Author: leahlim   |   Latest post: Fri, 16 Apr 2021, 4:25 PM


UOL to launch Canberra Drive project in 2Q, redevelop Faber House and enhance Odeon Towers

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SINGAPORE (EDGEPROP) - Listed property company UOL Group is targeting to launch a new residential development at Canberra Drive in 2Q2021. It announced this on Feb 26 during the release of its 2020 financial results. The site will be developed by a joint venture between UOl, UIC and Kheng Leong. The total gross floor area (GFA) of the development is 415,412 sq ft, which will yield an estimated 448 residential units.
The property will be within walking distance to Canberra MRT Station. Nearby amenities include Bukit Canberra, an integrated sports and community hub that will be fully opened in 2021. UOL, together with its subsidiary UIC, sold a total of 794 residential units in FY2020 worth a total of $1.24 billion in sales. Sales were recorded across five projects: Clavon, Avenue South ResidenceMeyer HouseThe Tre Ver and Amber45. The latest launch, Clavon, sold 473 out of 640 units at an average price of $1,640 psf in December 2020. “Covid-19 has severely disrupted our hotel operations. Our diversified portfolio and our sustained contribution from property development helped us mitigate the losses,” says Liam Wee Sin, UOL’s group CEO.


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