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UOL Group
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UOL Group Limited (Chinese: 华业集团有限公司; pinyin: Huáyè Jítuán Yǒuxiàn Gōngsī), is a Singaporean headquartered company focusing on investment, development and management of real estate across the Asia-Pacific region. The Wee Family, significant shareholders of United Overseas Bank are the largest shareholders of the company.[1][2][3] The company is a constituent member of the Straits Times Index.
Key Information
History
[edit]The company was founded in 1963 as Faber Union Limited, a subsidiary of Faber Union (HK) Limited.[2][4][5] It became a publicly traded company on the Singapore Exchange in 1964.[3]
In 1975, the company changed its name to United Overseas Land Limited after Wee Cho Yaw and United Overseas Bank acquired a controlling interest in the company in 1973.[2][3][4][5]
In 2002, the company acquired Parkroyal, a hotel and property company.[5]
In 2006, the company was renamed to UOL Group Limited.[1][3][4][5]
In 2007, UOL Group Limited acquired Pan Pacific Hotels and Resorts from the Tokyu Group, and renamed it to Pan Pacific Hotels Group.[2][5][6] The company then merged Parkroyal with Pan Pacific for its hotel brand.[2]
In 2013, the company decided to delist Pan Pacific Hotels and Resorts from the Singapore Exchange.[4]
In 2018, the company acquired Singapore Land Group Limited (SingLand).[4][7][8]
Group structure
[edit]The company has the following business segments:[1][2]
- Property development – development of properties for sale
- Property investments – leasing of commercial properties and serviced suites
- Hotel operations – operation of owned hotels
- Investments – investment in quoted and unquoted financial assets
- Technology operations – the distribution of computers and related products
- Management services – provision of hotel management services
Notable properties
[edit]Properties that the company currently owned or previously owned include:[1]
References
[edit]- ^ a b c d e "Annual Report 2021" (PDF). UOL. Retrieved 11 December 2022.
- ^ a b c d e f "UOL Group Ltd". Nikkei Asia. Retrieved 11 December 2022.
- ^ a b c d Tai, Ian (13 September 2018). "Is UOL Group Ltd An Attractive Stock Right Now?". Value Invest Asia. Retrieved 11 December 2022.
- ^ a b c d e marten (21 January 2016). "CFI.co Meets the Group Chief Executive of UOL Group: Gwee Lian Kheng". CFI.co. Retrieved 11 December 2022.
- ^ a b c d e "Singapore Developers". Projects Homes | Your Life, Your Dream, Your Home. Retrieved 11 December 2022.
- ^ "UOL Group Acquires Pan Pacific Brand from Tokyu Corporation". www.hotelexecutive.com. Retrieved 11 December 2022.
- ^ "UOL Group's Singapore Land bid to close early 2018". www.spglobal.com. Retrieved 11 December 2022.
- ^ Lee, PC (4 January 2018). "UOL offer for SingLand closes with 99.8% stake".
- ^ "Gerald Ronson sells Heron Plaza site to Singapore's UOL for £97m". CityAM. 13 August 2014. Retrieved 11 December 2022.
