UOL wins Top Developer and Top Sustainable Developer awards, with multiple wins for four projects

/ EdgeProp Singapore |

November 7, 2024 7:02 PM SGT

Liam Wee Sing, CEO of UOL Group (right) receiving the Top Developer and Top Sustainability Awards from Bernard Tong, CEO of EdgeProp Singapore (Photo: Samuel Isaac Chua/EdgeProp Singapore)

UOL Group recently won 12 awards at Awards 2024, including the Top Developer and Top Sustainable Developer. Four of its projects received multiple awards: Avenue South Residence, Clavon, Pinetree Hill and Watten House.

“Our vision has always been to create value and shape the future,” says UOL Group CEO Liam Wee Sin. “We are deeply committed to environmental sustainability, and we hope that, together with other developers, we can transform Singapore from a ‘little red dot’ into a ‘little green dot.’”

The Singapore-listed property group has consistently demonstrated foresight in identifying and capitalising on opportunities in prime residential estates. This approach is evident in recent en bloc acquisitions of prime freehold sites, including the former Watten Estate Condominium in Bukit Timah — now the upcoming 180-unit Watten House — acquired jointly with Singapore Land Group (SingLand) for $550.8 million in October 2021.

Following a private preview in November and a public preview in March, Watten House is now 85% sold at an average price of $3,252 psf. Located on Shelford Road in prime residential estates. This approach is evident in recent en bloc acquisitions of prime freehold sites, including the former Watten Estate Condominium in Bukit Timah — now the upcoming 180-unit Watten House — acquired jointly with Singapore Land Group (SingLand) for $550.8 million in October 2021.

Watten House won awards for Top Luxury Development and Top Selling Project (Core Central Region) at the EdgeProp Singapore Excellence Awards 2024 (Photo: UOL Group)

Following a private preview in November and a public preview in March, Watten House is now 85% sold at an average price of $3,252 psf. Located on Shelford Road in prime District 11, the project is within a 1km radius of sought-after primary schools like Nanyang Primary School and Raffles Girls Primary School, as well as renowned institutions such as Hwa Chong Institution and National Junior College.

Unsurprisingly, Watten House won the Top Luxury Development and Top Selling Project (Core Central Region) awards at the EdgeProp Singapore Excellence Awards 2024.

Another prime freehold acquisition is the former Meyer Park on Meyer Road, now the future 226-unit Meyer Blue, which UOL Group and SingLand acquired for $392.18 million in February 2023.

In a private preview held in early October, UOL Group sold 114 units (over 50%) of Meyer Blue. Based on caveats lodged, the project is now 54% sold at an average price of $3,254 psf.

MeyerHouse won the Top Luxury Development and Top Boutique Development awards in 2022 and the People's Choice Award in 2023 (Photo: UOL Group/Kheng Leong)

New 'Luxury Collection' projects

Liam says that both Meyer Blue and Watten House are projects under UOL’s Luxury Collection. He attributes their success to the freehold tenure of the two sites, their sought-after addresses in supply-scarce micro-markets in the prime districts (Meyer Blue in District 15 and Watten House in District 11), and UOL’s product offerings. “Our products embody well-designed luxury that appeals to discerning buyers seeking a tropical luxury lifestyle,” he adds.

Before Meyer Blue, UOL Group and Kheng Leong Co — the private property development arm of the Wee family — jointly developed another freehold luxury project on Meyer Road in prime District 15: the 56-unit MeyerHouse. Completed in 2022 and entirely sold, MeyerHouse is another addition to UOL’s Luxury Collection. It is a redevelopment of the former Nanak Mansions, which the partners purchased en bloc for $201.1 million in September 2017.

MeyerHouse won the Top Luxury Development and Top Boutique Development awards at the EdgeProp Singapore Excellence Awards in 2022 and the People’s Choice Award in 2023.

At this year’s National Day Rally speech, Prime Minister Lawrence Wong announced plans to transform Singapore’s southern coast into a 120km uninterrupted coastline, stretching from the Greater Southern Waterfront to Long Island on the East Coast.

“It will be transformed into an oasis for nature lovers, a place to reflect, relax, and revitalise,” says Liam. Given Meyer Road’s location on the East Coast, he believes the prime residential enclave will benefit from potential growth in property values arising from the transformation.

The site at Orchard Boulevard fronts Orchard Boulevard MRT Station on the Thomson-East Coast Line and is expected to be launched next year under UOL's Luxury Collection (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Orchard Boulevard, Holland Drive prime sites

This year, interest in Government Land Sale (GLS) tenders had been tepid, allowing UOL to secure two prime 99-year leasehold sites at Orchard Boulevard and Holland Drive.

“These GLS sites have helped replenish our residential landbank,” says Liam. “The acquisitions bode well for us, as our launches this year also saw healthy take-up.”

The UOL-SingLand joint venture was awarded the 75,657 sq ft Orchard Boulevard GLS site for $428.28 million ($1,617 psf per plot ratio) at the close of the tender on Feb 1. The awarded bid price was 32% below the $2,377 psf ppr paid for the Cuscaden Road GLS site across the street in 2018.

According to Liam, the Orchard Boulevard site will be “another of our Luxury Collection projects”. The site fronts Orchard Boulevard MRT Station on the Thomson-East Coast Line and is near the Singapore Botanic Gardens as well as the luxury hotels and malls along Tanglin Road and Orchard Road. “We hope to make the architecture ‘a conversational piece,’” he says. “We sense that new Singapore citizens and permanent residents (PRs) are looking for fresh offerings in prime locations. As such, we believe there is high anticipation for our Orchard Boulevard launch.”

