% to $629.3 million, due mainly to revenue from the newly acquired interest in 388 George Street in Sydney in January 2025, better performance by Singapore Land Tower, which had substantially completed its asset enhancement initiative (AEI) by December 2024, as well as full-year revenue from Odeon 333 in Singapore, which started operations in July 2024.

As a result, group revenue grew 16% to $3.23 billion as compared to 2024. Net attributable profit increased by 34% to $481.7 million last year, due to strong performance across most segments.

UOL CEO Liam Wee Sin said the Singapore residential sector remained healthy, reflected in the developer’s robust sales, and this adds to its income visibility for the next two years. The acquisitions of Thomson View, Dorset Road, and Hougang Central sites give UOL a quality pipeline of replenishment sites, he added.

The developer expects demand for private residential properties in Singapore to remain stable, supported by low unemployment, strong household balance sheets, and a lower interest rate environment. Sales momentum is likely to be healthy, though price growth could moderate.

The office market is expected to remain resilient, supported by tight supply especially in the CBD. Steady rental growth is anticipated, given Singapore’s position as a safe haven amid heightened global uncertainties. Likewise, the retail sector should stay stable as limited supply will support occupancy, with rents likely to see modest growth due to ongoing manpower constraints and elevated operating costs, UOL noted.

The group expects Singapore’s hospitality sector to see modest growth, supported by tourism demand, though the operating environment continues to be challenging amid global uncertainties, manpower constraints, and evolving travel preferences.

UOL’s board proposed a special dividend of $0.07 per share, on top of a first and final dividend of $0.18 per share for the financial year ended Dec 31, 2025. This brings the total dividend to $0.25 per share.

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UOL's development revenue grows 26% to $1.51 bil; sees stable demand for private homes

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