UOL Q1 profit down 8%; group launching Amber45 this weekend at S$2,200 psf

Singapore

UOL Group, which is launching its freehold residential project Amber45 this weekend at an average price of above S$2,200 per square foot (psf), said its net profit for the first quarter ended March 31 fell 8 per cent to S$73.82 million.

Its net profit would have been higher if not for the S$7.6 million amortisation and depreciation of fair value uplifts in the first quarter in respect of the consolidation of United Industrial Corporation (UIC) as a subsidiary from Sept 1, 2017, it added.

Pan Pacific Orchard also took a S$6.6 million accelerated depreciation charge following the decision to cease operations in the second quarter of 2018 for redevelopment.…