UOL Group is set to launch its latest residential development, Meyer Blue, on Meyer Road. During a financial results briefing, UOL Group's chief executive, Liam Wee Sin, announced that private previews for the project will commence in September. The freehold development, situated on a 96,671-square-foot site in District 15, will offer 226 units ranging from two- to five-bedroom apartments and two penthouses. UOL Group holds an 80% stake in the project, with Singapore Land owning the remaining 20%.

In its financial report for the first half of the 2024 fiscal year, UOL Group reported a slight decline in performance. The company's net attributable profit decreased by 3% year-on-year to $130.4 million, while group revenue fell by 7% to $1.27 billion. The lower profit was attributed to fair value losses of $12.2 million. The property development segment saw a significant 23% year-on-year decline in revenue, dropping from $676.3 million to $521.8 million. This decrease was primarily due to the completion or near completion of projects such as Clavon and Avenue South Residence. However, ongoing projects like Watten House and Pinetree Hill have shown strong sales, with 82% and 46% of units sold.

Despite the challenges in property development, UOL Group's hotel operations showed positive growth. Revenue from this segment increased by 11% year-on-year to $377.6 million, contributing about 30% of the group's total revenue. The company's Singapore-based assets saw occupancy levels rise from 66% to 76%, with average Revenue Per Available Room (RevPAR) growing by 40.6% to $298. Hotels across the Asia Pacific and the United Kingdom also experienced moderate growth in occupancy and RevPAR, although assets in Oceania faced slight declines due to ongoing renovations.

UOL Group's property investments segment also performed well, with revenue growing by 8% to $271.3 million. This growth was attributed to improved performance from Singapore commercial properties, Pan Pacific Serviced Suites Kuala Lumpur, and the newly opened PARKROYAL Serviced Suites Jakarta. Looking ahead, UOL Group has several projects in the pipeline. These include ParkTown Residence in Tampines, a luxury development on Orchard Boulevard, and a high-end residential project on Holland Drive. These developments are being pursued through joint ventures with other prominent real estate companies.

The company is also focusing on enhancing its existing portfolio with ongoing asset enhancement initiatives such as the renovation of the Singapore Land Tower. This 47-storey building, with a net floor area of about 619,000 square feet, is expected to complete its enhancement works by the end of the year. UOL Group continues to strengthen its position in the real estate market through various initiatives and developments despite the challenges faced in the property development sector.