In May, UOL was part of a consortium with CapitaLand Development, SingLand and Kheng Leong that won the GLS site on Holland Drive for $805.39 million. It was the highest of three bids. UOL and CapitaLand will each hold a 35% stake in the joint venture, with SingLand holding 20% and Kheng Leong the remaining 10%.

Liam says the Orchard Boulevard and Holland Drive sites are “still in the early stages of preparation” and would likely be launched sometime in 2H2025.

Pinetree Hill was a big winner at the EdgeProp Singapore Excellence Awards 2024, clinching three awards for Landscape Excellence, Sustainability Excellence and Top Development. The project is over 70% sold since its launch in July 2023 (Photo: UOL Group)

Pinetree Hill, the sleeper hit

UOL Group’s 520-unit Pinetree Hill at Pine Grove proved to be a sleeper hit. When it was launched in July 2023, about 29% of the units were sold on its launch weekend at an average selling price of $2,460 psf.

Based on Phase 1 sales of 400 units, the project had sold 63% of the units as of August this year. Riding on the rejuvenation of the Holland Road precinct, UOL launched Phase 2 of Pinetree Hill in early September.

The new units released were the remaining 120 units on high floors and across all unit types. By end of the month, Pinetree Hill proved to be the second best-selling project in September, with over 70 units sold.

UOL had used the Built Environment Transformation (BET) incentive scheme to provide an additional 2% gross floor area (GFA) to enhance the layout and liveability of the units at Pinetree Hill. “In the Phase 2 launch of Pinetree Hill, we saw buyers coming back to buy our products because they saw that the additional space made a distinct difference to the quality of the home,” says Liam.

Pinetree Hill was also a big winner at the EdgeProp Singapore Excellence Awards 2024, clinching three awards for Landscape Excellence, Sustainability Excellence and Top Development.

CapitaLand and UOL Group-SingLand Group will develop the Tampines 11 GLS site into the new mixed-use development PARKTOWN (Map: HDB)

PARKTOWN – Mega mixed-use

UOL’s recent launches have predominantly been in the prime districts of the Core Central Region (CCR) or in the city fringe of the Rest of Central Region (RCR).

However, in 1Q2025, UOL and SingLand, together with joint venture partner CapitaLand, will launch the 1,193-unit PARKTOWN Residence, which will be part of a significant integrated development at Tampines Avenue 11. It includes 13,600 sqm (146,390 sq ft) of commercial space.

The future mixed-use development will be integrated with a bus interchange, a community club, and a hawker centre. According to UOL’s Liam, the project will be a “landmark transit-oriented and pedestrian-friendly development nestled in greenery” in Tampines North.

UOL-SingLand and CapitaLand won the GLS site in June 2023 with a bid of $1.206 billion or $885 psf ppr. CapitaLand will hold a 50% stake in the joint venture, with UOL and SingLand holding the remaining 50%.

More mega projects in the pipeline?

On Oct 26, UOL and CapitaLand announced that they had entered into a put-and-call option agreement to purchase Thomson View condo for $810 million. The option to purchase is subject to 80% of the strata-titled owners agreeing to the price by Nov 22.

Thomson View sits on a 504,314 sq ft site with a 99-year lease from Apr 7, 1975, and has the potential to be redeveloped into a new 1,240-unit residential project.

“The Thomson View site is an elevated, sprawling 5ha site that enjoys spectacular unblocked views,” UOL’s Liam and CapitaLand Development CEO Tan Yew Chin commented in a joint statement. “This site has very strong locational attributes, with Upper Thomson MRT Station at its doorstep, popular schools such as Ai Tong School within a 1km radius, nearby amenities including Thomson Plaza, and proximity to parks and nature reserves.”

UOL is not new to developing mega projects with over 1,000 units. In 2018, UOL, in a joint venture with SingLand and Kheng Leong, submitted the sole bid for the 245,975 sq ft, 99-year leasehold site at Silat Avenue, off Kampong Bahru Road in the RCR.

The new project that emerged from the site, the 1,074-unit Avenue South Residence, was launched in September 2019. All the units were snapped up by September 2022 and the project was completed last year. Avenue South Residence was another big winner at the EdgeProp Singapore Excellence Awards 2024, taking the top prize for Innovation Excellence, Top Development and Top Mega Development.

Pan Pacific Orchard, Singapore’s first low-waste, biophilic hotel, won the prestigious Best Tall Building (Worldwide) Award from the Council on Tall Buildings and Urban Habitat (CTBUH) in early October; and the inaugural Hotel Development Award at the EdgeProp Singapore Excellence Awards in 2023 (Photo: UOL Group)

Hospitality

UOL’s hospitality arm, Pan Pacific Group, has earned accolades for its hospitality projects that combine luxury and sustainability. For instance, Pan Pacific Orchard, which opened last June, walked away with the inaugural Hotel Development Award at the EdgeProp Singapore Excellence Awards in 2023.

The luxurious 23-storey Pan Pacific Orchard Hotel, featuring 347 rooms, is a redevelopment of the former Negara Hotel at 10 Claymore Road and has become a new landmark on Orchard Road.

Pan Pacific Orchard, Singapore’s first low-waste, biophilic hotel, won the prestigious Best Tall Building (Worldwide) Award from the Council on Tall Buildings and Urban Habitat (CTBUH) in early October. “It celebrates green architecture and the ‘hotel in nature’ concept,” says Liam.

The property has also been recognised for its contributions to advancing tall buildings and the urban environment, and it was voted among the world’s best tall buildings.

“Green architecture has always been central to UOL’s products, especially in our residential and hospitality projects,” says Liam. “Sustainability has been at the core of our business practices since we embarked on this journey in 2011.”

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