UOL - United Overseas Land

[pianist]

URA rejects sole bid for Paya Lebar site
04:47 AM Nov 05, 2011SINGAPORE - The Urban Redevelopment Authority (URA) has rejected the only bid submitted by the subsidiaries of UOL Group and Singapore Land for a commercial site at Sims Avenue / Tanjong Katong Road because the price is too low.

UOL Venture Investments and SL Development had submitted a joint bid of S$529.3 million, or about S$566 psf per plot ratio, for the 99-year leasehold site.

"We are very disappointed that the tender has not been awarded. We were looking forward to a constructive role in the Government's long-term plan to decentralise commercial activities outside of CBD which will help ease business costs, reduce undue congestion and revitalise urban nodes," the consortium said in a joint statement. "The rejection is a setback to that decentralisation plan."

It said the bid had been a fair one considering "the site's technical challenges and resultant impact on layout, as well as the recent global economic turbulences and enhanced market risks".

"The rejection came as a surprise to us … As price consideration was the only reason given for the rejection, it would be useful that for future land tenders, the reserve price be made known to the public as much cost and effort are put into submissions of such a scale.''

The bid for the 2.07-ha site closed on Oct 18.
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quote mr colin tan research head of chesterton suntec international - "developers often bid at higher and higher prices in a bullish market, leading to property prices increasing in tandem. this was a missed opportunity to highlight that bullish bidding is not without risks. The system now appears to 'protect' the investment of the over the top bidders, and so lead to an upward bias in land prices.
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related news: SINGAPORE May 2011: Southeast Asia's largest property developer CapitaLand has submitted the highest bid of S$968.99 million for a vast "white site" property in the Jurong Lake district.
The Urban Redevelopment Authority (URA) closed the tender for the site, after receiving five bids in total.
The top bid also translates to about S$1,012 per square foot per plot ratio.
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seems like the govt is playing bias - protecting GLC capitaland over the top bidder (>1000psf) for sub-urban jurong lake site over UOL group of companies' bid at <600psf for city fringe paya lebar site.
are they encouraging/fueling property prices rise and inflation?

[pianist]

The Board of Directors of UOL Group Limited (“UOL” or the “Company”, and together with its subsidiaries, the “UOL Group”) is pleased to announce that the Company’s wholly-owned subsidiary, Flamegold Pte. Ltd. (“Flamegold”) has exercised an option to purchase and entered into a conditional sale and purchase agreement (“S&PA”) for the proposed collective purchase (the “Acquisition”) of the Property (as defined below). Brief details of the Acquisition are as follows:
(a) Property : All the strata lots and common property in the development situated on the whole of Lot 5544N of Mukim 26 and known as St Patrick’s Garden
(b) Tenure of Land : Freehold
© Total Land Area : Approximately 137,561 square feet
(d) Purpose : Redevelopment of the Property into residential apartments
(e) Purchase Price : S$172 million

[pianist]

UOL's stock price jumped 7% to $4.60 today. something is brewing?

[pianist]

THE 790-room Pan Pacific Singapore will undergo its biggest overhaul since it first opened in 1987, with the hotel closing from mid-April to faciliate the $80 million renovation works.

Its owner Hotel Marina City, a subsidiary of Singapore Land, will fund the upgrading works.

Guest rooms, restaurants and the lobby will undergo a major facelift, with the highlight to be the Pacific Club on Level 38, which will boast an unfettered 360 degree vantage point, the hotel said in a press release.

One hundred and fifty rooms as well as the public areas on level one will be re-opened from August while the five-star hotel will be fully operational from September.

“The transformation will enhance our competitive advantage in the Marina Bay vicinity. Pan Pacific Singapore will emerge newly refreshed and it will spur the momentum of our growth,” said general manager Scott Swank.

He added: “By September 2012, we look forward to welcoming them back at a new Pan Pacific Singapore.”

New features and concepts are influenced by insights from guests and staff from research and a review conducted of the brand.

Australian firm CHADA as well as restaurant and bar design studio Blueplate have been hired to handle interior design.

Meanwhile, the Pacific Ballroom, the hotel’s swimming pool, fitness centre, spa and its pool restaurant will remain open from April to July, as will the two night clubs located by the hotel, the Royal Room and Club Mink.

Pan Pacific Hotels and Resorts’ portfolio includes 19 hotels, resorts and serviced suites – including those under development – in 12 countries across Asia, North America and Oceania.

[pianist]

why would a director want to accept otpion granting the right to subscribe for 120,000 ordinary shares in UOL Group Limited at the exercise price of S$5.40 per share in accordance with the UOL 2012 Share Option Scheme. Consideration for the Option is S$1.00. The exercise period is from 23 August 2013 to 22 August 2022 (both dates inclusive).

doesnt make sense

[godjira1]

That sounds like a ridiculously cheap option... So why not?

[propertyinvestor]

why would a director want to accept otpion granting the right to subscribe for 120,000 ordinary shares in UOL Group Limited at the exercise price of S$5.40 per share in accordance with the UOL 2012 Share Option Scheme. Consideration for the Option is S$1.00. The exercise period is from 23 August 2013 to 22 August 2022 (both dates inclusive).

doesnt make sense

RNAV of UOL is around $8 + given the strong profit position of the company in a few years time.

[godjira1]

I would pay 2dollars for those options if he wants to sell...

[d.o.g.]

why would a director want to accept otpion granting the right to subscribe for 120,000 ordinary shares in UOL Group Limited at the exercise price of S$5.40 per share in accordance with the UOL 2012 Share Option Scheme. Consideration for the Option is S$1.00. The exercise period is from 23 August 2013 to 22 August 2022 (both dates inclusive).

doesnt make sense

The director is paying $1 total for the entire block of 120,000 options. He has 10 years to make a ton of free money, for the cost of $1. Nice deal for him. Way better odds than any Toto ticket you can buy.

A similar question was asked about Raffles Medical some time back. Again, the confusion was over the $1 paid. Always keep in mind that the $1 is a nominal sum so that the company is not legally "giving" the options away - though in all practical sense it is actually doing so, usually as part of an overall compensation package.

[pianist]

SINGAPORE : Property giant UOL Group clinched the "Best Developer Award" in the Singapore and South East Asia categories at the South East Asia Property Awards 2012 on Wednesday.

The "Best Developer Award" is based on the quality of development projects, track record and innovation of the developer.

Last year, UOL won the "Best Condo Development Award" in the Singapore and South East Asia categories for its Nassim Park Residences project.

UOL Group's portfolio of developments also includes award-winning projects such as Newton Suites, Meadows@Peirce, 1 Moulmein Rise and One-North Residences.