External links
[edit]
UOL Group
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Overview
Company profile
UOL Group Limited, originally incorporated as Faber Union Limited in 1963, was renamed United Overseas Land Limited in 1975 and adopted its current name, UOL Group Limited, in 2006.[2] The company is headquartered in Singapore and has been publicly listed on the Singapore Exchange (SGX: U14) since its initial listing as Faber Union Limited in 1964.[2][9] As of 2024, UOL Group reports total assets of approximately S$23 billion and employs around 1,900 people, primarily in Singapore.[1][10] The Wee family maintains significant control as the major shareholders through direct interests and related entities holding approximately 46% of the shares, as well as through United Overseas Bank Limited, which holds about 7%, as of 2024.[10][11] UOL Group's core business encompasses real estate investment, development, and management across Asia, Oceania, Europe, North America, and Africa, with a strong emphasis on design excellence and sustainability.[1] The company has received prestigious accolades, including the FIABCI Prix d’Excellence for outstanding property developments, various Sustainability Impact Awards for its environmental initiatives, and the Singapore Corporate Sustainability Award in 2025.[1][12] It also operates in the hospitality sector through brands like Pan Pacific Hotels Group.[1]Business segments
UOL Group's business operations are organized into several key segments that collectively support its diversified real estate model, encompassing development, investment, hospitality, and ancillary activities. These segments enable the company to generate revenue through property sales, leasing income, operational management, and supportive services, primarily across Asia with extensions to other regions.[13] The property development segment focuses on the creation and sale of residential and mixed-use properties, targeting markets in Singapore and select international locations such as the United States, the United Kingdom, and Australia. This segment involves the planning, construction, and marketing of high-quality developments that cater to urban living needs, emphasizing sustainable design and prime locations to meet growing demand for housing and integrated communities.[14][15] In the investment properties segment, UOL owns and manages a portfolio of commercial real estate, including office spaces, retail outlets, and serviced apartments, which are leased to generate recurring rental income. This approach provides financial stability by capitalizing on long-term tenancy agreements and asset appreciation in established business districts, particularly in Singapore's central areas. The segment prioritizes proactive asset management to ensure high occupancy and value enhancement through renovations and tenant curation.[14][15][13] The hospitality segment oversees the operation and management of hotels and serviced suites, leveraging expertise in guest services to deliver premium experiences. Through its subsidiary Pan Pacific Hotels Group, this segment handles a network of properties under brands like Pan Pacific and PARKROYAL COLLECTION, focusing on operational efficiency, revenue optimization, and personalized hospitality in key tourist and business destinations.[14][16][13] Complementing these core areas, UOL's other segments include investments, technology operations, and management services. The investments segment manages a portfolio of quoted and unquoted financial assets to diversify revenue streams and support long-term growth. Technology operations involve the distribution of computer hardware and related products, alongside systems integration and networking services that enhance internal efficiencies and property-related digital solutions. Management services provide specialized support such as hotel operations oversight, project coordination, and related consulting to streamline group-wide activities.[14][15][13]History
Founding and early development
UOL Group Limited traces its origins to 1963, when it was incorporated as Faber Union Ltd, a subsidiary of the Hong Kong-based Faber Union (HK) Ltd. The following year, in 1964, Faber Union Ltd became a publicly listed company on the Singapore Stock Exchange, marking its entry into Singapore's burgeoning property market.[2] In 1973, United Overseas Bank Limited (UOB) acquired a controlling interest in the company, integrating it into the Wee family's business interests. This pivotal acquisition led to a rebranding in 1975, when the entity was renamed United Overseas Land Limited, reflecting its alignment with UOB's expansion strategies. The move solidified UOL's foundation as a key player in real estate development under stable, family-backed ownership.[2][17] During the 1960s and 1970s, UOL established its reputation through residential developments, including the landed estate of Faber Gardens in the mid-1960s and Thomson Hills in the 1970s, alongside early high-rise condominiums that catered to Singapore's growing urban population. The company also ventured into commercial properties by acquiring prime sites, such as the Beach Road location that later became the mixed-use development comprising The Plaza and PARKROYAL on Beach Road. These projects exemplified UOL's initial focus on diverse, high-quality real estate in strategic locations.[2][18] UOL's early foray into hospitality began in 1968 with the acquisition of Hotel Merlin Singapore Limited, a key asset on the Beach Road site that expanded the company's portfolio beyond pure property development. In 1982, the hotel was renamed Hotel Plaza Limited, enhancing its operational branding, and it achieved independent listing on the stock exchange in 1990, signaling the maturation of UOL's hospitality arm during this foundational period.[2][17]Key acquisitions and expansions
