26 Feb '16, 3pm

#singapore #property UOL reports 43% profit drop, no condo launches in 2016: Singapore-...

Artist’s impression of Botanique at Bartley. Source: UOL Group Singapore-listed UOL Group, a major player in the local property market, reported a 43 percent slump in net profit to $391.4 million for the 2015 financial year. In a statement released on Friday (26 Feb), the group blamed the profit fall on lower fair value gains for its investment properties, as well as the absence of a large one-time profit made from the sale of a land site in Malaysia. UOL also incurred losses of $22 million, mainly from impairment charges for a hotel in Tianjin and a mixed-use development in London. Despite the depressed market conditions in Singapore, group revenue was up 12 percent to $1.28 billion. Specifically, revenue from property development, the group’s largest revenue generator, rose 27 percent to $557.5 million, mainly from local residential projects. About 850 housing units in S...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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