27 Feb '17, 3am

UOL Group’s net profit for the financial year ended 31 December 2016 fell 27 percent to $287 million from...

Artist’s impression of The Clement Canopy, a new condominium being jointly developed by UOL Group. UOL Group’s net profit for the financial year ended 31 December 2016 fell 27 percent to $287 million from $391 million during the previous year, mainly due to valuation losses on investment properties. Revenue climbed 13 percent to $1.44 billion, with the property development segment emerging as the top revenue generator. Revenue from property development jumped 27 percent to $733.9 million, with recognition from Botanique at Bartley , [email protected] and Principal Garden . In a statement, the group said it sold 484 residential units in Singapore during the fiscal year, even as no new projects were launched. Looking ahead, the group expects demand for new homes to remain subdued this year “as the cooling measures are still in place”. “Nevertheless, we believe there’s still...

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

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