In the early 2000s, UOL Group strengthened its hospitality portfolio by acquiring the PARKROYAL brand in 2002, which encompassed rights in Southeast Asia, North Asia, and the South Pacific, enabling the management of upscale hotels and resorts across these regions.[2][19] This momentum continued in 2007 when UOL acquired the Pan Pacific Hotels and Resorts brand from Japan's Tokyu Group, merging it with its existing operations to form Pan Pacific Hotels Group (PPHG) and expanding the portfolio by 11 hotels and approximately 3,400 rooms, primarily in Asia, North America, and other key markets.[2][20] In 2009, UOL's listed hotel subsidiary, Hotel Plaza Limited, was renamed Pan Pacific Hotels Group Limited to leverage the brand's equity and reflect its focus on branded hotel management.[18][21] By 2013, UOL privatized PPHG through a buyout of minority shareholders at S$2.55 per share, delisting it from the Singapore Exchange and establishing it as a wholly-owned subsidiary to enhance operational flexibility in the competitive hospitality sector.[19][22] Parallel to these hospitality moves, UOL pursued commercial real estate investments domestically and internationally during the 2000s and 2010s. In the mid-2000s, the group opened Novena Square, a mixed-use office and retail development integrated above the Novena MRT station in Singapore, revitalizing the Novena precinct as a medical and commercial hub.[23][18] UOL's international expansions gained traction in the 2010s, marking its push into global markets beyond Asia. A notable venture was the development of Park Eleven, a luxury 398-unit condominium in Shanghai's Changfeng Ecology Commercial District, launched to tap into China's growing demand for high-end residential properties.[2][24] In the United Kingdom, UOL acquired the Bishopsgate site in London's financial district for £97 million in 2014, leading to the development of One Bishopsgate Plaza—a 43-storey mixed-use tower that includes The Sky Residences, 160 exclusive apartments from levels 20 to 41 offering panoramic views of iconic landmarks like The Shard and The Gherkin.[2][25][26]Recent milestones
In 2018, UOL Group consolidated its control over United Industrial Corporation Limited (UIC), making it a wholly-owned subsidiary, which was subsequently renamed Singapore Land Group Limited (SingLand) in 2021 to streamline operations and enhance its property portfolio focus.[2] Following the post-2020 market recovery, UOL launched several significant residential projects in Singapore, including the 372-unit AMO Residence in Ang Mo Kio in 2021, which revitalized a mature estate with modern amenities overlooking Bishan-Ang Mo Kio Park.[2] That same year, the company introduced Avenue South Residence, a 1,074-unit development featuring twin 56-storey towers near the Greater Southern Waterfront, emphasizing integrated living spaces.[2] In 2023, UOL unveiled Pinetree Hill in the exclusive Mount Sinai enclave, comprising 520 units in a 99-year leasehold project that marked the first major residential launch in the area in over a decade.[27] In the hospitality sector, UOL's Pan Pacific Hotels Group introduced the PARKROYAL COLLECTION brand in 2020, emphasizing sustainable, nature-inspired luxury with properties like the rebranded PARKROYAL COLLECTION Pickering in Singapore.[28] This was followed by the opening of Pan Pacific London in September 2021, a 237-room flagship hotel in the City of London at One Bishopsgate Plaza, marking UOL's first integrated development in the UK.[29] More recently, Pan Pacific Orchard opened in August 2024 in Singapore's Orchard Road district, a 23-storey biophilic-designed hotel with over 7,300 square meters of greenery, earning recognition as the world's best new tall building by the Council on Tall Buildings and Urban Habitat.[30] UOL pursued strategic investments in the 2020s, including the acquisition of a 50% stake in Sydney's 388 George Street, a prime mixed-use commercial tower, completed in January 2025 through a joint venture with SingLand for A$460 million (S$390 million), bolstering its international office portfolio.[31] Domestically, the company initiated asset enhancement initiatives for Singapore Land Tower, a 47-storey landmark in the Central Business District, with works commencing in 2024 to incorporate sustainable features and inclusive placemaking.