UOL still cautious on Singapore residential market

It's more likely to ''replenish land''.

According to OCBC, UOL’s 1Q13 PATMI decreased 15% YoY to S$71.7m mostly due to a weak contribution from its hotel segment (listed hotel subsidiary PPHG saw its 1Q13 PATMI dip 45% to S$9.5m).

1Q earnings now make up 19% of the firm's full-year forecast, which they judge to be generally within expectations and is tracking marginally below due to lumpy progress recognition at development projects.

Here's more from OCBC:

UOL remains cautious on the residential sector and are more likely to “replenish land” than to land-bank aggressively.

Going forward, it looks to launch its Bright Hill (445 units) and St Patrick’s Garden (186 units) projects in 2H13.

The group also recently won a new GLS site at Sengkang West Way at S$262.1m which is expected to yield 550 homes.

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