UOL had also announced on July 11 that it had been awarded a 99-year integrated residential and commercial site at Tampines Avenue 11 at a tender price of $1.2 billion. This is part of a 50:50 joint venture (JV) with CapitaLand Singapore Ltd.
OCBC Investment Research (OIR) analysts are keeping “buy” on UOL Group (SGX:U14
) with a fair value estimate of $8.26, highlighting the company's resilient Singapore residential portfolio notwithstanding the pandemic as well as several rounds of property cooling measures by the Singapore government.
The analysts note that UOL has been active on capital recycling activities over the past few months. Its proposal of the en bloc purchase of the freehold Meyer Park Condominium for $392.2 million is progressing, as the Strata Titles Board has issued an order of sale on July 30. This paves the way for the deal to be completed, the analysts add.
