UOL Sells 54% Of Upscale Singapore Housing Project Despite New Property Curbs
UOL Group—controlled by the family of the late banking and real estate tycoon Wee Cho Yaw—sold more than half of an upscale residential project even as the government recently introduced new measures to curb housing prices in one of the world's most expensive property markets.The government earlier this month raised the stamp duty for investors who sell their private homes within four years, with those selling their property within
Earlier this month, the government raised the stamp duty on homebuyers who sell their property within one year of purchase to 16% tax from 12% previously. The holding period for homes that will incur the stamp duty has also been extended to four years from three years previously.
Undaunted by the fresh property curbs, UOL started selling the Upperhouse, a 35-story residential tower in the Orchard Road shopping district, on Saturday. The launch of Upperhouse follows recent launches of several upscale projects within the Singapore central business district such as W Residences, a 683-unit project being built by Malaysia's IOI Properties in Marina Bay, and Robertson Opus, a 348-unit development along the Singapore River by Frasers Property and Japan's Sekisui House.
UOL said it sold 162 of the 301-unit residential skyscraper on Saturday at an average selling price of S$3,350 ($2,610) per square foot. A high floor unit was sold at about S$7.66 million or around S$3,724 per square foot, it added.
'The strong take-up at Upperhouse at Orchard Boulevard's private preview reflects buyers' confidence in its location in the Orchard Road precinct,' Yvonne Tan, chief corporate and development officer at UOL Group, said in an emailed statement. 'It also affirms that buyers are drawn to launches with strong product and locational attributes.'
The 99-year leasehold site was acquired by UOL and its subsidiary Singapore Land in a government land auction in February 2024 for S$428 million. The property is adjacent to the Orchard Boulevard MRT station and right across Park Nova, the most expensive residential condominium in the city-state developed by billionaire Pansy Ho's Shun Tak Holdings.
UOL, along with United Overseas Bank, is among the assets left by billionaire Wee Cho Yaw—who passed away in February last year at age 95—to his family. With a net worth of $7.8 billion, the Wee family is among the wealthiest in Singapore. The late tycoon's three sons—Ee Cheong, Ee Chao and Ee Lim—joined the Forbes billionaires list in April this year. Ee Cheong is the vice chairman and CEO of UOB, while Ee Lim is chairman of UOL.
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