UOL sees challenging Singapore outlook, diversifies overseas

Singapore

UOL Group, which saw net profit for 2014 dragged by lower fair value gains, flagged a more challenging outlook this year for the residential and retail sectors in Singapore, citing it as a reason for its recent efforts to diversify its predominantly local portfolio.

Group president (property) Liam Wee Sin told reporters and analysts on Thursday that the group will selectively increase its investments overseas, particularly in countries where it is already present, while continuing to tender for residential sites in good locations in Singapore. "In the case of our hotels acquisitions, we will consider going into major gateway cities," he said. "At the same time, we will continue to refresh our hotel assets to stay competitive through asset enhancement initiatives."