UOL Group Chief Executive Officer Liam Wee Sin said that the company is focused on land replenishment going forward. (Picture: Samuel Isaac Chua/)UOL Group is also on the lookout for potential joint venture partners to further enhance its JCube Residence portfolio. “With an eye on the future, we continue to search and identify partnership opportunities that can further enhance our portfolio and position, and arm UOL with the competitive edge in this business,” said Liam Wee Sin.Liam concluded, “We are extremely proud that we’ve been able to capitalise on this fiscal year’s property market, with record-breaking launches to replenish our landbank. Going forward, we are set to refine our product positioning and capitalise on our freehold and well-located sites in FY2023.”UOL Group Chief Executive Officer Liam Wee Sin reflected on the company’s past year at a conference to share their FY2022 financial results. He commented on an exceptionally successful year which was underpinned by strong sales among all the group’s property development projects and hotel operations. Additionally, the group saw revenue from property development increase 26% year-on-year to $1.98 billion in FY2022.

Going forward, UOL has two launch-ready projects in the pipeline; previewing an upcoming 520-unit residential development at Pine Grove by the end of 1H2023 and the redevelopment of the former Watten Estate Condominium in 2H2023. Additionally, the company is also working on asset enhancement and redevelopment for some of its office and commercial developments, including Singapore Land Tower and Clifford Centre.

As a strategic thrust for the company, Liam remarked on a focus on land replenishment, particularly in neighbourhoods such as Ang Mo Kio, Watten Estate and Pine Grove. He adds that the high-end and luxury residential market in Singapore has opportunities for them to grow and create more refined products that resonate with homebuyers. UOL is also looking for potential joint venture partners to enhance its portfolio and give them the competitive edge.

The group is mindful of higher business and borrowing costs due to the higher interest rate environment, as well as rising construction costs. However, with an eye on the future, they continue to search and identify partnerships that will further arm the company with the competitive edge they need.

The past year has seen UOL Group’s exceptional success with record-breaking launches to replenish its landbank, setting them up for a strong fiscal year in 2023.