UOL Group suffers $82.1 mil loss in 1H2020

UOL Group suffers

UOL Group suffers $82.1 mil loss

SINGAPORE (EDGEPROP) Listed engineer UOL Group has revealed lost $82.1 million because of “reasonable worth misfortunes on its investment properties, including retail shopping centers and overhauled suites, which were seriously influenced by Covid-19”, according to a public statement dated Aug 13.

Property development remains the biggest supporter of the group’s revenue at 42% in 1H2020. The Tre Ver at Potong Pasir, dispatched in August 2018, is 94.5% sold. Golden 45, which was dispatched in 2Q2018, is 87.1% sold.

Avenue South Residence, dispatched in August a year ago, is 47% sold, though 56-unit extravagance venture Meyer Mansion is 12.5% sold.

UOL additionally reported Clavon, an upcoming private dispatch in 4Q2020. An 80:20 joint endeavor among UOL and UIC comprising 640 units, it will be based on the Clementi Avenue 1 government land deals (GLS) site gained in July a year ago for $491 million or $788 psf for every plot ratio.

The designer has likewise been granted a GLS site close to Canberra MRT Station in March for $270.2 million or $650 psf ppr. It is a joint endeavor between UOL, UIC, and Kheng Leong, with a total gross floor region of 38,593 sq m (415,412 sq ft), which will yield an estimate of 448 private units. It is focused to be dispatched in 2021.

Property investments contribute 26% of total revenue in 1H2020, up from 22% in 1H2019. Occupancy rates for office properties remain solid at 94.5% for Singapore’s market, while retail properties see high dedicated occupancy at 94.4% in 1H2020.

Then again, in operations contributed 15% in 1H2020, down from 25% in 1H2019. UOL’s inn operations contain the Pan Pacific brand, Parkroyal and Parkroyal Collection.

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There was a drop in commitment because of movement limitations and the conclusion of Parkroyal Collection Marina Bay and Parkroyal KL for restoration works. Container Pacific Suzhou has additionally stripped in December a year ago. Parkroyal Collection Marina Bay, comprising 575 keys, is relied upon to finish the repair in 1H2021.

Because of higher borrowings for the procurement of the private site at Canberra Drive and the development of Clavon at Clementi Avenue 1, UOL Group’s net obligation to value ratio is at 0.32 as of June 30, up from 0.30 as of Dec 31, 2019.

Related Topic: Rental growth to continue for industrial S-Reits

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