UOL GROUP LIMITED (SGX:U14)
UOL Group - First Believers Of The Greater Southern Waterfront
- UOL’s Avenue South Residences sold 276 units - 92% of 300 units that were launched or 26% of total units.
- Possibly the best-selling project during any launch weekend YTD.
- Buyers mostly Singaporeans with small units the most sought after, implying investment demand could be returning.
- UOL will be marketing the project overseas soon.
What’s New
- UOL GROUP LIMITED (SGX:U14)’s Avenue South Residences sold 276 units, representing 92% of 300 units that were launched and 26% of total units. This is possibly the best-selling project during any launch weekend YTD. UOL’s strategy of phasing out and segmenting the project has proven to be successful. The first 300 “offer”-priced units were too hard to resist.
- While the Heritage Collection with an average price of S$1,780psf was the most popular over the weekend, we understand that the developer did release some units from the Peak Collection (premium collection) with an average price of S$2,250psf. The mid-range, Horizon Collection’s average price is S$1,980psf.
- We understand that buyers were mostly Singaporeans with small units (one-to two-bedroom units) as the most popular, implying that investment demand has returned for selected properties with strong growth potential in the long-term led by the Greater Southern Waterfront development.
What's Next
- UOL will be marketing the project overseas soon as it has received enquiries from foreign buyers, potentially taking advantage of any spillover demand from HK/China investors looking at overseas properties given the chaos in HK.
Rachel TAN
DBS Group Research
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Derek TAN
DBS Research
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https://www.dbsvickers.com/
2019-09-09
SGX Stock
Analyst Report
8.530
SAME
8.530