[32] UOL advanced its sustainability agenda through green building practices and community programs, earning the Best Sustainable Developer award at the PropertyGuru Asia Property Awards (Singapore) in November 2024 for integrating biophilic design and energy-efficient systems across projects.[33] In March 2025, the group received the Top Sustainability Award from Influential Brands at the Asia CEO Summit & Awards Ceremony, recognizing efforts like achieving BCA Green Mark Gold Plus certifications and community initiatives such as urban greening workshops.[34] On November 12, 2025, UOL was named Joint Winner of the Singapore Corporate Sustainability Award (Big Cap Category) by the Securities Investors Association (Singapore), underscoring its commitment to reducing carbon footprints while fostering social inclusivity.[12]Corporate structure
Ownership and governance
UOL Group's ownership is dominated by the Wee family, who collectively hold approximately 75.53% of the company's shares as of 31 December 2024, primarily through direct and deemed interests in entities such as Wee Investments Pte. Ltd. and C.Y. Wee & Company Private Limited.[10] Key family members include Wee Ee Cheong with a 29.73% stake, Wee Ee Lim with 29.71%, and Wee Ee-chao with 16.09%, enabling substantial control over strategic decisions.[10] United Overseas Bank Limited (UOB), also under Wee family influence, maintains a deemed interest of 7.02% in UOL, equivalent to 59,285,898 shares.[10] Following the transfer of shares from the late Wee Cho Yaw's estate in March 2025, the Wee family continues to hold collective control.[35] The Board of Directors consists of eight members as of 31 December 2024, with a majority (five) being independent non-executive directors to ensure balanced oversight.[6] Wee Ee Lim serves as Non-Executive Chairman, providing leadership on governance matters, while Liam Wee Sin acts as Group Chief Executive, overseeing day-to-day operations and strategy execution.[6] Wee Ee-chao, a non-independent director, contributes expertise from his roles in related family enterprises.[6] The board's composition promotes diversity in skills, including real estate, finance, and hospitality, with one female director enhancing gender balance.[36] UOL Group adheres strictly to the Singapore Exchange (SGX-ST) Listing Manual and the Code of Corporate Governance 2018, with full compliance reported annually and explanations for any deviations.[36] Governance is supported by key board committees: the Audit, Risk Management and Sustainability Committee (chaired by independent director Sim Hwee Cher) handles financial reporting, internal controls, and sustainability risks; the Nominating Committee manages director appointments and succession planning; and the Remuneration Committee sets fair compensation policies aligned with performance.[36] The company upholds ethical standards via a comprehensive Code of Business Conduct that prohibits corruption and promotes integrity, complemented by a whistle-blowing policy for confidential reporting.[36] Risk management is integrated through an Enterprise Risk Management framework, annually reviewed by the board to mitigate strategic, operational, financial, and compliance exposures.[36]Subsidiaries and affiliates
Pan Pacific Hotels Group Limited (PPHG) is a wholly-owned subsidiary of UOL Group, having achieved full ownership in 2013 following UOL's buyout of the remaining public shares.[22] PPHG operates as the hospitality arm of UOL, owning and/or managing over 50 hotels, resorts, and serviced suites with more than 14,000 rooms under its three core brands: Pan Pacific, PARKROYAL COLLECTION, and PARKROYAL.[3] These properties are located across more than 30 cities in regions including Asia, Oceania, North America, Europe, and Africa.[17] Singapore Land Group Limited (SingLand), formerly known as United Industrial Corporation Limited, became a subsidiary of UOL Group in 2018 and was renamed in 2021.[2] SingLand primarily focuses on the ownership and management of prime commercial properties and hotels, with a strong emphasis on assets in Singapore's key districts such as the central business district and Marina Bay.[13] UOL Group also maintains various affiliates through joint ventures and unlisted associates to support specific property developments and investments. For instance, UOL, alongside SingLand, CapitaLand Development, and Kheng Leong Company, formed a joint venture in 2024 to develop Skye at Holland, a 666-unit residential project in Singapore's District 10.[37] Additionally, unlisted associates contribute to UOL's portfolio of investment properties, including commercial and hospitality assets, enhancing the group's recurring income streams without detailed operational overlap.[10]Operations
Property development
