The panel comprised (from left) PPHG Chief Executive Officer Choe Peng Sum, UOL Chief Financial Officer Ng Tiang Poh Eric, UOL Group Chief Executive Liam Wee Sin, Singapore Land Group Chief Executive Officer Jonathan Eu, UOL Chief Operating Officer Neo Soon Hup, and UOL Chief Investment Officer Shirley Ng.
UOL reported net attributable profit of $130.4 million for the half-year ended 30 June 2024 (1H24), down 3% due mainly to attributable fair value losses of $12.2 million compared with fair value and other gains of $3.3 million for the same period last year.
Group pre-tax profit before fair value and other losses/gains totalled $245.3 million, up 7% from $228.8 million in 1H23 due mainly to higher earnings from property investments, hotel operations and dividend income.
On 13 August 2024, the panel comprising UOL Group Chief Executive Liam Wee Sin, Singapore Land Group Chief Executive Officer Jonathan Eu, PPHG Chief Executive Officer Choe Peng Sum, UOL Chief Financial Officer Ng Tiang Poh Eric, UOL Chief Operating Officer Neo Soon Hup, and UOL Chief Investment Officer Shirley Ng, had virtual briefings with over 20 journalists and analysts on the results.
Mr Liam said: “During the first half, we replenished our landbank with sites in Orchard Boulevard and Holland Drive which have strong attributes. The anticipated easing of interest rates will help spur activities in the residential sector. We hope to ride on this in our private preview of MEYER BLUE in September.” The freehold waterfront development comprising 226 residential units is located near Katong Park MRT station and popular schools and will benefit from the potential 20km of new coastal and reservoir parks under the Government’s Long Island Plan.
Despite the cautious sentiment in the office and retail sectors, our portfolios achieved healthy rental reversions of 8.5% and 15.7% respectively, added Mr Liam.
“Singapore’s hospitality sector is likely to continue its growth, albeit at a slower pace, with steady recovery in tourist arrivals and limited supply in the next few years. As for overseas, our hospitality segment is expanding with the recent openings of Pan Pacific Jakarta and PARKROYAL Serviced Suites Jakarta,” said Mr Liam.