{"id":118275,"date":"2020-08-18T11:10:57","date_gmt":"2020-08-18T04:10:57","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-posts-82-1mil-net-loss-in-1h-2020\/"},"modified":"2020-08-18T12:03:39","modified_gmt":"2020-08-18T05:03:39","slug":"uol-posts-82-1mil-net-loss-in-1h-2020","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-posts-82-1mil-net-loss-in-1h-2020\/","title":{"rendered":"UOL posts $82.1mil net loss in 1H 2020"},"content":{"rendered":"


\nClavon is set to launch in Q4 2020. Photo: UOL Group.\u00a0
\nUOL Group reported a net attributable loss of $82.1 million in the first half of 2020 mainly due to fair value losses on investment properties, including serviced suites and retail malls which were significantly affected by COVID-19.
\nThis contrasted with the $267.7 million net attributable profit registered over the same period last year.
\nExcluding fair value losses, the group\u2019s operations remained in the black, with pre-tax profit at $196.8 million, albeit lower by 30% from the $282.8 million registered in 1H 2019.
\nAs at 30 June 2020, the investment properties of the group were independently valued at a combined $11.3 billion, which works out to a 2% or $263.8 million decline from the value as at 31 December 2019.
\nThe decline in value was seen across all the commercial properties and serviced suites of the group, reflecting the pandemic\u2019s impact on the performance of such properties.
\nIn the first six months of 2020, group revenue declined 28% to $908.2 million, due to lower contributions from all segments except management services and technologies which increased 32% to $122.9 million.
\nHotel operations recorded the biggest decline in revenue at 57% to $136.8 million.
\nUOL attributed this to lockdowns and travel restrictions enforced by governments across the world, with hotels in Australia and Singapore posting the largest decline.
\n\u201cThe closure of PARKROYAL COLLECTION Marina Bay and PARKROYAL Kuala Lumpur for major refurbishments, and the absence of revenue from Pan Pacific Suzhou, which was sold in December 2019, also affected hotel revenue,\u201d it said in a release.
\nRevenue from property development declined 29% to $379.7 million during the period under review, due to lower revenue from Park Eleven, Shanghai.
\n\u201cThe decline was partially offset by higher progressive revenue recognition from ongoing projects in Singapore, namely Avenue South Residence and The Tre Ver,\u201d it said.
\nRevenue from property investments fell 14% to $238.8 million mainly due to the $26.3 million rental rebates extended to tenants.
\nMeanwhile, the group revealed plans to launch residential project Clavon in the fourth quarter of 2020.
\nA joint venture between UOL and UIC, the 640-unit project will sit on the Clementi Avenue 1 Government Land Sales (GLS) site acquired for $491.3 million in July 2019.
\nThe project is located near Clement MRT station and is adjacent to The Clement Canopy, which is a fully-sold project launched in 2017.
\nUOL Group Chief Executive Liam Wee Sin believes there is a need to further extend the Additional Buyer\u2019s Stamp Duty (ABSD) deadlines given that Covid-19\u2019s full impact is yet to be felt.
\n\u201cOn the residential front, resumption of construction activities have been carefully paced. This, together with safe management measures, has however delayed progress of work on main construction sites and marketing suites. On top of that, social distancing requirements have limited the number of visitors in showflats and thereby affecting pace of sales. As such, a further extension of ABSD deadlines may need to be considered as the impact of the crisis has not been fully felt yet,\u201d he said.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…UOL posts .1mil net loss in 1H 2020<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Clavon is set to launch in Q4 2020. Photo: UOL Group.\u00a0 UOL Group reported a...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-118275","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-uLF","jetpack-related-posts":[{"id":33856,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-report-mixed-results-in-q3\/","url_meta":{"origin":118275,"position":0},"title":"Developers report mixed results in Q3","date":"November 11, 2016","format":false,"excerpt":"\r Property developer UOL Group has posted a 14 percent drop in net attributable profit for the third quarter. Singapore developers posted mixed results in the third quarter of 2016, with City Developments Limited (CDL) reporting a profit increase and UOL Group registering a decline. CDL saw its net profit\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22019,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uols-profit-plunges-55-in-q2-on-investment-losses\/","url_meta":{"origin":118275,"position":1},"title":"UOL's profit plunges 55% in Q2 on investment losses","date":"August 5, 2016","format":false,"excerpt":"\r Artist\u2019s impression of Botanique at Bartley by UOL Group. Property developer UOL Group has reported a 55 percent slump in net profit to S$68.8 million in the second quarter ended 30 June 2016, due mainly to fair value losses on investment properties. The Singapore-listed company recorded losses totalling S$21.5\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62970,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-up-59-in-q2\/","url_meta":{"origin":118275,"position":2},"title":"UOL net profit up 59% in Q2","date":"August 7, 2017","format":false,"excerpt":"\r Mainly due to higher revenue recognition from its Singapore condominium project, Principal Garden, UOL saw its net profit increase from\u00a0S$68.8 million in Q2 2016 to S$109.4 million in the second quarter of 2017. (Image: UOL Group Limited) Despite a 59 percent increase in net profit in Q2 2017, UOL\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114648,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-up-14-to-478-8m-in-2019\/","url_meta":{"origin":118275,"position":3},"title":"UOL net profit up 14% to $478.8m in 2019","date":"March 2, 2020","format":false,"excerpt":"\r The company attributed the hike to higher attributable fair value and other gains of $165.1 million compared with the previous year\u2019s $85.3 million. Photo: Avenue South Residence UOL Group saw its net profit for the full year ended 31 December 2019 increase 14% to $478.8 million from $418.3 million\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54789,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-attributable-profit-up-4-in-q1\/","url_meta":{"origin":118275,"position":4},"title":"UOL net attributable profit up 4% in Q1","date":"May 15, 2017","format":false,"excerpt":"\r UOL Group\u2019s revenue increased six percent on the back of higher progressive recognition of revenues from ongoing residential projects Principal Garden and Botanique at Bartley (pictured) (Image: UOL Group Limited). UOL Group Limited saw its net profit increase by four percent to S$80.3 million in Q1 2017, mainly due\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":46019,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-down-27-to-287m\/","url_meta":{"origin":118275,"position":5},"title":"UOL net profit down 27% to $287m","date":"February 27, 2017","format":false,"excerpt":"\r Artist\u2019s impression of The Clement Canopy, a new condominium being jointly developed by UOL Group.\u00a0 UOL Group\u2019s net profit for the financial year ended 31 December 2016 fell 27 percent to $287 million from $391 million during the previous year, mainly due to valuation losses on investment properties. Revenue\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/118275"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=118275"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/118275\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=118275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=118275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=118275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}