It's up for a 'transitional development' this year.
In a release, Mr Jackson Yap, United Engineer's Managing Director and Chief Executive Officer said “In FY2012, we made significant progress in our drive to transition to more sustainable and stable businesses.
These generate steady cashflows and help to smoothen out the volatility associated with property development profits. We have been actively growing our stable recurrent income base by acquiring assets such as 79 Anson Road as well as building our Park Avenue brand hospitality business.
The commencement of the integrated business park and hotel operations at UE BizHub EAST is set to add to our recurrent income business. The recently announced bid for WBL Corporation Ltd is a major thrust by the Group to grow via merger and acquisitions.
This will be a transformational development for the Group.”
“In the year ahead, we will focus on executing our major development projects, namely – 8 Riversuites, Austville Residences and Orchardgateway. We will continue our efforts to broaden our recurring income base in order to generate steady and sustainable cashflows,” he added.
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