UOL Group's property development strategy centers on prime locations in Singapore, where the company prioritizes high-density residential and mixed-use projects to maximize land efficiency amid urban constraints. The group selectively pursues international opportunities, such as the 2014 acquisition of a development site in London for hospitality-led projects, but maintains a primary focus on domestic markets to leverage its established expertise. This approach emphasizes innovative designs that blend residential living with community amenities, as seen in integrated developments like the Tampines Avenue 11 site awarded in 2023, which incorporates commercial spaces, a bus interchange, and public facilities.[38][39] The development process begins with site acquisition through competitive government land tenders administered by the Urban Redevelopment Authority (URA), often via joint ventures to share risks and resources. For instance, in October 2025, a UOL-led consortium with Singapore Land Group and Kheng Leong Company secured the Dorset Road site for S$524.3 million, enabling the planned construction of two 27-storey towers with 428 high-density residential units. Design phases integrate sustainability from the outset, incorporating biophilic elements, energy-efficient systems, and features targeting Green Mark Gold Plus certification or higher, aligning with Singapore's Green Plan 2030.[40][41] Construction involves partnerships with ISO 14001-certified contractors and adherence to CONQUAS quality standards, ensuring environmental responsibility through measures like water reuse and solar panel installations. Over its 60-year history, UOL has delivered numerous projects, including the record-breaking Avenue South Residence launch in 2019, where 276 of 300 released units sold on the first weekend, culminating in all 1,074 units being fully sold by 2022. This track record underscores the group's ability to execute large-scale developments that meet market demand while prioritizing sustainable practices.[1][42][43]Investment and management
UOL Group's investment portfolio primarily consists of commercial and retail properties held for long-term leasing and revenue generation, forming a significant portion of the company's total assets valued at approximately S$23 billion as of 30 June 2025.[44] These assets, totaling around S$12.3 billion in valuation as of 31 December 2024, emphasize stable recurring income through rental streams, with key holdings including office towers like Singapore Land Tower and The Gateway in Singapore, as well as retail malls such as Marina Square and United Square.[10] In 2024, the portfolio generated rental revenue of S$555.5 million, underscoring its role in providing diversified, predictable cash flows that complement the group's property development activities.[10] The geographic distribution of UOL's investment properties is concentrated in Singapore, where the majority of commercial and retail assets are located, but extends to select international markets for broader exposure and risk diversification. In Singapore, the portfolio features 11 office buildings with a combined net lettable area of 296,404 square meters and five shopping malls totaling 144,876 square meters. Overseas, notable holdings include two office properties in London—110 High Holborn and 120 Holborn Island—valued at approximately S$430 million combined, as well as properties in Sydney such as 72 Christie Street (S$81.7 million) and a 50% stake in 388 George Street acquired in early 2025 for S$390 million. Additional assets are present in China, with commercial spaces like The Esplanade and Park Eleven Mall covering 20,978 square meters, alongside smaller holdings in Malaysia and Indonesia.[10][44] Management of these properties is handled in-house, with a focus on proactive leasing strategies, strong tenant relationships, and ongoing asset enhancement to sustain high occupancy and value appreciation. Leasing efforts achieve robust occupancy rates, such as 100% at Marina Square and Velocity@Novena Square, supported by policies requiring tenant deposits or guarantees equivalent to three to five months' rent to manage credit risks. Tenant relations emphasize long-term partnerships, exemplified by attracting new occupants like Mango at Marina Square and Din Tai Fung at Velocity@Novena Square in 2024. For asset enhancement, UOL undertakes sustainability-focused retrofitting, including upgrades to energy-efficient lifts and air handling units at properties like Singapore Land Tower and UIC Building, alongside the installation of 1.1 MWp solar panels across six Singapore sites to pursue BCA Green Mark Gold certifications, with several initiatives completed or targeted for the first half of 2025. These practices contributed to fair value gains of S$45.4 million in 2024 and a 12% increase in rental income to S$303.6 million in the first half of 2025.[10][44]| Property Type | Key Examples | Location | Valuation (S$ million, as of Dec 2024) | Net Lettable Area (sqm) |
|---|---|---|---|---|
| Commercial | Singapore Land Tower, The Gateway | Singapore | 1,929 (Tower); 1,240 (Gateway) | 296,404 (total offices) |
| Commercial | 110 High Holborn, 120 Holborn Island | London, UK | 123.3; 306.9 | 42,745 (total) |
| Commercial | 72 Christie Street | Sydney, Australia | 81.7 | 11,259 |
| Retail | Marina Square, United Square | Singapore | 1,050; 1,140 | 144,876 (total malls) |