UOL's Sengkang West Way project slated for 1Q14 launch

Will the 555-unit project fare well?

According to Nomura, UOL reported its 2QFY13 results on 7 August after the market closed. Excluding revaluation gains on investment properties and negative goodwill, 1HFY13 core PATMI of SGD164.4mn (-7%y-y) met 49% of full-year forecast of SGD333.3mn.

The performance appears broadly in line with expectation with lower-than-expected profit booking at the associate level and higher-than-expected interest expense offset by better-than-expected margin at the consolidated level.

Here's more from Nomura:

The Bright Hill Drive project (445 units) is scheduled for launch in “a couple of weeks” while the St. Patrick’s Garden project (186 units) will be launched in “one to two months’ time”, according to management.

The Sengkang West Way project (555 units), on the other hand, is scheduled for launch in 1Q14.

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