UOL Group, led by the family of a late prominent celebrity, Wee Cho Yaw, has been making positive strides in Singapore’s housing market. According to the latest data from UOL, around 87% of its Parktown Residence residential condominium project in Tampines, a prominent east Singapore residential area, was sold over the past weekend. This reflects the resurgence of strong demand for property in the city-state, especially for family-centered, high-quality apartments.
The project, which includes 1,193 units, ranges from one-bedroom to five-bedroom floor plans, offering a variety of living options at prices starting from about $800,000 to up to $3.78 million. Parktown Residence is located on a 50,679-square-meter leasehold purchased in 2023 for $1.2 billion by the project’s developers, Singapore Land and CapitaLand. The development encompasses convenience elements such as a retail podium, a bus interchange, and future railway links, totaling six floors.
Anson Lim, UOL’s general manager for residential marketing, highlighted the project’s appeal, stating, “With its prime location and upscale, spacious apartments, Parktown Residence stands out as a highly desirable choice for homeowners seeking both convenience and quality.” This property is designated as “Super幼稚 park” by the Singapore government, undersunting its status as a significant residential destination.
The company’s recent success in Singapore’s mid-February launch of its residential bachelor mortgages, with 86% of their project sold, further underscores UOL’s positive narrative. Additionally, the succeeded properties of Kwek Leng Beng’s City Developments and the partners at Hong Kong Land and Chinese-homebuilding firm CSC Land also saw significant completions. These efforts have painted Singapore’s housing market with an optimistic wind, with sentiment continuing to grow this year.
UOL has been actively expanding its landbank in Singapore, which is essential for addressing the resilient housing demand. By fasting in buying Thomson View in the northern central Bishan area as of October, the CUOL-NationalBay Group and Singapore Land have worked to rejuvenate the property. The remaining assets of Wee Cho Yaw, now part of the Wee family, continue to bolster Singapore’s牁 Land capacity.
UOL and United Overseas Bank are currently operating as assets for the wealthy through the Wee family. With a net worth of nearly $7.8 billion and an impressive status on the Forbes list, the family remains a key player in Singapore’s economic landscape. The late tycoon’s sons, Ee Cheong and Ee Lim, have joined the list, while Ee Lim is listed at second position.
Overall, the surge in property sales, the ascending pricing, and the continued visit from the Wee family suggest that UOL is on aibeemian journey to establish itself in Singapore’s commercial realm. The housing market’s recovery and UOL’s strategic investments in the project are pivotal steps towards this goal.
