UOL Group Limited reported net attributable profit of S$252.2 million for the six months ended Jun 30 2026, up 23 per cent year-on-year, lifted by fair-value gains and larger contributions from both property development and investment properties.
Group revenue slipped 7 per cent to S$1.44 billion as more residential projects were undertaken via joint ventures, which shifted revenue recognition but boosted profit shares. The company did not declare an interim dividend.
By business line, property development revenue fell 14 per cent to S$628.8 million on lower progressive recognition from Pinetree Hill and Watten House and the absence of AMO Residence after its temporary occupation permit in October 2025. Property investment revenue grew 4 per cent to S$316.7 million, supported by higher takings from the refurbished Singapore Land Tower and West Mall as well as the newly acquired Varley Park in Brighton. Group pre-tax profit before fair-value and other gains rose 17 per cent to S$373.1 million, reflecting an S$83.7 million increase in profit contributions from joint-venture developments and stronger operating income from investment assets. Finance expenses declined 11 per cent to S$81.1 million following lower interest rates.
The higher profit was partially offset by reduced dividend income and the absence of rental contributions from KINEX, which was divested in October 2025.
Looking ahead, UOL plans to launch Thomson Reserve, a Singapore residential project, in the fourth quarter of 2026, and to open Asia-Pacific’s first NoMad hotel, a 173-room lifestyle property on Orchard Road, later this year. Management expects Singapore’s private-home market to remain resilient amid supportive demand-supply dynamics, while limited new office and retail supply should underpin rents. The group also forecasts steady visitor arrivals to sustain hospitality performance, although it cautions that global economic uncertainties and cost pressures could weigh on operating margins.
Chief executive Liam Wee Sin said the first-half performance underscored the resilience of UOL’s diversified portfolio and highlighted that buyers continue to favour well-located projects with strong amenities. He added that strategic joint-venture developments have helped the group deliver “steady results” despite mixed market conditions and reiterated confidence in capitalising on emerging opportunities in Singapore’s property market.
As at Jun 30 2026, shareholders’ funds rose to S$12.03 billion, up from S$11.78 billion at end-2025, lifting net tangible asset value per share to S$14.16. Net gearing increased to 0.26 from 0.20 on higher borrowings used to acquire additional stakes in Novena Square and other assets.