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The UOL Group is controlled by the families of late banks and real estate tycoons, even as the government recently took new measures to curb one of the world’s most expensive real estate markets to curb housing prices, even as the government earlier this month offered private homes to investors who sold their private homes in four years, which sold private homes within four years, and that sold private homes in four years.
Earlier this month, the government raised stamp duty for home buyers, who sold their property to a 16% tax within one year of purchase, and the former 12%. The holding period of a house that will bear stamp duty has also been extended by four years ago from three years ago.
On Saturday, UOL was not afraid of UOL starting to sell Upperhouse, a 35-story residential tower on the Orchard Road shopping district. Following the latest launch of several high-end projects within the Singapore CBD, such as W Residences, a 683-unit project was built by Marina Bay’s Malaysia IOI Properties, a 683-unit project, and Robertson Opus, a 348-unit development along the Singapore River at Frasers Property and Pashialers Property and Japan’s Sekisui House.
UOL said it was on Saturday at 162 of 301-unit residential skyscrapers with an average selling price of S$3,350 ($2,610). It added that a high-rise unit will cost about S$7.66 million or S$3,724 per square foot.
“The strong adoption of Orchard Boulevard’s private preview Upperhouse reflects buyers’ confidence in their location in the Orchard Road area,” Yvonne Tan, chief company and development officer of UOL Group, said in an emailed statement. “It also affirms that buyers are attracted to launches with strong product and location attributes.”
The 1999 lease was acquired at a government land auction for S$428 million in February 2024. The property is adjacent to the Orchard Boulevard MRT Station, right on Park Nova, the most expensive residential apartment in the city-state developed by billionaire Pansy Ho’s Shun Tak Holdings.
UOL, along with Manchester United Overseas Bank, is one of the assets left by billionaire Wee Yaw, who died last February at the age of 95. With a net worth of US$7.8 billion, the Wee family is one of the wealthiest families in Singapore. The three sons of the late tycoon – Eshang, O’Chao and Ee Lim joined the Forbes Billionaire list in April this year. EE Cheong is the vice chairman and CEO of UOB, while EE Lim is the chairman of UOL.
