UOL's current projects enjoy higher take-up rates

3Q residential revenue rose 19% to $206.6m.

UOL has posted 11% growth in revenues in 3Q to $393.4m, thanks to residential contributions underpinned by higher sales from ongoing projects.

CIMB notes that during the period, the firm's residential revenue rose 19% yoy to S$206.6m in 3Q with progressive recognition of billings and higher take-up rate from ongoing projects such as Botanique at Bartley (96% sold), Riverbank @ Fernvale (78% sold), and Principal Garden (43% sold).

The Park Eleven development in Shanghai is also 21% sold at an average ASP of Rmb77,000psm.

Looking ahead, with most of its residential projects well sold and the Riverbank @ Fernvale on track to achieve completion status in 1Q17, UOL plans to launch a new 505-unit development, The Clement Canopy, in 1Q17.

CIMB believes that the acquisition of Raintree Garden enbloc site should also extend its residential earnings visibility.

"With a gearing of 0.28x, the group can continue to leverage its balance sheet for new investments, in our view," it said.

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